COVID-19 has many businesses rethinking their business processes and reassessing how to accelerate the distribution of documents amongst teams now working at home. According to industry analyst firm Forrester, more than 70% of business processes are still Excel spreadsheets and email-based.
However, this pandemic crisis has revealed the need for businesses to rapidly embrace a whole set of new digital approaches to keep business moving forward. At this year’s FastFWD Worldwide Virtual Event, we announced K2’s new intelligent document automation solution to address these needs.
The current digital landscape
Since the majority of business processes are still document and email-based, some businesses are taking steps to convert paper documents to digital. However, this doesn’t always address the challenges they will face in an increasingly digital landscape.
For example, you may have shifted some paper forms to digital, but that form is oftentimes a PDF attached to an email. And these paper and email-based document management methods create a number of challenges for your organization.
- Lack of visibility into the location and status of paper-based documents
- Difficulty tracking security and regulatory compliance
- Inaccurate information and data thanks to poor version control
- Difficulty updating document templates as rapid changes are needed
What is document automation?
It’s important to look at document automation as a holistic end-to-end process that should be coordinated and governed across the entire document lifecycle — from the initial creation all the way through to completion and storage or retirement.
You may kick off the process by scanning a form to extract information. From that structured data, you would create new documents that require multiple authors to collaborate. Those documents would likely be created from templates which you must be able to manage and update easily while helping people find the latest version to share with customers.
From there, you should be able to automatically generate agreements for a customer to accept and e-sign, while automating any approval processes around that. Here’s a closer look at those steps.
K2’s intelligent document automation solutions
That’s where K2’s intelligent document automation solution comes in. This is a full end-to-end solution that addresses these challenges, giving you an out-of-the-box solution you can use or customize or extend as needed.
You can rapidly collaborate within your enterprise to involve the right stakeholders necessary to create, evolve, and manage the templates that define the structure of documents. It also powers the assembly and dynamic generation of new documents based on those templates, ensuring those get securely transmitted and signed by the appropriate parties. And ultimately, those documents can get managed and governed in a secure way that can be tracked and audited as they progress throughout their life.