In the last decade, the United States healthcare system witnessed a mammoth transformation, moving away from a purely paper-based system to a digitized one. Now, around 96% of the country’s hospitals have digitized leading to an 84% efficiency improvement, according to Health Information Technology for Economic and Clinical Health.
According to a study by Xerox, 46% of US companies waste significant time sifting through paper in human resources, supply chain, contact management, and across a host of business operations. Digitizing is quickly becoming the first step to driving digital transformation – leading to greater business efficiencies and productivity.
There are several reasons to digitize. Here are our top 5:
- Value of Data.
Data has become one of the key inputs for driving growth or gaining business insights. Companies should continuously be on the lookout to identify new ways to mine data in order to become a more intelligent enterprise. - Improved Efficiencies
Data-driven decision making delivers value across a diverse range of business and operational processes. Data empowers business leaders to make decisions around contracts, financials, productivity, or even asset life spans. Data then becomes the tool for reducing operating and maintenance costs. - Innovation Journey
To interact with emerging technologies like Machine Learning (ML), Blockchain, or automation across most business functions like supply chain, human resources, legal, etc., companies must have digital footprint. To find value from new technologies that drive digital transformations, the first step is to replace a physical footprint with a digital one. - Access and Analytics
There is a hidden cost to paper which slows down everything from accessing information to implementing human-centric workflows. Another cost is in error rates. Providing global access to digitized, searchable, and indexed documents provides for a richer, more collaborative work environment. Digitization also facilitates workflows between geographies and capabilities within an organization. - Security
Digitization may increase IT security risks. But it lowers overall risk associated with having paper copies of important documents. IT departments today are leaning more and more towards scalable cloud infrastructures and innovative architectures to provide improved security and agility.
The first step to become a modern organization is digitization. In the healthcare industry, this meant digitizing health records. In the oil and gas industry, this means digitizing mineral rights contracts or AP invoices. Digitization will result in increased efficiencies and better decision making.
Rakhee Das, Technology & Innovation Practice Lead – Sirius Solutions LLLP
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