Streamlining Lending Processes: The Power of Automation in Driving Revenue and Productivity

In today’s financial landscape, lending processing stands as a cornerstone for institutions, providing not only substantial revenue streams but also diversifying product offerings to meet a myriad of customer needs. Total U.S. household debt reached $17.05 trillion in 2023, with mortgage balances standing at $12.25 trillion, making it one of the largest asset classes in the United States. However, the traditional paper-based approach to lending poses significant challenges, leading to inefficiencies, errors, and compliance risks. As financial institutions navigate this terrain, leveraging lending automation emerges as a game-changer, offering streamlined processes, improved productivity, and enhanced revenue generation opportunities.

Insights from a survey by Laserfiche and Credit Union Times revealed the urgency of embracing automation. Over half (52%) of banking respondents prioritize driving new sources of revenue through digital transformation in document and information management today, while 48% focus on creating a digital-first member experience. However, challenges persist, with 62% of respondents facing manual tasks, reviews, and approvals, and 60% grappling with manual and inconsistent data processing. Furthermore, 56% have yet to commence automating tedious tasks and busywork, indicating the pressing need for automation in document and information management.

Consolidating data for efficiency and security

A pivotal aspect of lending automation is the establishment of a single source of truth, a centralized repository that captures data from various business systems through intelligent data capture tools. By automating data validation and navigation, institutions can minimize manual errors and ensure data consistency, mitigating risks and optimize fraud detection associated with scattered documents. This consolidation enhances operational efficiency while bolstering data security, which is crucial in an era of heightened cybersecurity threats. For instance, Bath Building Society exemplifies this approach by adopting comprehensive data management solutions, enabling seamless integration across disparate systems. Such consolidation empowers employees to access accurate data swiftly, facilitating smoother lending operations and bolstering compliance efforts.

Enhancing customer experience through faster lending processes

Leveraging content-centric process automation tools marks another pivotal step in lending automation. When financial institutions use electronic forms to both run the lending application process and capture customer information, all of that data can be automatically and securely transferred to core banking and loan original systems. This reduces the amount of time it takes to initiate lending procedures. Automated review and approval processes within content services platforms further expedite operations, fostering team collaboration and reducing processing bottlenecks. For example, integrating electronic signature platforms streamlines loan package generation, expedites approval processes and enhances customer experience. This approach minimizes manual interventions, reduces turnaround times, and fosters greater customer engagement, nurturing long-term relationships and loyalty.

Unlocking revenue potential and ensuring compliance

The benefits of lending automation extend beyond operational excellence to revenue generation and regulatory compliance. Improved data accessibility, facilitated by seamless system connectivity, expands institutions’ capacity to process more applications swiftly. By cutting operational costs and enhancing productivity, institutions can allocate resources more strategically, further fueling revenue growth.

Lending automation emerges as a transformative force in the financial landscape, offering institutions the means to drive revenue, improve productivity, and enhance customer experiences. By embracing automation technologies, institutions can confidently navigate the complexities of lending processing to capitalize on emerging opportunities and deliver unparalleled value to customers in an increasingly digital world.

Explore additional resources from the Laserfiche banking solutions page: https://www.laserfiche.com/solutions/financial-services/banks-and-credit-unions/

Faster Permits, More Revenue and Better Public Access for the North Carolina DEQ

The North Carolina Department of Environmental Quality (DEQ) has undergone a significant digital transformation, replacing paper-based workflows with a centralized document management system. This shift, spearheaded by Chief Data Officer Miriam Patrocinio, has resulted in improved efficiency, data accessibility and environmental protection efforts.

Proper permit tracking, facilitated by the new system, ensures compliance with regulations, preventing pollution and safeguarding North Carolina’s environment. Additionally, the improved fee collection system allows the DEQ to hire more permit reviewers, further strengthening environmental oversight. We recently sat down with Patrocinio to discuss in detail the impact that Laserfiche, and the digital transformation initiatives it played a part in, has helped the agency be more effective.

From paperwork to digital workflows

Prior to the implementation, the DEQ relied heavily on physical documents for permit applications and associated fees. This manual process hampered both tracking and revenue collection. Recognizing the need for a more sustainable solution, the DEQ embarked on a comprehensive digitization initiative.

Laserfiche serves as the DEQ’s central repository for scanned documents. Beyond simply storing data, the system offers functionalities such as:
  • Automated workflows: Streamlined permit application processes with online forms and automated approvals.
  • Improved fee collection: Automated invoicing ensures timely collection of permit fees, generating revenue for the agency.
  • Federated search: Seamless search across Laserfiche repositories and SharePoint sites eliminates the need to search through multiple systems, saving time and effort.

A focus on existing infrastructure: expanding Laserfiche’s capabilities

Patrocinio emphasizes that maximizing the value of existing technology, as Laserfiche was in DEQ’s case, can be an effective strategy for addressing business challenges. “Upon joining the DEQ,” she states, “Laserfiche was already established. The agency possessed a team dedicated to developing workflows, forms, and overall digitalization efforts for the past half-decade.”

This existing foundation proved crucial, particularly during the challenges presented by COVID-19. “The pre-existing collaboration within the department was invaluable,” Patrocinio explains, “although it was somewhat siloed within a specific department.” Recognizing Laserfiche’s potential, its user-friendliness, and the availability of existing licenses, Patrocinio made a strategic decision.

“The initial step,” she elaborates, “was to designate Laserfiche as the official document repository for the DEQ. Every document and file generated by the agency would be housed there.” This critical action ensured a centralized location for all information. However, Patrocinio’s vision extended beyond mere storage.

Bridging information gaps: federated search for improved public access

Understanding the importance of accessibility, Patrocinio focused on leveraging Laserfiche’s Federated Search functionality. This powerful tool allows users to search across various repositories and SharePoint sites, eliminating information silos. “The DEQ frequently receives public data requests,” she explains. “Locating the precise information was a time-consuming process.”

The DEQ’s success with Federated Search highlights its broader applicability. This technology allows organizations to search across various data sources, eliminating information silos and streamlining access to critical information. This can be particularly beneficial for public record requests, where retrieving documents from multiple locations can be time-consuming.

Federated Search bridges this gap by empowering the public to find the information they need more efficiently. This fosters a more transparent and collaborative relationship between the DEQ and the communities it serves.

Laserfiche: a platform for continued growth

Looking ahead, the DEQ acknowledges the potential of AI to revolutionize information retrieval. The agency envisions a future where AI can analyze data within repositories, answer questions, and summarize documents, leading to a more intuitive and collaborative way to interact with information.

In addition, Patrocinio clearly sees Laserfiche’s potential as more than just a document management system. “We recognize the potential of the CRM module again,” she says, referring to Customer Relationship Management. “We already possess the platform and the internal expertise to develop it further. We are continuously building capacity in this area.”

The DEQ has also further integrated Laserfiche with its Microsoft Dynamics and GIS (Geographic Information System), creating a more robust digital ecosystem. “The potential is significant,” Patrocinio concludes. “…I encourage everyone to take a closer look [at Laserfiche] and explore its full potential.”

Conclusion: a sustainable future through digital transformation

The North Carolina DEQ’s journey with Laserfiche exemplifies the transformative power of digital transformation. By embracing innovative solutions and optimizing existing resources, the DEQ has streamlined operations, strengthened environmental protection efforts, and fostered a more open and collaborative relationship with the public.

Patrocinio’s leadership embodies the importance of strategic vision and a commitment to leveraging technology for positive change. As she concludes, “Our core mission is to safeguard the health and prosperity of all North Carolinians. Technology itself is not the focus; it’s about utilizing the tools at our disposal to make a genuine difference in the lives of the people we serve and the environment we all share.”

The DEQ’s success story serves as an inspiration for environmental agencies across the globe. It demonstrates that by embracing digital transformation and fostering a culture of innovation, environmental protection can become more efficient, effective, and accessible to all. By breathing new life into old data and empowering people with the right tools, we can collectively ensure a healthier planet for generations to come.

Further reading

Eager to learn more about how Laserfiche can improve the everyday operations of government agencies and organizations? Visit our government solutions page. Want to see Laserfiche in action? Schedule a consultation for a personalized demo of our leading enterprise content management platform.

Healthcare Systemness: A Journey of Collaboration, Automation and Patient Care

The drive to achieve systemness in healthcare is a complex but crucial undertaking. This blog post explores key insights gleaned from a webinar featuring healthcare leaders who discussed the challenges and opportunities associated with creating a more cohesive and efficient healthcare system.

Part 1: The Pillars of Systemness

The first part of the webinar laid the groundwork for understanding systemness. Here are the central themes that emerged:
  • Leadership and Collaboration: Achieving systemness requires a leadership team that prioritizes collaboration between business and IT functions. Everyone involved needs to be working towards the same “North Star” – a vision for a more integrated and efficient healthcare system.
  • Workflow Standardization: Standardizing workflows across different departments and locations is essential for streamlining processes and enabling automation. This may involve overcoming variations in how clinical staff perform certain tasks.
  • Cultural Change: Implementing new technologies is often easier than achieving cultural change. Getting buy-in from clinicians and staff requires clear communication about the benefits of systemness and how it will ultimately improve patient care.
  • Automation for Efficiency: Automation can be a powerful tool for reducing errors and improving efficiency. However, it requires well-documented workflows. Without clear documentation of how tasks are currently performed, automation becomes difficult, if not impossible.

Part 2: Challenges and Strategies on the Road to Systemness

The second part of the webinar delved deeper into the practical challenges of achieving systemness and offered strategies for overcoming them. Here are the key takeaways:
  • Documentation Hurdles: A significant challenge is the lack of standardized documentation for clinical workflows. This makes it difficult to automate tasks and integrate data across different systems.
  • Building Trust and Collaboration: Successful systemness initiatives require trust and collaboration between IT and clinical teams. IT needs to understand the needs of clinicians, and clinicians need to be open to new ways of working.
  • The Power of User Engagement: Clinicians are more likely to embrace new technologies if they are involved in the design and implementation process. IT departments should actively seek feedback from clinicians and address their concerns.
  • Data Quality and Automation: Clean and standardized data is essential for successful automation and machine learning applications in healthcare. Technologies like AI can be used to capture handwritten documents and improve data quality.
  • The Challenge of Merging Systems: Mergers and acquisitions in healthcare can create challenges when different Electronic Medical Records (EMRs) need to be integrated. Standardizing workflows across these disparate systems is crucial for achieving a unified patient experience.

The Road Ahead

The path towards systemness in healthcare is ongoing. However, the benefits are undeniable – improved patient care, reduced costs, and increased staff satisfaction. By fostering collaboration, embracing new technologies and focusing on data quality, healthcare organizations can move closer to a future where a seamless and efficient system of care is the norm.

Beyond the Blog:

This blog post provides a brief overview of the key points discussed in the webinar. The complete webinar offers a richer and more nuanced discussion. Consider watching the full webinar to gain a deeper understanding of the challenges and opportunities associated with achieving systemness in healthcare.Watch the webinar: Leveraging Integration and Automation to Drive Towards Systemness.

Laserfiche Champions Dive Deep: Unveiling Key Learnings from Empower 2024

Laserfiche Champion Program members recently gathered in a virtual lounge session for a lively debrief on their experiences at Empower 2024, Laserfiche’s annual user conference. The session boasted a dynamic mix of both seasoned attendees and newcomers – over 57% were either attending their first or second Empower.

This diverse group shared valuable insights, feedback, and best practices gleaned from the event. While some feedback echoed themes from the official Empower survey, other Champions offered valuable suggestions for currently available resources like training and webinars.

This blog post, based on topics the Champions discussed in the virtual lounge, offers valuable takeaways for both Empower attendees and those who couldn’t attend, providing a glimpse into the event’s impact on the Laserfiche user experience.

A Strong User Community: Learning, Networking, and Laserfiche 12

The discussion yielded several key takeaways, emphasizing the value the conference delivers to the Laserfiche user community. Here’s a closer look at some of the key points:
  • Excitement for Laserfiche 12: The preview of Laserfiche version 12 (LF12) generated a wave of excitement among Champions. Many are eager and excited to explore the new features including the simplified and more streamlined test mode and the new metadata template designer.

  • Skill Development Takes Center Stage: The high demand for hands-on labs and advanced courses at Empower underscores a strong user desire to refine their Laserfiche expertise. Specific areas of interest included:
    • Forms Management
    • User Management
    • Repository Security
    • JavaScript & CSS in Forms Designer
  • The Power of Connection: The opportunity to connect and share knowledge with fellow Laserfiche users proved to be a significant benefit for attendees. User group meetings, networking events and interactions with Laserfiche experts fostered a sense of community and collaboration.
  • A Feeling of Community: Many Champions found value in the in-person format, emphasizing the value of face-to-face interactions in building rapport and camaraderie among Laserfiche users.

Beyond Empower: A Continued Learning Journey

The Empower spirit of learning doesn’t end with the closing of the conference. Here’s a glimpse into how Champions are actively continuing their Laserfiche journeys based on the Virtual Lounge discussions:
  • Deepening Knowledge: Champions are actively exploring new features like training and scheduling functionality, modern forms features and potential integrations with third-party applications. Overall, Champions want to stay ahead of the curve and optimize their Laserfiche deployments.

  • Knowledge Sharing: The discussions in the Champion Virtual Lounge revealed a strong user desire to share knowledge and collaboratively solve problems. This collaborative spirit fosters a supportive environment where users can learn from each other’s experiences and expertise.

By prioritizing user needs through targeted sessions, expanded educational resources and a strong user community, Empower events can continue to encourage and inspire Laserfiche users like the Laserfiche Champion Program participants.

The Champion Virtual Lounge discussions serve as a valuable platform for ongoing engagement and knowledge sharing, fostering a vibrant user community that thrives before, during and after the Empower conference. To learn more about the program and upcoming Laserfiche events, visit https://www.laserfiche.com/resources/champion/ and  https://www.laserfiche.com/resources/events/webinars/.

DoD 8180.01, 5015.02 and DTM-22-001 – Everything You Need to Know

When it comes to finding a platform that ensures records are managed properly, it can be difficult without a standard to go by. Fortunately, The United States Department of Defense (DoD) provides such a standard. In addition, the DoD offers a wide variety of documents and tools to evaluate the effectiveness of a records management solution or strategy.

Primarily used by the DoD itself to ensure it is managing records in accordance with specific laws, these standards and tools provide a robust framework for organizations to manage records thoughtfully and effectively. By using this framework, organizations can take a step beyond the universal electronic records management (ERM) requirements outlined by The National Archives and Records Administration (NARA), that are used to support federal agencies in maintaining compliance with the Federal Records Act.

While an organization may not be required by law to follow DoD records management standards, effective records management can encourage more informed business decisions, a boon for any organization.

What is DoD 8180.01?

DoD 8180.01, or “Information Technology Planning for Electronic Records Management” is a tool for the Department of Defense to evaluate an electronic records management platform’s potential to comply with policies set out in DoD Instruction 5015.02, “DoD Records Management Program”.

Some of the key components of DoD 8180.01 include:
  • A reduced focus on certification and narrow technical requirements.
  • An increased focus on a solution’s ability to facilitate effective records management.
  • An acknowledgment that a record’s lifecycle may outlast a particular platform’s lifespan.

What is DoD 5015.02?

DoD Instruction 5015.02, or “DoD Records Management Program” is a document that outlines the policy and responsibilities of the DoD as they relate to records management across media. This is not to be confused with DoD 5015.02-STD, which was a tool used to evaluate whether a particular piece of electronic records management software could be used by an organization to maintain compliance with the policies and responsibilities outlined in DoD Instruction 5014.02.

DoD 8180.01 effectively replaces 5015.2-STD as a tool to evaluate electronic records management software, but does not replace DoD Instruction 5015.02 itself, with that document offering compliance guidelines for managing records in a wider range of media.

What is the DoD Records Strategy?

Published openly for the first time in 2023, the DoD Records Strategy defines goals and offers administrative guidance for the DoD as they relate to records management. This document provides a framework for managing records largely organized into three distinct objectives:
  • Curate: Be clear and effective in identifying records and adding the appropriate contextual information as needed.
  • Automate: Leverage automation to save time and enable staff to focus more of their resources on core responsibilities.
  • Govern: Keep information accessible to relevant parties to enable more strategic decision making across departments.

In addition to the above, the records strategy emphasizes more universal accountability for managing records outside of the records manager role. It also suggests having dedicated records specialists embedded in units across the organization, to work in tandem with subject matter experts that ideally would also gain some records management knowledge and capability.

What is DTM-22-001?

DTM-22-001, or “DoD Standards for Records Management Capabilities in Programs Including Information Technology” works essentially as an addendum to the DoD Instruction 5015.02, to eventually be incorporated into the instruction at a later time.

These standards, focused on software, ultimately serve to enshrine in policy the ideas brought about by the newer strategy-based, non-policy documents such as DoD 8180.01 and the DoD Records Strategy.

The new policies require that:
  • A safe harbor period is established for information stored on IT systems once it is deleted.
  • IT systems support the proper disposition of records.
  • Records management functionality is provided for IT systems.
  • Records and record control items remain interoperable between IT systems.

Bringing it all together

With all the different tools and documents that the DoD has to offer records managers, let’s quickly go over the purpose of each once more:
  • DoD Instruction 5015.02: Establishes policies for the DoD to follow in order to properly manage its records.
  • DoD Manual 8180.01: Offers criteria to evaluate a piece of software’s ability to assist an organization in complying with the guidelines in DoD Instruction 5015.02.
  • DoD Records Strategy: Provides administrative guidance and sets up goals for the DoD to work toward as it strives to manage records as effectively as possible.
  • DTM-22-001: Acts as addition to the policies outlined in 5015.02, outlining requirements for IT systems in regards to the disposition, management and transfer of records.

Using these tools together can yield a robust and effective records management framework. As discussed earlier, many organizations are not required to manage records as strictly as the DoD.

However, with the emergence of new technologies and the reality that many organizations use a variety of applications and information for everyday business, even the DoD acknowledges that records management should be thought of as a functional discipline rather than the following of rules for the sake of them.

More than anything, developing a robust and effective records management strategy can save your organization time in classifying and storing information, encourage more informed decision making and allow staff across the enterprise to dedicate more resources to their core responsibilities.

Customer Spotlight: City of Ithaca/Tompkins County

Learn how one county in New York reduced the time to furnish records in response to FOIA requests by more than half.

Browse customer reviews of Laserfiche on G2

Get insights from real customers on why Laserfiche is a top choice for organizations looking to encourage better recordkeeping.
Read more laserfiche reviews

Further reading

If you’re looking to expand your digital transformation beyond electronic records management, an enterprise content management system (ECM) may be the right fit for your organization. Learn more about the ECM market and top vendors by checking out the G2 Grid® for Enterprise Content Management (ECM):
G2 Grid® for Enterprise Content Management (ECM) Systems

Already considering Laserfiche as your records management solution? Take a look at the Laserfiche Solution Marketplace, a hub for pre-built workflows and templates that customers can use to jumpstart processes necessary to meet all kinds of challenges, including regulatory needs, such as building permit applications and inspections. Whether you’re just getting started with records management or looking for new insights, be sure to check out our Ultimate Guide to Records Management to see how you can improve your information governance strategy.
Download the eBook: The Ultimate Guide to Records Management.

AI Revolutionizing Manufacturing: Streamlining Workflows and Empowering the Workforce

According to recent Laserfiche/SME research, one-third of respondents are experiencing work delays a few times a week across various processes in operations. This leads to countless hours wasted by employees fulfilling administrative tasks manually across engineering, operations, sales, quality, shipping release and more.

Amidst these challenges, the manufacturing industry is on the cusp of a significant transformation driven by artificial intelligence (AI) and machine learning (ML). AI is poised to become a critical factor for manufacturers, streamlining processes, reducing delays and addressing concerns around costly compliance documentation.

AI’s Impact Across Manufacturing
  • Enhanced Efficiency: From sales and supply chain management to quality checks and inventory control, AI can streamline complex processes, predicting potential issues and ensuring timely delivery.
  • Data-Driven Decision Making: AI analyzes vast amounts of data, enabling organizations to make informed decisions about production, resource allocation and future planning. Proactive maintenance, for example, can be implemented to prevent equipment failures and minimize downtime.
  • Improved Compliance Management: AI automates data capture and document management, ensuring adherence to regulations and simplifying audits.

The Future of Work: Humans and AI as Partners

While some may fear job displacement due to AI, the reality is that AI will empower the human workforce. Here’s how:
  • Focus on Strategic Tasks: AI will handle repetitive tasks, freeing up human employees to focus on higher-level activities that require creativity, problem-solving, and strategic thinking.
  • Upskilling and Reskilling: As job roles evolve, there will be a growing demand for workers with skills in data analysis, AI implementation and human-machine collaboration.

Challenges and Solutions
  • Lack of Standardization: AI can streamline data processing and address compliance challenges by tackling inconsistencies in documentation.
  • Workforce Concerns: Transparency and open communication are crucial to address workforce anxieties about AI. Training and development programs will equip employees with the skills to thrive in an AI-powered workplace.
  • Uncomplicate Compliance: AI-powered tools can streamline records to ease compliance tasks for humans to reduce errors and boost confidence in information governance strategies.

AI in Action: Real-World Benefits
  • Reduced Operational Costs: AI automates tedious tasks, minimizes human error and streamlines workflows, leading to significant cost reductions.
  • Improved Productivity: By eliminating bottlenecks and delays, AI empowers a more productive workforce and fosters collaboration across departments.
  • Enhanced Data Management: Real-time data capture and analysis provide valuable insights for better decision-making and future planning.

Conclusion

Embracing AI is no longer optional for manufacturers seeking to stay competitive. By leveraging AI’s capabilities, manufacturers can streamline operations, empower their workforce and navigate the ever-evolving landscape of digital transformation.

Watch our webinar, “Accelerating Manufacturing Excellence: Unleashing AI for Seamless Operations and Safety” to explore the latest advancements in technologies that minimize work delays, streamline reporting processes, and establish a robust repository for seamless operations: AI, machine learning, process automation, and process integrations.

How AI Is a Game Changer for Healthcare Data Management

The rise of medical records and data creates a burden for healthcare organizations in the form of increased costs, manual labor and operational challenges.

AI impacts critical healthcare areas such as process mining, clinical data management, and front-office, mid-office, and back-office operations —all of which play a key role in managing patient information and providing better care.

Here’s How AI is Making a Difference in Healthcare Data Management
  • Data Management: AI is a critical tool for managing massive volumes of healthcare data. It automates tedious tasks like data entry and analysis, freeing up valuable time for medical professionals. This not only improves staff efficiency, but also minimizes the risk of errors with manual data entry.
  • Improved Insights: By analyzing vast amounts of patient data, AI can uncover hidden trends and patterns that inform better treatment decisions. This paves the way for personalized care, tailoring treatment plans to each patient’s unique needs and medical history.
  • Streamlined Operations: AI improves how organizations automate repetitive tasks like appointment scheduling, billing, and prior authorization approvals. This frees up staff for more crucial duties, reduces wait times for patients, and increases efficiency and cost-effectiveness.

Key Areas of Focus for Healthcare Organizations—and How AI Is Impacting Them

Interoperability: The key to successful digital transformation in healthcare is interoperability. This refers to the seamless exchange of accurate patient information between different departments and systems.  By ensuring data flows smoothly, AI can unlock the true potential of healthcare data exchange. This not only improves operational efficiency, but also enhances the experience for both patients and staff.

Revenue Cycle Management (RCM): the process of tracking and managing the lifecycle of financial transactions associated with patient care is crucial to a healthcare organization’s operations. However, lack of standardization across patient information and medical records, as well as time-intensive back-office manual processes, can be a strain on healthcare organizations. AI enhances process automation and data extraction to eliminate manual data inputs across medical billing, prior authorization approval and claim processes, eliminating errors that delay payments and burden healthcare staff.

Value-based Care: The shift towards value-based care, where healthcare providers are rewarded for patient outcomes rather than the quantity of services provided, requires a holistic view of a patient’s health journey. AI helps by seamlessly managing real-time datasets between systems, physicians, and internal/external clinicians. This comprehensive view allows providers to see the full picture – all sources and history of a patient’s clinical data and treatment patterns. This enables providers to make informed decisions, personalize treatment plans and deliver more effective value-based care for patients.

How Can AI Solve Digital Transformation Challenges in Healthcare?

A Lack of Automation in RCM

One of the biggest challenges healthcare faces is streamlining the often-manual and error-prone Revenue Cycle Management (RCM) process. This translates to inefficiencies in:
  • Prior authorization and eligibility checks: Verifying insurance coverage and obtaining approvals for procedures can be a time-consuming and frustrating process.
  • Insurance claim scrubbing and submissions: Manually submitting claims and ensuring they are coded correctly is prone to errors and delays.
  • Insurance denials management and appeals: Dealing with denials and appeals is a complex and resource-intensive task.
  • Medical coding and payment collections: Assigning accurate medical codes and collecting payments from patients requires significant manual effort.
  • Provider credentialing: The process of verifying a healthcare provider’s qualifications can be lengthy and bureaucratic.

AI helps by offering a suite of capabilities to support healthcare providers:
  • Streamlining patient data management: AI can integrate various data sources, including patient information and medical records, into the Electronic Health Record (EHR) system. This creates a comprehensive view of a patient’s health history.
  • Automating patient communication: AI can automate tasks like appointment scheduling and sending post-operative reminders, freeing up staff time for more critical duties.
  • Generating medical insights: AI can analyze patient data to generate insights that can be used for diagnostics and treatment planning.
  • Improving clinical decision-making: AI can analyze large datasets of clinical data to identify patterns and trends that can inform better treatment decisions.
  • Accelerating drug discovery: AI can analyze vast amounts of data to expedite drug discovery and development, leading to faster breakthroughs in medical science. AI can also help predict treatment outcomes and track development plans, ensuring compliance with regulatory requirements.

The Need to Reduce Operational Costs
  • Optimizing medical records management: AI facilitates secure and centralized storage of medical records, enabling authorized staff to access information quickly and efficiently, while adhering to HIPAA regulations. Automation can also streamline record lifecycles, minimizing manual work and potential compliance fines.
  • Enhancing healthcare data exchange: AI can easily capture and integrate various types of patient data, including demographics, insurance information, and medical records. This not only ensures accurate data processing, but also allows for quick retrieval of information. AI streamlines administrative tasks, freeing up staff time previously spent handling large volumes of medical documents.
  • Transforming the patient and staff experience: AI can automate tasks like appointment scheduling and information access, empowering patients to take a more active role in their healthcare journey. Additionally, AI can automate the linking of information across different healthcare systems, allowing for smoother referrals, lab integrations, and overall improved patient experience. For staff, AI streamlines provider credentialing processes and automates data management across patient information and revenue management systems, reducing administrative burdens.

Overall, AI is revolutionizing healthcare by improving data management, enhancing task automation, and providing valuable data insights. This leads to better care for patients, reduced costs for organizations, and improved efficiency across healthcare organizations.

Want to learn more about digital transformation trends in healthcare? Download the white paper, Intelligent Automation in Healthcare — What Motivates Investments in the Next Generation of EHR Integrations.

Learn how Laserfiche AI is transforming enterprise content management—enabling organizations to increase efficiency, enhance data privacy and security, and do deeper analysis of their unstructured data.

Introducing Laserfiche AI Document Summarization

Introducing Laserfiche AI Document Summarization on Laserfiche Cloud, powered by generative AI. This technology is one more step in Laserfiche’s transformative journey to harness AI for customer productivity.

Here’s how it works: 

First, add any document into your repository with text or voice transcription (yes, even videos!) 
The document repository in Laserfiche Cloud.

Next, select the document and go to the Details pane and click the Summary tab. Click the Create Summary button. 
The "Create Summary" button in AI Document Summarization in Laserfiche Cloud.

In a few seconds, you’ll receive a concise description of the document’s contents. You can delete, copy, or regenerate the summary as needed. With a single click you can also copy and share the summary directly into an email, or copy the summary with the URL.   
Concise summary of a document's contents via AI Document Summarization in Laserfiche Cloud.

 
How This Benefits Laserfiche Customers 

Laserfiche AI Document Summarization can make a profound impact on time management for every organization that uses it. By condensing documents of all kinds — extensive reports, mystery documents, research papers, slide decks, and hours-long video transcripts — it allows our customers to quickly grasp essential information without wading through every page or minute of recordings. 

Imagine you are conducting discovery for your legal department and have physical boxes with hundreds of paper documents that you must scan into Laserfiche. How do you make sense of them all once they’re scanned and OCRed in your repository? Save potentially hundreds of hours generating summaries to hone in on which documents need further attention. 

Have thousands of invoices that aren’t yet labeled and filed? Generate a summary to understand the vendor, age and value of the invoice without diving into it. 

Did you find a trove of historical documents from a migration that are a mystery to your organization — and you’re not sure what retention policy to apply? Generate a summary to find out which ones you need for compliance. 

These are just a few examples at the efficiencies we expect to see from our customers — using summaries to ensure key insights and data are not overlooked, allowing for better decision-making and quickly finding important content. 

Another benefit of generative AI for document summarization is that it excels in understanding context and extracting nuance, presenting overviews that are not only representative of the content but also the underlying themes. This means summaries are not superficial but include a depth of understanding that would typically require multiple readings by a human. 

But keep in mind, generative AI is not without limitations, and quality of summaries can vary based on the source material and AI model used. But be assured, we have built Laserfiche AI with privacy and security top of mind. Our commitment is that your data is not used for training of any AI models. You can find out more in our privacy notice. We also recognize that not all customers have AI policies in place yet, so Document Summarization can be disabled by an Admin, if needed. If you’re interested in learning more, visit our FAQ. 

We hope all our customers try out Laserfiche AI Document Summarization at their organization to see how it streamlines operations, allows teams to quickly extract critical information, and frees up employee time for strategic tasks and decision making. We’re laser-focused on generative AI customer productivity tools that move the needle, and we can’t wait to share more of our AI roadmap with our customers. And as always, we’re open to your feedback. 

-The Laserfiche Team 

Low-Code-No-Code: The Game Changer for Resource-Strapped Financial Institutions

The financial sector is in the midst of sweeping transformation. A growing number of financial institutions recognize the importance of enhancing digital capabilities to drive growth and gain competitive advantages in a rapidly evolving market. By digitizing manual processes and centralizing records, these organizations can improve the customer experience, retain existing customers while attracting new ones, as well as drive productivity, optimize operations and save costs.

However, many financial institutions, regardless of size, often encounter limited IT resources. For instance, credit unions only employ, on average, 16.7 employees. Such small workforces are unlikely to have the IT resources necessary for developing and maintaining customized digital solutions. To harness the benefits of digital transformation without cost or resource overruns, these institutions can leverage low-code-no-code technology.

Simplified tools maximize digitization initiatives

Organizations that are perennially strong performers provide personalized, accessible digital services, such as omnichannel banking, claims processing, loan applications and new client onboarding. The same firms also digitize internal processes like back-office support operations, run more smoothly. These types of improvements help institutions meet customer demands for tailored convenience and speed while maintaining compliance with ever-changing regulations.

Digitization, however, doesn’t just happen with the click of a mouse. Deploying new technologies and solutions or making changes to existing digital processes requires an effective IT strategy and roadmap, as well as capital and manpower. Institutions must be thoughtful about digital transformation initiatives to maintain an edge even against competition with deeper pockets.

Plenty of financial firms have dove into the world of low-code solutions to get the most out of their often-limited resources. They are adopting digital tools that don’t require sophisticated technical knowledge, such as low-code biometric authentication, low-code and no-code AI-driven process automation  and pre-built back-office and member-facing solutions.

Despite the variety of available no-code and low-code tools, financial firms should still perform their due diligence before selecting a technology partner. Decision makers may want to consider the following capabilities:
  • Financial services experience, particularly with compliance: Vendors should possess a comprehensive understanding of the regulatory landscape, encompassing requirements established by entities such as the SEC, FINRA, NCUA, as well as other regulations including BSA and GDPR. Financial firms should also focus on vendors who are committed to security and data privacy, which is of utmost concern among potential and current customers.
  • Low friction: “No-code” and “low-code” refer to a wide range of functionalities. Firms may want to home in on tools that are especially intuitive, like those which offer drag-and-drop interfaces or are easily accessible.
  • Customization: Often, there is a trade-off between low-code and customizability. But some vendors do offer flexible, low-code solutions that customers can quickly configure to their specific needs.  
  • Growth: One of the most challenging acts to perform with limited resources is scaling. And many solutions offer reasonable implementation price points, only to gouge customers when it comes time to add more capacity. Firms can seek out vendors that offer a cloud-first development approach with transparent pricing structures that allow them to scale and remain dynamic without incurring unforeseen overruns.
  • Ability to serve as a technical backbone: Low/no-code solutions that can serve as a technical hub for the rest of a firm’s apps and services are especially valuable. Consider a no-code solution that establishes a records-management framework with automated records retention. Building around this framework can reduce compliance, as well as operational costs.

Regardless of the selected feature set, it may be helpful for firms to maximize out-of-the-box features, including pre-built solutions before customizing anything and provide regular trainings to jumpstart and maintain digitization.

No code but plenty of ROI

The right low- or no-code solution offers numerous benefits to financial services organizations. Institutions with limited IT resources can leverage these tools to meet customer demand and rapidly changing challenges. Financial firms can also use these platforms to create internal processes that meet employees’ expectations and demand for a stronger user experience, all without adding untenable costs to their IT spend.

It’s a challenging environment for financial firms, but those that find a home for cutting-edge low- or no-code solutions can deploy automated solutions quickly, speed adoption of digital tools, and achieve the ROI needed to compete.

Continue your journey

Laserfiche provides ample resources to assist you in discovering the right low-code-no-code process automation platform and learning how to maximize its potential.

Check out our latest financial services webinar: Automate or Die – The New Reality for Wealth Management Businesses to explore how a low-code approach can accelerate digital transformation in the financial services sector and enhance client experiences.

How can Laserfiche help financial institutions achieve operational excellence with low-code-no-code process automation? Check out our financial services solution page for more information!

In Higher Education, Low-Cost Business Process Automation is Your Gateway to Creating a Fully Digital Campus

Today’s students don’t just desire a digital campus, they require it. Having grown up in the digital age, Gen Z university prospects are accustomed to accessing resources and hyper-speed responses to questions 24/7 at their fingertips. While technology has always played an essential role in higher education, the Covid-19 pandemic drove colleges and universities to step up their digital transformation games much sooner than projected.

This widespread adoption of streamlined technology continues to demonstrate its value as campuses return to in-person learning yet face the next wave of administrative challenges: enrollment declines combined with amplified student service demands. If these obstacles sound all too familiar, you’re not alone. Universities across the globe are racing to update decades-old processes and eliminate administrative drudgery that can strain budgets and negatively impact student and staff success. In this new era of higher education, low-cost business process automation is the gold standard for more efficient, streamlined, and effective approaches to decode multi-departmental collaboration puzzles.

Empowering Your Workforce through Automation

In every chapter of your digital campus transformation tale, business process automation is the protagonist – a technology hero that can turn tiresome tasks into a seamless data workflow. Envision transcripts processed in the blink of an eye, student data updated effortlessly, and access to sensitive information safeguarded with precision. Alongside your university digital transformation journey, Laserfiche’s content management and process automation solutions emerge as your team’s north star, empowering students and staff with transparent portals that deliver the right information at the right time.

Process automation, synonymous with business process management, harnesses technology to automate the mundane. But this digital tool isn’t just about relieving humans of repetitive chores; it’s about unleashing their potential. It’s the spark that ignites innovation, propelling institutions forward.

Survey Reveals Substantial Growth Potential for Innovations in Higher Education Automation Processes

Though the extraordinary potential for cost savings and efficiency is a clear win for higher education, low-cost business process automation is still an under-utilized resource for many universities. A recent Laserfiche survey revealed that only 10% of schools embrace fully digital processes – an untapped opportunity for the remaining 90%.

Today’s higher education process automation platforms use novel technologies to perform increasingly complicated tasks, such as capturing, categorizing, interpreting and sharing student data from a wide variety of original document formats and across multiple campus departments. Still, humans are the ones who drive this change and innovation. Automation simply allows them to do more as they work to keep student and staff performance moving forward.

Your Fully Integrated Digital Campus Awaits

So, what’s your next step? Get ready to enter a new era in higher education with Laserfiche’s innovations in enterprise content management and make the most of the outstanding potential that automation, integration, and advanced AI technologies provides.

Harness the full spectrum of strategies, insights, success stories and best practices in higher education content management by downloading Laserfiche’s free white paper – “Your Guide to Creating a Fully Integrated Digital Campus.”

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