Popular concepts of artificial intelligence (AI) and machine learning (ML) are often associated with futuristic applications and cutting-edge innovations. However, the use of AI in higher education today is already amplifying real-world applications in campuses across the globe, subtly revolutionizing back-office operations, empowering staff with previously unattainable efficiency and accuracy, and freeing them to focus on higher-value tasks.
Recent fluctuations in enrollment rates and financial pressures have required higher education institutions and their staff to do more with less. As challenges intensify, institutions are recognizing the need for more sophisticated technology solutions that can simplify complex tasks, optimize shared resources, and streamline budgets.
The Power of Generative AI in Higher Education Admissions
One area where the potential use of AI in higher education shines bright is admissions. Traditional admissions processes often involve repetitive tasks that can be time consuming. Generative AI has the power to reshape this landscape by making initial applicant screening more efficient.
Laserfiche’s recent partnerships with higher education institutions demonstrate how generative AI can automate information extraction from transcripts, simplifying the admissions process and allowing staff to bypass repetitive, time-consuming tasks.
Picture this: Generative AI can autonomously make preliminary decisions about student acceptance. Though human involvement will still be necessary at higher approval levels, AI can review the quantitative aspects of admissions, such as high-school courses and grades, thereby eliminating a major portion of the upfront workload with admissions staff. This means faster, more consistent decision-making and fewer bottlenecks.
Real-Life Success: SUNY Empire State College’s Use of AI in Admissions Reduces Response Times from a Week to Less than an Hour
Witness the impact of AI at work. Laserfiche partnered with SUNY Empire State College, implementing AI-powered transcript processing. The results? Response times slashed from a week to under an hour, significantly refining student engagement and boosting their staff’s ability to process higher volumes of applications and requests.
Discover the Full Potential of AI + Automation and Data Integration
Curious to explore how the use of AI in higher education can reshape your back-office staff’s workflow? Dive into Laserfiche’s comprehensive white paper, “Your Guide to Creating a Fully Integrated Digital Campus,” and witness the extraordinarily impact of AI in higher education. Plus, explore how low-cost business process automation creates high returns at universities, get tips on remediating data silos, and mobilize best practices in change management to set your digital transformation up for success.
In the dynamic realm of higher education and the administrative of students and staff, change is the only constant. As colleges and universities seek to maximize student success, staff efficiency, and overall satisfaction, the integration of advanced enterprise content management systems becomes crucial. Welcome to a glimpse of the “Change Management” chapter from our comprehensive white paper, “Your Guide to Creating a Fully Integrated Digital Campus.”
Fostering an Innovative Culture with a Shared Vision
Amidst the excitement of upgrading and expanding your content management platform, it’s essential to recognize that successful implementation requires a strategic approach. Integrating new systems isn’t just about technology—it’s about cultivating a culture of innovation that resonates across every department.
Crafting a clear vision for your institution’s transformation is paramount. Align the endeavor with your college or university’s mission, creating a shared understanding of success. Paint a detailed picture that goes beyond metrics and embraces the core essence of better serving students, faculty, and alumni.
Harness Your Staff’s Collective Wisdom
Your campus is a treasure trove of ideas. Engage your teams and departments to brainstorm strategies for leveraging automation, integration, and AI. Collaborate with peers in higher education, solution providers, and vendors to harness collective expertise. The integration process can lead to reevaluating processes and creating a new level of best practices for your institution.
Invite a Cross Section of Stakeholders to Steer Your Innovation
Consider establishing an innovation steering committee, representing a diverse cross-section of end-users and managers. This committee becomes the guiding compass for integrating enterprise content management systems. It ensures ethical integration, adequate governance, and a standardized framework for decision making.
Leverage Proven Change Management Strategies
Navigating change can be complex, especially when working with staff accustomed to traditional methods. Leverage proven change management strategies from other successful digital transformation initiatives. These strategies help assess risks, prioritize investments, and communicate effectively, allowing your teams to adapt seamlessly.
Empower Managers and Staff Through Training
Even if your users are tech-savvy, educating them about the new system’s impact on daily tasks is crucial. Conduct information sessions, online training, and provide downloadable resources. Roll out the new system strategically, minimizing disruptions during peak times.
Invest in Support Packages
Prioritize staff training and support in your transformation budget. Allocate resources to ongoing training and troubleshooting as you transition into a fully integrated system. Support packages from providers can expedite implementation and ensure smooth operation.
Pilot Your Way to Success
Start small. Experiment with innovation on low-risk, internal projects to gain experience and confidence. Gradually scale initiatives as your teams become adept at harnessing the system’s capabilities.
Partner with Laserfiche
As the horizon of automation, integration, and AI/ML unfolds, Laserfiche stands as your premiere partner in transformation. Our solutions are designed to empower institutions, revealing your staff’s greatest potential and resource efficiency.
Begin Your Journey to Digital Empowerment
Ready for a deeper dive? Discover how Laserfiche enterprise content management solutions can help your college or university embark on a journey toward a more productive and digitally empowered ecosystem.
Universities across the globe are the midst of a digital revolution, and data integration is the linchpin that holds it all together. Say goodbye to spending endless hours in search of scattered student and staff information in an inefficient workplace, stifled by siloed data. Higher education institutions are on a clear path to fully integrated digital campuses, paved with efficiency, collaboration, and streamlined processes. Laserfiche’s suite of enterprise content management solutions is the game changer at the center of your digital campus transformation.
Picture this: your campus operates as a well-oiled machine, with information flowing seamlessly between departments, fostering collaboration and enabling lightning-speed decision-making. This reality isn’t a far-fetched dream; it’s the power of dynamic system integrators in higher education.
Breaking Down Data Silos for Cohesive Campuswide Operations
One of the most significant barriers to campus-wide efficiency is the presence of data silos. Higher education institutions have long battled these isolated pockets of information that impede communication, create delays, and fracture your university’s ability to deliver a consistent experience to students and staff.
Laserfiche recently surveyed higher education IT leaders and administrators across the nation, unveiling a sobering truth: over 90% of respondents recognized the presence of data silos within their organizations. It’s a challenge that can’t be ignored. The key to overcoming this hurdle lies in integration, and we’re here to guide you through it.
Real-World Success: University of San Francisco
Glen Murie, University of San Francisco Senior Programmer/Analyst, shares how Laserfiche Forms revolutionized their processes. By automating requests and reviews, the university saved the equivalent of 10 to 20 full-time employees’ worth of time per year, demonstrating the enormous impact data integration has on institution-wide efficiency, productivity, and cost-savings.
When remediating decades-old campus cultures steeped in siloed data, higher education systems administrators can profoundly benefit from colleagues sharing their experiences as roadmaps toward achieving their own seamless integrations.
Tips and Insights from Data Integration Frontlines
Are you an administrator or an IT team leader on the cusp of your own journey and looking for effective digital campus transformation strategies? Murie and other Laserfiche partners reveal lessons learned along the way in a free downloadable white paper, titled “Your Guide to Creating a Fully Integrated Digital Campus.”
Become an expert in this new era of system integrators in higher education with Laserfiche’s best practices tips and partner resources. Ready level up your campus processes with automation, integration, and advanced AI technologies?
WealthBriefing has experience reporting on the wealth management industry for nearly 20 years. It leverages this pedigree yearly, hosting awards programs across geographies, such as it has done with the 2024 WealthBriefing European Awards. This program, specific to the European region, evaluates individual experts, products and services on their capability to exhibit top class performance and innovation.
Laserfiche recently won an award as part of this program, for Change Management Process/Best Implementation of a Technology Solution. We had the pleasure of interviewing Russell Boland, Director of EMEA Sales at Laserfiche, to give his insights on what made Laserfiche a winning solution this year.
What was the winning formula for Laserfiche at the WealthBriefing European Awards this year?
Laserfiche listens carefully to customers and understands their specific needs, to see how we can deliver more tangible value. For example:
Accurate document and records management for client files, essential to supporting regulatory requirements
Robust tools for digitising business processes — which are often more complex and specialised in the wealth management industry — with compliance checks and reporting capabilities
Process digitalisation with integrations with many of the systems wealth managers require
A low-code platform that supports flexibility in designing processes with specific requirements
Laserfiche is adding to the value of wealth management customers through keeping client data in good order, raising staff productivity, accelerating client service and addressing ever-rising compliance requirements effectively and affordably.
What is Laserfiche doing to continue serving the needs of the wealth management industry?
Wealth management firms are reporting pressure from clients to reduce fees and deliver faster services. Meanwhile, it is more challenging than ever to attract and retain the specialist staff needed for this sophisticated and highly regulated industry. According to Laserfiche research, 70% of British Gen Z have left, or would consider leaving, their company due to outdated technology.
Laserfiche provides easy-to-use tools that empower organisations to modernise processes, and continues to innovate by incorporating technologies including artificial intelligence. This enables wealth managers to automate and optimise operations, aiding training, reducing key person risk and simplifying compliance. Digitalised processes boost productivity, raise staff satisfaction, and improve collaboration, in turn increasing revenue capacity, freeing up staff time to focus on client engagement.
What challenges are organizations in wealth management experiencing today, and how can they use Laserfiche to over come these challenges?
The volume of data firms create and manage continues to grow by around 20% per year. Additionally, regulators are imposing strict disciplinary sanctions for organisations that fail to follow regulations. More frequent and detailed audits add to rising compliance-related costs.
Laserfiche supports customers through these challenges by providing a single source of truth for data, and a process automation hub that integrates seamlessly with other core technology systems. Laserfiche provides a new level of visibility into operations, by tracking user actions on records with audit trails, and standardizing processes to optimise staff experience, address regulatory requirements, and strengthen information governance.
How do you see the wealth management industry and Laserfiche’s role in it evolving over the next five years?
Leading wealth managers are investing heavily in technology to enable them to grow revenues without requiring similar staff cost growth.
Growth often leads to more need for end-to-end automated processes while firms simultaneously navigate an increasingly complex compliance landscape. Today, it’s imperative for organisations to build strong technology infrastructures in partnership with trusted vendors such as Laserfiche and solution providers that specialise in wealth management, including MBS, the 2024 Laserfiche International Partner of the Year.
Additionally, the generative AI hype will continue. At Laserfiche, we believe AI will empower individuals to transform their work, take control of processes, and supercharge productivity. There is great promise for AI solutions in wealth management, in areas such as compliance, fraud prevention and client service.
But to achieve enterprise-wide transformation, organisations need to deploy AI at scale, which involves sophisticated data management frameworks and efficiently deploying AI across platforms. In the next five years, the focus will be on supporting customers in genuinely valuable AI deployments, utilising these technologies responsibly via risk-and-benefits frameworks.
Laserfiche is excited to announce the winners of the 2024 Laserfiche Run Smarter® Awards. We created this awards program to honor people and organizations around the world that use Laserfiche to improve productivity, build innovative processes and achieve exceptional business results.
Meet the 2024 winners:
Laserfiche Advocate of the Year: Blake Smith, Senior Analyst – Business Systems, Circle K
Blake Smith, senior analyst – business systems, at Circle K, has consistently gone above and beyond to provide detailed and insightful information that has had a profound impact on other Laserfiche users. Smith shares firsthand experience and expertise to contribute to the collective knowledge of the Laserfiche community while also acting as a resource for best practices, guidance and meaningful discussions about Laserfiche and workplace transformation.
Nien-Ling Wacker Visionary: Joel Manfredo, CIO at the Motion Picture Industry Pension & Health Plans (MPI)
MPI CIO Joel Manfredo has been the catalyst for bringing many innovative tools and processes to MPI. By implementing Laserfiche Forms and process automation, MPI was able to continue serving its members through one of the longest writers and actors strikes in entertainment industry history, avoiding $3.3 million in operating costs, and providing $209 million of financial relief to over 14,000 people.
Tom Wayman Digital Transformation Leader of the Year: Odhran O’Brien, Archdiocesan Archivist and Director of Archives and Information Governance at the Archdiocese of Perth
As the Archdiocesan archivist and director at the Catholic Archdiocese of Perth for the past seven years, Odhran O’Brien has exemplified digital transformation leadership, transforming the organization’s information governance across 26 community service agencies, 109 parishes and the central administration. O’Brien developed a strategic five-year plan for ISO 15489 compliance and executed it with his team, empowering the organization to become a leader in this field.
Solution Marketplace Submission of the Year: Discrimination Reporting Form — submitted by Rob Banks, GIS Coordinator and Business Systems Analyst for the City of Salem, Massachusetts
Available through the City of Salem’s website, the Discrimination Reporting Form aims to capture comprehensive data on discriminatory incidents experienced by community members, including bias, racist actions and microaggressions. The form makes this type of reporting more accessible by being available in English, Spanish, Portuguese, French and Haitian Creole, and eliminating the barrier of requiring in-person reporting, which can be daunting, re-traumatizing or embarrassing.
Laserfiche Program of the Year: MilliporeSigma
The global packaging materials team at MilliporeSigma built and implemented STARS (scheduling, testing and reporting system) through Laserfiche. STARS acts as a centralized hub to input configuration and testing information in a standardized way, facilitate calculations of testing formulas, collect reviews and approvals, and generate reports to be shared organization-wide. This initiative has improved efficiency in the packaging testing review process by over 80%, freeing up time for investigating new materials, and exploring new projects and research.
Laserfiche Team of the Year: IT Department, SIU Medicine
The IT department at SIU Medicine has just five developers that support over 2,500 staff and learners at the organization. Since introducing Laserfiche to the organization, demand for the team’s services has skyrocketed. With each request, the team has not only delivered a solution but also reimagined legacy processes, saving time and costs in the tens of thousands of dollars, and improving the overall experience.
Best Program ROI: MSIG Hong Kong
MSIG Hong Kong, a subsidiary of Mitsui Sumitomo Insurance Company, Limited, built EASY Claims on Laserfiche, and has significantly improved efficiency at MSIG, automating over 100,000 tasks that previously required manual user input. With Laserfiche, MSIG has increased overall productivity by 1.4 times per hiring cycle within the Claims department.
Change Maker of the Year: DHL Aviation
DHL, one of the world’s leading logistics companies, uses Laserfiche to create more sustainable and efficient operations. The company’s Laserfiche initiatives have opened opportunities to gather data on processes, enabling the organization to continue to optimize and grow without sacrificing quality in its services.
Human resources departments rely heavily on document-driven processes to get work done. To streamline processes and free up time, many organizations choose to automate their HR processes with an enterprise content management (ECM) system.
What is HR automation?
Automation handles many administrative HR tasks that, though critical, slow down productivity when performed manually. Such tasks include:
Routing information for review and approval between team members or departments.
Preparing and distributing HR onboarding documents.
Processing employment agreements and other employee contracts.
Processing employee payroll each pay period.
Maintaining employee records and information.
Providing employees with appropriate tax forms.
What are the benefits of HR automation?
Automation technology is multi-functional and can offer many different benefits. Some of these include:
Increased efficiency throughout your HR department: In order to be responsive and keep pace with the modern business climate, HR teams need to be as efficient with their resources as possible. Automation can address this challenge by providing HR staff with more efficient ways to operate, from enabling convenient and secure access to critical information to streamlining the onboarding process and associated paperwork.
Reduced risk of compliance violations and fines: Many industries and jurisdictions have compliance standards that organizations must follow, as either a best practice or as required by law. Automation can offer a robust set of tools to help employees monitor and manage records throughout their lifecycles, as they work to reach their organization’s compliance goals.
Improved effectiveness through innovative technologies: For an organization to stay competitive, its HR department should be leveraging the best tools that current technology allows. The right automation solution can enable HR departments to leverage AI to gather critical information from documents,integrate processes with core technologies (including ERP and HRIS systems), make more informed business decisions with analytics, and download templates and other solutions from vendor-hosted marketplaces.
Employee growth and development: Having the right people is crucial to the continued success of any organization. Automated processes can make an entire organization run in a more streamlined manner, increasing employee satisfaction and reduce the time new employees to need to acclimate to their roles.
Which HR tasks can be automated?
There are many processes that can be automated within an HR department. Below are some, but far from all, the processes that HR departments frequently automate:
Benefits enrollment
Track when employees become eligible for benefits enrollment.
Timesheet processing
Make receiving, approving and saving time sheets more efficient with digital workflows.
Vacation and travel requests
Quickly create digital workflows for vacation, travel and expense reimbursement requests with prebuilt process templates downloaded form an online marketplace for solutions.
Employee onboarding
Automatically route and file paperwork for newly onboarded employees.
Employee records management
Retain employee records in a secure repository according to compliance restrictions, and ensure the right staff have access to the right records according to their job responsibilities.
When’s the right time to automate HR processes?
Keeping up with the rapid pace of technological innovation can be a challenge for many organizations. In addition to weighting factors such as the predicted growth of the organization and the level of satisfaction with current workflows, it may be useful to look out for the following indicators of a need for HR automation:
1. Performance of core functions has become subpar
Identify the core functions of your HR department. Once those functions are identified, look for any signs of friction or inefficiency, such as delays in onboarding or payroll processes. By clearly defining core processes and potential issues within them, you can better understand where automation is needed.
2. Your organization is growing faster than its HR department
Periods of increased onboarding can overwork an HR department if it doesn’t have appropriate resources. Automating manual tasks can empower HR departments to spend more time on recruitment, training and employee retention initiatives.
3. Audits are at risk of resulting in fines or non-compliance
HR departments handle sensitive information every day, and they are responsible for maintaining compliance with industry- or government-defined recordkeeping practices. Some departments may receive regular audits conducted by an outside party that can disrupt business operations. If your organization is concerned about the potential consequences of prolonged or failed audits, it may be the right time to automate processes.
4. Reduced HR staffing levels and budgeting challenges
Even in a business climate where improving HR services and delivery are of upmost importance, it can be a challenge when budgets and staffing resources are strained. Leveraging an automation solution to reduce time spent on manual processes can be useful for any HR department, especially those looking to be effective while simultaneously operating with limited resources.
Customer Spotlight: Sky Telecommunications
Learn how the HR department at leading telecommunications company Sky was able to deliver more efficient services for its 25,000 employees by leveraging automation.
Continue your journey
Laserfiche has plenty of resources to help you find the right process automation platform and learn how to get the most out of the one you choose.
Watch our latest webinar for organizations looking to automate HR processes
Check out our webinar: HR Automation: Reclaim Your Time, Amplify Your Impact to learn how Laserfiche can automate and streamline document-driven processes for HR departments, allowing you to reclaim your time and focus on what truly matters – your people.
Get additional insights with our ultimate HR automation guide
Read our Ultimate Guide to HR Automation for additional insights on where best to deploy automation solutions, as well as information on the latest technologies available for organizations looking to make their HR department more efficient.
Watch our explainer video outlining benefits and use cases for process automation
Watch the below video to learn how business process automation can help your organization make processes more cost-efficient, streamlined, error-proof and transparent.
Compare digital process automation vendors with G2
At Laserfiche we’re always looking forward. We also know that governments and educational institutions are continuously searching for new ways to address their unique challenges.
That’s why in the new year, we asked one of our resident industry experts — Noel Loughrin, Senior Strategic Solutions Manager: Government and Education — to make predictions about what innovations and ideas that governments and educational institutions are going to prioritize in 2024.
Governments will improve operations by following best practices and embracing digitization:
The digitalization of services remains a prominent trend in the government landscape as technology continues to evolve and innovate. Developing strategies for the implementation of AI, system integrations, and digital data and records management will be crucial for governments as they advance their digitization initiatives.
In 2024, more government institutions will make the move to the cloud. The great thing about the cloud is its scalability and the abundance of tools and applications available for end users. My recommendation for best practices when transitioning to a cloud solution is to evaluate your organization’s processes to identify gaps or inefficiencies and then develop solutions within your cloud system that can help you address these gaps or inefficiencies. Additionally, it’s vital to examine all the cloud solutions within your organization and determine if and how to integrate them. Efficiency and productivity are compromised when staff must switch between systems to access the information required for their project or cases.
If you haven’t already built a roadmap or strategy for digitizing your agency or department – now’s the time. Begin implementing tools that facilitate digital forms and data collection while devising automated processes to eliminate some of the traditional manual work your staff has been tasked with. The shift to digital data collection will empower you to begin creating automated processes that were historically handled manually, resulting in time savings and a reduction in the processing and recording of incoming information within your agency. With the time saved, consider reprioritizing efforts to enable your staff to accelerate the migration of paper records into a digital solution.
AI: 2024 will continue to be a year of exploration and consideration by public organizations on the role AI will play to improve communities and ultimately benefit citizens. AI is an excellent assistant and can be utilized to extract and summarize information, even serving as a 24/7 concierge for constituents. We can anticipate the emergence of numerous AI tools designed for enterprise use, enabling them to operate within a closed system, extracting organizational data for internal purposes rather than public consumption. These are poised to be extraordinary assets for government operations, as they can significantly enhance process efficiency and data management.
Educational institutions will be empowered by AI-driven digital transformation:
There has been a growing interest in ecological validation within higher education. In 2024, institutions will explore technologies that offer solutions enabling them to deliver coordinated, connected efforts that help students succeed. In the realm of K-12 education, there is a growing demand for digitization and centralization of records, which allows schools and teachers to access and secure vital records.
Digital Transformation will continue to play a significant role in supporting students, granting them unprecedented access to staff and information. This increased access will empower staff to identify trends and develop tailored approaches for individuals, while students will benefit from enhanced transparency and access.
In 2024, generative AI will continue to revolutionize higher education institutions by creating a more connected and intelligent campus. AI can and will be used as an assistant, aiding staff, colleges and universities in locating essential information and aggregating data for comprehensive reports and insights. Moreover, AI can be leveraged to create more personalized experiences for students by quickly assessing their records and forecasting trends, enabling more informed advice and support. What was once a one-size-fits-all approach can now be easily transformed into an individualized approach, yielding more successful outcomes for students.
Start your digital transformation journey
Want to make an innovative start to 2024? Check out the following resources to learn how ECM can be your organization’s key to newfound efficiencies this year.
Schedule a personalized Laserfiche demo
A complete ECM solution like Laserfiche can help your organization dramatically improve the efficiency of its business processes. See first hand how Laserfiche can be your solution and schedule a demo.
Discover powerful solutions on the Laserfiche Solution Marketplace
Some of the more robust ECM systems, including Laserfiche, offer marketplaces for process templates that organizations in a variety of sectors, including government and education, can use to jumpstart digital transformation initiatives. To learn more about the Laserfiche Solution Marketplace, watch the video below:
Gain new insights with our latest industry white papers
Check out this government sector whitepaper to gain insights on how state and local governments can best secure funding for workflow automation solutions and deploy them.
In addition, our education sector whitepaper can be a useful resource for educational institutions looking to maximize student success and improve the efficiency of their processes with enterprise content management.
Check out the G2 Grid® for Enterprise Content Management (ECM)
Comparing ECM systems? Compare the top vendors in the space with the G2 Grid® for Enterprise Content Management (ECM):
At Laserfiche we’re always looking forward. We also know that industries like manufacturing and healthcare are continuously searching for new ways to address their industry’s unique challenges.
That’s why in the new year, we asked one of our resident industry experts — Grace Nam, Strategic Solutions Manager: Manufacturing and Healthcare — to make predictions about what innovations and ideas healthcare organizations and manufacturing firms are going to prioritize in 2024.
Healthcare organizations will leverage new technologies to innovate and reduce costs:
Trends in healthcare technology in 2024 will heavily focus on cost-effective solutions, specifically in Finance/RCM areas, to drive operational efficiency and increase workforce satisfaction. AI-enhanced workflow tools will be used to enhance existing processes and better leverage data to become more efficient and solve legacy industry challenges such as staffing burnout and the lack of harmonization for healthcare operations.
Interoperability and artificial intelligence will play a large role in the innovation of healthcare technology in 2024 and will be necessary to control the rising needs in healthcare data management and analytics, specially in the clinical field. By allowing AI-enhanced workflow, organizations can implement better data exchange between processes and immediately deliver results in cost and time savings, while significantly improving staff and patient satisfaction.
AI tools will be utilized to enhance current healthcare technologies, further expand the capabilities of automation and streamline day-to-day operations. As personal value-based care will continue to grow in 2024 and it will be critical for healthcare providers to create digital access to support in-person and telehealth visits in order to maximize outcomes for both healthcare organizations and patients while driving consistent operational efficiency.
Manufacturing will utilize AI and other technologies to achieve improved interoperability:
In 2024, more manufacturing companies will integrate artificial intelligence and machine learning to address high-cost functionalities with compliance documentation and interoperability issues between software and technologies. By utilizing process automation and enhancing data processing speed, manufacturers can increase operational efficiency and reduce costs with improved systems while achieving business agility and scalability.
We can expect greater adoption of digitization and process integration by manufacturers in 2024. These solutions will allow manufacturers to make critical decisions in a timely manner, prioritize high-cost challenges, and control compliance. Additionally, more manufacturers will make significant investments in AI, ML and integrations in order to address delays in production, document and data control, inventory management, inspection and shipping.
Manufacturing enterprises are often vast and complex, and in 2024, data exchange and management will be crucial in achieving interoperability. By efficiently using and processing data through the power of automation, manufacturers will be able to create a work environment that not only encourages employee productivity but attracts younger generations of talent. Using digital tools to move data more seamlessly throughout manufacturing systems will be key to boosting ROI in 2024.
Start your digital transformation journey
Want to make an innovative start to 2024? Check out the following resources to learn how ECM can be your organization’s key to newfound efficiencies this year.
Schedule a personalized Laserfiche demo
A complete ECM solution like Laserfiche can help organizations across industries dramatically improve the efficiency of its business processes. See first hand how Laserfiche can be your solution and schedule a demo.
Discover powerful solutions on the Laserfiche Solution Marketplace
Some of the more robust ECM systems, including Laserfiche, offer marketplaces for process templates that organizations in a variety of industries, including manufacturing and healthcare, can use to jumpstart digital transformation initiatives. To learn more about the Laserfiche Solution Marketplace, watch the video below:
Gain new insights with our latest industry white papers
Check out this healthcare industry whitepaper to learn more about the role intelligent automation is playing in the industry.
In addition, our manufacturing whitepaper can be a useful resource for firms looking to further protect their production pipelines from disruptions.
Check out the G2 Grid® for Enterprise Content Management (ECM)
Comparing ECM systems? Compare the top vendors in the space with the G2 Grid® for Enterprise Content Management (ECM):
At Laserfiche we’re always looking forward. We know that financial services firms are no different.
That’s why in the new year, we asked our resident financial services expert — Joman Kwong, Strategic Solutions Manager: Financial Services — to make predictions about what innovations and ideas finance firms are going to prioritize in 2024.
Hyperautomation will become a powerful tool for businesses: In 2024, hyperautomation will represent a key shift in technology investments among financial services institutions to drive operational excellence and improve total experience (TX). While many organizations may have invested in automation, it’s primarily been in single-point solutions, and a more forward-thinking approach will be key to achieving greater efficiencies. This will be done by transforming and integrating processes into end-to-end solutions and leveraging the power of multiple tools, such as AI-driven intelligent data capture, API integration, RPA, and workflows. Assigning technology to handle tasks allows employees to focus on other priorities that require human intervention and empowers them to develop additional skill sets that can contribute to business growth. Additionally, this will enhance the customer experience by expanding digital and automation capabilities to meet heightened expectations.
Business will increasingly rely on API integrations to meet their needs: During the pandemic, financial institutions adopted various technologies, but they often only served certain purposes, making them less compatible with other tools. In 2024, to maximize investments, businesses will leverage API integration to enhance business intelligence, foster innovation, eliminate information silos, and reduce the burden on IT teams. For example, banking institutions may integrate their core banking platforms with content services platforms to enhance their document processing and records management capabilities. Additionally, they may integrate DMS with CRMs and custodians to establish an end-to-end solution such as new client onboarding process or set up automatic data transfer and information sync up between applications.
AI will become a more integral part of the business landscape: Financial institutions will continue to adopt AI to help streamline operations, reduce human error, save time, lower operational costs, and address industry regulations. They will also leverage AI to provide more personalized recommendations and predictive insights based on a particular customer’s financial background and past activities, strengthening overall customer service. Additional uses will include populating automatic forms, optimizing chatbots, flagging deviations, and sending signals to employees for immediate action. The rise of AI-driven solutions will also bring a heightened focus on security in 2024. Financial institutions must be cognizant of sensitive customer and employee information and establish an AI governance committee and usage policies.
Cloud adoption will increase among organizations: In 2024, the use of cloud-based technology will rapidly accelerate as more firms seek modern solutions to doing business. This marks a significant transition in the industry as financial institutions have historically resisted moving sensitive data to the cloud. Creating a digital ecosystem with cloud adoption will support new product development and innovation, boost resiliency and business continuity, and optimize overall cost-effectiveness.
Start your digital transformation journey
Want to make an innovative start to 2024? Check out the following resources to learn how ECM can be your organization’s key to newfound efficiencies this year.
Schedule a personalized Laserfiche demo
A complete ECM solution like Laserfiche can help financial services organizations dramatically improve the efficiency of business processes and drive business growth. See first hand how Laserfiche can be your solution and schedule a demo.
Discover powerful solutions on the Laserfiche Solution Marketplace
Some of the more robust ECM systems, including Laserfiche, offer marketplaces for process templates that financial services firms can use to jumpstart digital transformation initiatives. To learn more about the Laserfiche Solution Marketplace, watch the video below:
Gain new insights with our latest industry white paper for wealth management firms
At Laserfiche we’re always looking forward. As such, our leadership team continually evaluates the latest trends and how we can best position our organization and its customers for the future of work.
Here’s what some members of our executive team here at Laserfiche have to say about what to look forward to in 2024:
Karl Chan, CEO
Top challenges for CEOs: Economic uncertainty has been a concern since before COVID, and now there are multiple high-visibility geopolitical conflicts that have added to that concern. All CEOs in 2024 will have to navigate this uncertain landscape and the decisions that come with it — such as how to manage budgets or predict revenue and spending with the possibility of rising interest rates; how to do business in other regions and more. Additionally, we’ve seen a lot of investment in automation, digital transformation and AI over the past few years — in 2024, we’ll see CEOs taking a hard look at ROI for these initiatives. For AI especially, the initial excitement is starting to subside, so business leaders are going to be looking at if and when they start to use AI in their business, and how to measure success.
Digital transformation will continue to be a priority: There will always be a need for process automation and digital transformation – regardless of the state of the economy – and that need will continue to increase as technology evolves in 2024. If people and organizations are looking to cut costs, they will need automation and digital transformation to help with efficiency. If they are growing or trying to gain a competitive edge, they will need automation and digital transformation to support innovation and growth.
Data will be more important than ever: Data is what gives organizations the ability to successfully set and achieve goals, make informed decisions, and gain a competitive advantage. It’s not just the C-suite or tech companies that can benefit — every organization can benefit from fostering a data-fluent culture, and every individual can benefit professionally from increasing their level of data fluency. Data can help HR teams reduce turnover, for instance, or support frontline employees with reducing errors or automating routine tasks. With the use of AI becoming increasingly common, data will be more important in 2024 than ever before.
Generative AI will still be governed by businesses: Generative AI presents a lot of opportunities to streamline operations, improve decision-making, and react faster to changes. Organizations will be able to use AI in 2024 to improve business-critical processes across the enterprise, including customer acquisition, service and strategy; product development and service delivery; and financial analysis and capital management. We’re seeing governments begin the conversation about AI guardrails, but at the moment it’s up to organizations to set policies and expectations around AI usage for employees.
Thomas Phelps, CIO
Companies will need to embrace generative AI responsibly and sustainably: It should be no surprise that generative AI is at the forefront of 2024 predictions, assuming that quantum computing doesn’t break current encryption systems, which could upend cryptography and the security landscape as we know it. In the business landscape, several major challenges loom large. First and foremost, the task of securing an extended enterprise and supply chain is no easy feat on an ever-extending attack surface, presenting new threats such as zero-click vulnerabilities and AI-augmented attacks. Simultaneously, organizations are faced with the challenge of embracing generative AI responsibly and sustainably to drive innovation and productivity, while effectively managing associated risks and costs. There is also a pressing need to control increased software subscription costs, consisting of both an inflationary uplift and an “AI premium.”
The CIO role will continue to evolve: The CIO role will continue evolving into that of a Chief Digital and Innovation Officer role, with some specific industries carving out a Chief AI Officer position to focus solely on AI. The key to any successful business strategy is a digital strategy that enables desired business outcomes. In 2024, a comprehensive digital strategy must incorporate AI-augmented development, support, marketing, and sales initiatives to drive productivity gains, optimize costs, and reimagine the way business is conducted.
Michael Allen, CTO
AI will become more specialized: In 2024, we’re going to start to see generative AI tech expand beyond the “artificial copywriter,” and be used to generate content in multiple mediums and more highly specialized applications, such as 3D modeling, animation, architecture, and video creation. We’ll see tremendous early growth, followed by a realization that the costs of generative AI are still very high due to the scarcity of specialized hardware and the energy costs to train large models.
AI will Improve detection of cybersecurity threats: Threat detection tools are going to see a big upgrade with the incorporation of AI models. Software and systems are still insecure by design, so early threat detection is going to be the most critical component of mitigating threats for the foreseeable future.
Return to office will still drive future of work conversations: The biggest ongoing conversation around white-collar work is return to office, and I don’t see it stopping anytime soon. In 2024, we may see remote work almost accidentally accelerate the adoption of automation by leaders.
Sustainable technology will grow due to cultural changes: Unfortunately, almost all technologies have driven an increase in energy consumption and therefore carbon emissions. Major technological breakthroughs in tackling climate change seem to require breakthroughs in material science and manufacturing with advanced materials at scale. In 2024, cultural changes to steer humanity towards a more sustainable lifestyle, in an environment of rapid societal change, may actually be more tractable.
Start your digital transformation journey
Want to make an innovative start to 2024? Check out the following resources to learn how ECM can be your organization’s key to newfound efficiencies this year.
Schedule a personalized Laserfiche demo
A complete ECM solution like Laserfiche can help your organization dramatically improve the efficiency of its business processes. See first hand how Laserfiche can be your solution and schedule a demo.
Discover powerful solutions on the Laserfiche Solution Marketplace
Some of the more robust ECM systems, including Laserfiche, offer marketplaces for process templates you can use to jumpstart digital transformation initiatives. To learn more about the Laserfiche Solution Marketplace, watch the video below:
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