Digital transformation is a goal for any corporate executive charged with helping to improve customer experience, streamline operations, or boost financial performance. It has been tossed around for over a decade and has gained a flock of passionate disciples
A recent NY Times article noted that the “number of deals struck tumbled to their lowest levels since 2011.” … while established winners and a few new unicorns raised money, 2016 was otherwise a tough one for startups.
It’s everywhere, even if we aren’t immediately aware of it. But it isn’t hard to find. Open Windows Explorer and connect to your organization’s big file share. Or maybe it’s a NAS box, your home directory cross-mounted into your local file system. Dark Data are the files you’ll find, in all the folders and sub-folders. Terabytes and petabytes of them and depending on your organization’s size and industry, there may be millions of files.
Yogi Berra famously said that “its tough to make predictions… especially about the future.” Very little is less predictable than technology. Shifts that seem titanic are sometimes minor – like CDs - whereas sometimes a fifth attempt at something catches fire and is utterly transformative – like the iPhone.
For processes that depend on documents – like loans, mortgages, claim processing, insurance applications and numerous other financial services products – as well as regulated industries like manufacturing, health care and life sciences – turning documents into data is the only way to measure, manage and ultimately optimize.
It’s no surprise that many businesses are moving key data and processes to the Cloud. The benefits they receive for doing that have been well documented: lower cost, higher availability, scalability, etc. But there are some additional benefits that are not so obvious.
According to the “Digital Transformation Index”, most industries are embracing various types of digital transformation, such as the streamlining of business processes through innovative technology. In document-intensive workplaces, for example, the automation of document classification has enabled businesses to greatly drive workflow efficiency. Document-driven workplaces have also discovered a secondary benefit from implementing optimal technology: the ability to minimize employee turnover.
The mortgage loan servicing industry faces unique pressures to optimize document management and streamline workflows. Unlike most industries, loan servicers are formally evaluated by rating agencies (such as S&P and Fitch) on the efficiency and strength of their operations and internal controls. When a rating is published for a mortgage loan servicer (particularly when it involves an upgrade or downgrade), it’s a major business-impacting event.