Process Automation and Compliance

Process Automation and Compliance

Why You Can’t Afford NOT to Automate

When it comes to customer communications, few industries escape the grasp of government regulations. Among the many benefits of automating processes surrounding customer communications is more reliable compliance assurance.

And in the not-so-distant future – indeed, present day for some organizations – is robotic process automation (RPA). The financial services industry is already tapping into the power of RPA in compliance monitoring and testing and improved process effectiveness and efficiency.

Organizations that don’t embrace process automation now risk being left behind competitively. And from a compliance standpoint, organizations without automation will increasingly struggle to keep up with constantly changing and emerging regulatory requirements.

Compliance Challenges Are Inherent in Communications

The risk of noncompliance looms for organizations undertaking mass customer communications – especially when they involve manual processes carried out by multiple employees across multiple departments.

  • Human error opens the door to many avenues of noncompliance – inaccurate information, for example, or communications being sent to incorrect recipients.
  • Meanwhile, slow, unwieldy processes strain staff resources and IT departments and can result in missed deadlines for time-sensitive regulatory updates.

How Automating the Customer Communication Processes Improves Compliance

Increases Accuracy of Data Output by Reducing Human Error

Process automation helps reduce the risk of human error by instantly processing complex data, preparing it for output into multiple forms of correspondence.

The source of the data and its hygiene are still underlying factors, of course. However, assuming the source data is accurate, robotics controls the integrity of that data and ensures it is intact as it passes through different process points.

For example, without a single central platform to store multiple data points, a customer service representative may have to navigate disparate systems to gather necessary information during a service call. Automated recording and transfer of data in a central location streamlines the entire process, eliminating possible entry points for errors.

Or consider a healthcare system that undertakes enterprise-wide physician announcement mailings. The time sensitive nature of such communications is prime territory for process automation. Or a call center responsible for setting appointments on behalf of hundreds of hospitals.

Increases Agility in Achieving Compliance with Regulatory Changes

Requirements under regulatory mandates can shift at any time, and businesses typically have a narrow window in which to adapt and ensure that business actions falling underneath it are compliant.

Process automation improves the speed and agility of compliance activity by:

  • Facilitating quick, easy document retrieval
  • Eliminating time-consuming hard file searches
  • Better equipping leadership during audits with compliance status reports

For Large Businesses: Unify and Streamline Compliance Efforts
In large businesses and enterprises or matrixed organizations with many stakeholders, adapting to meet regulatory changes can be can be a slow-moving beast. Automation can help implement changes quickly so that new required procedures/communications are executed with more immediacy.

For Mid-Size Businesses: Proactively Address Compliance
For mid-size businesses, automation can be well worth the investment too. In some cases, a lack of compliance can be the death knell for a newer or less established large business with deep pockets. Mid-size businesses skittish about moving to automation should review the integrity of their quality control measures and perform a cost-benefit analysis. They may be surprised to learn how affordable a customer communications management system could be.

Boosts Customer Satisfaction – And Lowers the Incidence of Complaints

Customer satisfaction goes hand in hand with improved compliance. For example, in the healthcare industry, process automation surrounding patient communications increases ease of contact; better access to accurate, up-to-date information; faster service by call centers – all factors that, in turn, increase patient satisfaction. More satisfied patients mean fewer complaints – and reduced risk of audits by agencies like CMS.

Make Process Automation Work for You

Automated compliance-enabling functions that cater to industry- and organization-specific needs can be built into CCM systems, and should be considered from the outset. Work with a process automation technology partner that will take a collaborative approach and has the expertise to design automated processes that will support proactive and complete compliance.

Plymouth Meeting, PA-based Strata Company provides CCM solutions to clients in regulated industries where compliance, accuracy and timeliness are a must. Our correspondence management systems integrate seamlessly with a variety of systems to allow for the secure, seamless transition of data and output. Contact us to learn how compliant communications technologies can benefit you, your business, and your customers.

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