Workflow Content Automation (WCA) is fast and furiously emerging as a leader in Digital Enterprise. Unlike its predecessors – Digital Transaction Management (DTM) and Business Process Management (BPM) – WCA creates a fully integrated solution for internal and external business processes.
Here are the key takeaways:
WCA is Poised to Be “The Whole Package” For Business Processes
WCA captures benefits related to things like BPM and Customer Communication Management (CCM), and consolidates them into one integrative solution.
Whereas before businesses focused singularly things like “How do I store my content online?” or “How do I use online tools to complete a task?”, today it’s a matter of “How do I make all my business processes work for me – ultimately to increase my bottom line?”
There Are Integrations, APIs, and App Extensions – Oh My!
WCA is primed to interact with other applications so that businesses can be more fluid in how they work. Because processes aren’t locked into one vendor or system, end-to-end workflows can be more flexible across applications.
It’s All About Increasing Revenue While Decreasing Process Friction
Workflow Content Automation isn’t focused on making processes faster just for the sake of making processes faster; it’s focused on evolving the way businesses operate and grow. WCA automates high value workflows with the goal of increasing revenue, volume, cash flow, etc.
WCA is Going to Be BIG
Experts estimate that WCA will be a $6B market by the year 2023. Because WCA can be considered a full digital business platform, Enterprises can finally have the means to automate most everything related to process. Don’t be surprised to see WCA spike (and hold) in popularity.
WCA Will Redefine Markets and Industries
Automating inefficient and outdated processes does nothing for companies, and is often actually harmful to their success. Redefining and rebuilding processes to be better is what makes the difference. WCA presents major green field opportunity for companies intent on doing this.
For example, there’s a significant opportunity for WCA in markets like financial services, real estate, lending – anyplace where transactions touch money. Companies in those arenas who rebuild and repair process using digitization and WCA will see huge payback.
WCA Is Best for Repetitious, Complex, and High Value Workflows
Although WCA works for an infinite number of workflows, its worth really shines when applied to high value transactions. WCA results in higher completion rates and lower attrition for documents. When documents have high business impact, these improvements directly (and positively) affect cash flow.
WCA Can (and Will) Touch Almost Every Content Related Process
Process-laden or paperwork intensive industries – like finance, real estate, legal, government, education – are a particularly good fit for WCA. But every single company can use WCA for internal operations.
- Sales – Sales Contracts & Proposals
- Finance/Legal – NDAs, Permits, Compliance Contracts
- Operations – Supplier Onboarding, Work Orders, PO Processing
- Human Resources – HR Document Generation, Employee Contracts and Benefits, Supplier and Contractor relationships
The Results Speak for Themselves
Instacart – the launch partner for HelloSign’s WCA solution, HelloWorks – built WCA into their contractor onboarding workflow. The results couldn’t have been better. The completion rate jumping from 70% to 96%. Considering that Instacart’s business quite literally depends on its ability to keep a steady stream of contract employees, this is an enormous success for their business.