Behind the Scenes of CX: How IDP Can Build Your Perception

Regardless of the industry that you operate within, providing clients with a positive customer experience is an essential part of building your brand and increasing profitability. In fact, 73% of consumers state that the customer experience is an essential factor influencing their decision to make a purchase.

While there are many ways to improve the CX, one of the most effective approaches is to leverage intelligent document processing (IDP) solutions. IDP technology allows users to transform and extract data that can then be used to understand customers better, thereby, helping build a positive brand perception while also providing consumers with a streamlined CX and helping build a 360-degree view of the customer.

What is IDP?

IDP, or intelligent document processing, analyzes unstructured and semi-structured information and transforms it into easily accessible data – known as structured data. IDP technology can capture and extract data from a wide array of sources, including:

  • PDF documents
  • Emails
  • Government IDs
  • Images
  • Invoices
  • Loan and mortgage documents
  • Handwritten notes
  • Claims forms

IDP technology utilizes a combination of artificial intelligence and machine learning to extract data from various document types quickly. IDP solutions are more efficient than manual processes, and they are also highly accurate.

IDP solutions offer several significant benefits to businesses of all types. These technologies enhance both the quality and usability of data. They also promote automation, allowing employers to eliminate manual document processing practices.

IDP technology ultimately reduces costs, improves data processing speed and improves data security.

Perhaps most importantly, IDP technology leads to improving the customer experience when it is based on data and information. For instance, when a bank uses an IDP tool, it can quickly access customer data to process loan requests. The bank will immediately see improved satisfaction as the customer will not have to waste hours filling out stacks of paperwork, only to wait weeks for a response and can instead receive it almost immediately.

Measuring How IDP Impacts the Customer Experience

When pursuing new technologies, organizations can become obsessed with tracking ROI or return on investment. Measuring ROI is one of the best ways to analyze if your investments in IDP solutions are paying off. However, it is not the only key performance indicator you should measure.

In addition to ROI, you should analyze the effectiveness of IDP technology using ROX or return on experience. The ROX metric allows you to measure and understand how your investments impact the customer experience (CX). It gauges the effects of IDP on the leadership experience (LX) and employee experience (EX) as well. For example, some underlying metrics are: Employee NPS, Customer NPS, Churn percentage reduction and Top-Line Growth contribute to the ROX.

By tracking ROX, organizations can gain valuable insights into the 360-view of the customer experience. They can then modify and optimize their customer experience strategy, which will help them improve the perception of their brand. With more accurate insights on customers, IDP is helping shape and change the way customers engage with a business or service.

Companies can also find applications to use the data in the future from what they collect today. For example, including information on a car loan application about the size of a family and the number and ages of children can help dealerships advise customers of a car seat recall, even if the dealership didn’t sell the car seat. This type of service reminds a customer that the dealership cares about their family’s safety.

Delivering positive customer experiences is integral to the success of any organization. According to a Deloitte study, customers that enjoy a positive experience are likely to spend 140% more than clients that reported a negative experience. Researchers also found that a positive customer experience can increase a client’s lifecycle by five years or more.

Which Industries Can Benefit from IDP Solutions?

While you may think that only certain companies should be using IDP technology, virtually every industry can benefit from intelligent document processing solutions.

Businesses in the financial, healthcare, government, insurance, transportation, education and manufacturing industries have all been able to improve the customer experience by deploying quality IDP solutions.

For instance, Mountain West Financial implemented IDP technology to refine its loan processing capabilities. Mountain West was experiencing paperwork volume in excess of 4 million pages per year. To compound the issue, staff were expected to process more than 200 different document types. This made document processing both inefficient and costly. After implementing IDP technology from Ephesoft, Mountain West is now experiencing 95% accuracy when classifying and separating documents. In addition, they can process a mortgage file in five minutes or less, down from an hour!

A case study on bpi provides another prime example of the benefits of IDP technology. bpi is the second-largest wholesale floor covering distributor in the United States. They receive an average of about 585,000 invoices annually, all of which had been processed manually. Once bpi implemented IDP technology, they significantly improved invoice processing efficiency. The receiving team reduced time in the mailroom by 83% and cut back scanning time by 75%. Since bpi was able to pay a majority of invoices early, they could also obtain a 30% discount on many accounts.

IDP Solutions from Ephesoft

Innovative IDP solutions can benefit a company’s bottom line and improve the all-important customer experience. Ephesoft can help companies learn more about the benefits of intelligent document processing technology and its deployment. Businesses that use IDP will experience operational growth and develop excellence in the way they can relate to their customers.

It’s time to get a 360-degree view of your customers. For more information, contact us or get started on a free trial.

Ephesoft Named Data Extraction and OCR Leader by G2 for the 4th Time in a Row!

As Ephesoft’s SVP of Customer Experience, I am passionate about our customers, their journey and their successful outcomes. I was thrilled to see Ephesoft receive a G2 Leader medal for the 4th consecutive season in a row within the Intelligent Document Processing (IDP) categories of Data Extraction and OCR.

Software buyers and technology gurus utilize G2 Reports to help discover the best technology solutions to solve their real-world business problems with peer reviews and product comparisons. Having been placed in the Leaders quadrant of these category grids speaks to the amount of effort our team has put into making our customers and solutions successful. While there may be several options available for IDP solutions, not many are built to serve the needs and expectations required by global top banks, government organizations or other large companies.  

What makes Ephesoft a leader?

At Ephesoft, innovation and world-class customer experience are at our core. We are committed to delivering IDP solutions that will change the way our customers manage their business and power them to achieve operational excellence and gain a competitive edge. Ephesoft’s DNA is buried in pioneering technologies, state-of-the-art data science and helping customers and partners work smarter and faster. 

The goal of our premier global customer experience team is to ensure our customers and partners realize ROI quickly and scale from department to department. Customer Success, Services, Education and Support teams are actively empowering our customers with frequent check-ins, tools and tips to accelerate their projects, and forums to connect them with other users.  

Ephesoft’s unique ability to surpass our clients’ needs by processing millions of documents with the speed, accuracy and consistency to meet the demands of their business is what not only drives ROI and business success but makes their clients successful as well.

But don’t just take our word for it.

From 5-star product reviews to customers who feel heard, this is why I love what I do!  At Ephesoft, we take every customer interaction to heart and continuously raise the bar for what it means to provide the best-in-class customer experience.

What Is Customer Onboarding? Customer Onboarding FAQs

What is customer onboarding, and how can it help you retain your customers? Customer onboarding is probably one of the most overlooked parts of a customer acquisition strategy, but it is essential to turn your customers into devout brand loyalists. Here are some frequently asked questions about customer onboarding that may answer some of your own inquiries.

What Is Customer Onboarding?

Customer onboarding is the process of taking on new customers in your organization and helping them to start using your product. This involves the initial exposure a person has with your product or service and every subsequent interaction.

Ideally, customer onboarding will help your customers understand how your product or service will help them achieve their goals. That way, they will continue to use it and become loyal customers.

What Does Customer Onboarding Look Like?

Customer onboarding is a multi-step process. Here’s a general overview of what it can look like, regardless of your industry:

1. Get to Know Your Customers

Before you can onboard your customers, you need to know who they are. Your audience’s identity can be summarized in a customer persona—a document that outlines their pain points, general demographic information and other details that personify the ideal customer.

To gather this information, you can employ a few different methods, including:

  • Sending email surveys to existing/previous customers
  • Developing a customer advisory board
  • Tracking online behavior of website visitors
  • Studying industry market analysis
  • Pulling from current product/service subscription data

2. Create Customer-Centric Goals

In every customer onboarding solution, you should identify the customer pain points your product aims to resolve. Having those pain points in mind can help you better communicate how your product can solve your customer’s needs.

Additionally, you should establish your success metrics based on customer satisfaction. So success shouldn’t necessarily be measured by the number of units sold, but whether the customer was pleased with their purchase experience.

3. Tell Them What to Expect

Educate customers on what your product can do for them. This may be with a product video, a description on the product’s landing page, or a customer testimonial. All you need to do here is clearly establish what the product/service is (and what it isn’t).

4. Illustrate Value and Proof of Concept

If your product description was enticing enough, the customer will move on to the next phase of discovery—seeing the product/service in action. There are a few ways you can approach this, namely:

  • Product demo. Demos allow customers to try out a portion of the product or service for free. After experiencing the demo, they’ll have a better idea of what the whole package could bring.
  • Free trial. Similar to a demo, free trials allow customers to try out the product. However, most free trials will feature the entire product or service instead of just a small piece.
  • Demonstration video. If it doesn’t make sense to give a free trial for your product, you may choose to create a video to show what it does in action.

These strategies won’t apply to every type of product or service, so try and pick the one that best represents your organization.

5. Follow Up

After the customer is familiar with your product, keep in contact with them until they convert. That means sending emails and giving them more information about your offering and doing all you can to keep them interested.

6. Measure Your Success/Make Changes

Take note of what went well and what could’ve gone better during the onboarding process. Were there any points of contention for customers? Did you lose a lot of customers after a certain step? After observing how things went, make plans on how to change the process to make it better.

Who Is Typically Responsible for Customer Onboarding?

Customer onboarding should be supervised by at least three different people, including the:

  • Customer Success Manager. They are responsible for establishing the strategy and roadmap for customer onboarding.
  • Customer Experience Manager of Head of CX. They measure metrics of success regarding the onboarding strategy and offer suggestions for improvement.
  • CEO. The CEO should be the final decision maker when it comes to the onboarding strategy.

What Makes an Effective Client Onboarding?

The best way to have an effective client onboarding experience is to keep your customers engaged. Give them a reason to come back to your website and purchase your service. Otherwise, they’ll get lost in the sea of digital marketing messages and forget about your brand entirely.

Why Is Client Onboarding Important?

Client onboarding helps you keep your customers happy. If you can manage that, those happy customers are more likely to:

  • Make regular purchases from your company.
  • Tell their friends about their great experience with your company.
  • Stay with your company’s services (therefore reducing customer churn).

Is Digital Onboarding Different Than Customer Onboarding?

Digital onboarding encompasses all onboarding practices that take place online. So while not exactly the same as customer onboarding, there should be a lot of overlap.

Today, it’s not enough to have a salesperson answer all customer questions over the phone or at a physical store location. Therefore, you need to offer digital onboarding in your customer onboarding strategy. Doing so allows you to offer an exceptional customer onboarding experience no matter where your customers are.

How Do You Automate Customer Onboarding?

The best way to automate client onboarding is to adopt a customer onboarding software solution. Doing so helps you capture and analyze high volumes of customer data quickly and accurately.

Ephesoft’s onboarding software—Transact —can help you:

  • Pull information from IDs and passports
  • Quickly and accurately process paperwork by capturing and extracting data
  • Organize your data into digestible information
  • Export the data into any ERP, CRM, RPA, iPaaS, workflow or other business repository

Because you can gain better access to large amounts of customer data with Transact, you can make more informed decisions about your approach to onboarding automation. As such, automating customer onboarding will help you improve the satisfaction of your customer experience.

How Long Does Client Onboarding Take?

On average, the customer onboarding process can take up to 30 days. That’s often too long to keep a new client’s attention. Fortunately, automation can change that.

When one of our customers implemented automation into their onboarding process, they saw a 77 percent reduction in their onboarding time. This was thanks to better access to customer data—a product of optimized automation.

A Better Way to Onboard Customers

Hopefully, these FAQs have answered some of your questions regarding customer onboarding solutions. If you’re tired of the poor results you get from your current strategy, consider reading our eBook: A Better Way to Onboard Customers. In it, you will find how to improve your onboarding process using AI and machine learning technologies.