Digital transformation. Digital economy. Industry 4.0. Regardless of the phrase your organization is embracing to label its journey into the new reality, the fact remains that access to useable data is crucial.
However, the reality is that far too many organizations lack the seamlessness that enables the ability to truly leverage the data it collects. The reason is simple. Far too many processes lack a true digital connection. This is true whether its operations are in silos or are continuing to leverage manual paper trails.
Of course, when organizations commit to eliminating the silos – and manual processes – the effort can yield tremendous results.
Case in point
Coca-Cola Bottling Sales and Service (CCBSS), which supports the fulfillment for The Coca-Cola Company customers, has selected Ripcord to digitize the document lifecycle for 72 bottlers across the US, Canada and Mexico. Ripcord will work with CCBSS to automate document capture of key fulfillment and logistics records using robotics and AI, enabling further robotics process automation and digitally transformation the organization.
According to The Hackett Group research, procurement organizations can achieve a cost reduction of forty five percent or higher with a complete digital transformation. “By digitizing cumbersome, manual paper order fulfillment documents and account reconciliation processes that have involved paper invoicing and proof of delivery documents, we can consolidate multiple vendors and save an estimated $1 million annually,” said Sean Lee, senior procurement manager of CCBSS.
Understanding the problem
Each month, evidence of fulfillment of goods must be provided through proof of delivery (POD) tickets that are shared between the deliverers and receivers. The burden of proof falls on CCBSS and if this document can’t be produced, the customer isn’t responsible for paying the bill.
The original procedure for CCBSS was to photocopy the POD documents at the bottling office and FedEx the original to a supply chain management company. Yet, the process was losing millions of these documents a year – a staggering number and a significant loss of revenue.
Ripcord Chief Digital Officer Wasim Khan tells IndustryWeek, “Through digitization, Ripcord has estimated that CCBSS will save millions of dollars a year by consolidation of vendors through document lifecycle management,” he says. “Organizational digital transformation happens with our integrated solution of robotics, software and AI that extracts data and turns it into manageable and easy to understand data from analog records. Essentially, the goal is to provide a solution for businesses to gain access to valuable data that is otherwise trapped on paper records.”
Realizing digital efficiencies
Canopy 2.0 is the main technology deployed by Ripcord that will help CCBSS rapidly digitize its supply chain and maximize accuracy and efficiency. Canopy 2.0 uses rapid digital imaging with automation to help digitize an entire banker’s box of documents within two hours. Canopy 2.0 also utilizes optical character recognition (OCR) to help quickly access documents using specific keywords.
“In many ways, Canopy 2.0 will have a profound impact on CCBSS as they have started to visualize the bigger picture - digitization of content through the use of automated robotic systems are positioned to make consistently intelligent decisions throughout the supply chain,” says Khan.
In today’s fast-moving digital reality, those unable or unwilling to optimize their supply chain for data-driven business are bound to lose out to their competitors, explains Khan. “Digitization through robotic automation is able to save any organization time, energy and resources when searching for vital documents and money.”