That form needs to be ingested (captured) to your document management platform, information extracted and matched to data already stored in other business application platforms and routed to the correct team member for approval / remediation based on the data obtained.
Take this scenario, a customs form arrives at your office with a combination of hand written check marks and printed information. It’s like having a quality control operator cleaning your toughest documents and revealing data so you can access accurate information when and where you need it. Kofax VRS Elite ® is a patented image enhancement and perfection software that dramatically improves manual scanning productivity and the efficiency of document capture processes. This is where Kofax VRS Elite ® comes in. It is the efficiency of these processes that could produce the most significant impact on business processes and the associated costs, which is where an optimal capture platform is essential. Whilst many of the forms required ‘should’ be via digital submission, there will inevitably be associated physical paperwork that will need to be produced, issued and recorded either as importer and/or exporter.
Just 5 minutes off every form is approximately £400 million a year! If every company could shave a mere 15 minutes off each form, the saving would equate to approximately £1.2 billion.
For example, take the HMRC figure of 215 million forms with an average time of 1.25 hours and a cost of £28 to complete. Faster throughput leads to better task completion rates generating lower administration costs. With this new burden of administration, the efficiency of the business process around documentation is to become of paramount significance.
Even with some form of trade deal, UK importers and exporters are going to have to process new customs documentation. With no deal (let us hope not) HMRC have estimated 215 million customs forms per year will be required with administration costs ranging from £15 to £56 per form with an average employee taking an hour and a quarter to complete each one. Regardless, what is clear is that for businesses that import and/or export, there will be a significant amount of time devoted to the new customs processes – paperwork is back potentially with a vengeance! The 15th October post-Brexit trade talks deadline has passed, negotiations continue for whatever is going to be in place for the 1st January 2021 and so businesses are still none the wiser on what trade rules will be in place. As a business, are you heading towards a new sea of paper in your future starting January 2021?
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