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Calculating cost savings for an SME with Handl.ai’s automated document processing solution
Case studies block. Session 3
As a product manager with a penchant for data-driven insights, my aim in this analysis is to impartially evaluate the potential benefits that Handl.ai’s AI-driven technology can offer to scale-ups and SMEs. I’ll delve into the intriguing aspects of time savings, labour cost reduction, error mitigation, and heightened productivity.
Time savings
My start with the most precious commodity in business: time. I’ve examined a firm entrenched in the insurance sector, where mountains of paperwork were the norm. In the past, processing each claim form required a laborious 35 minutes. However, with the integration of Handl.ai’s API, this process has been streamlined to a mere 1-minute task per claim. Consider a scenario in which this firm handles 1,000 forms daily — the outcome is astounding. A staggering 34,000 minutes of invaluable time reclaimed each day!
Labour costs
Let’s now turn your attention to the financial implications. Assuming a standard hourly wage of £20 for manual data entry personnel, the savings per minute become quite significant, at £0.33. When these figures are extrapolated, the daily savings amount to a substantial £11,333. The allure of witnessing these savings materialise on the bottom line is undeniable.
