What Are the Benefits of Intelligent Data Capture?
The variation and rate at which documents are funnelled through into every business has increased considerably in recent years. For a wide range of companies, critical information is still received by way of physical documentation and it can be difficult to continue to find physical space within the office to house them all.
However, as remote work continues to become the norm for so many people, it’s no longer feasible or convenient to store important documents onsite. With intelligent data capture, you’ll be able to store all of your physical documents digitally as opposed to filing them away in an office cabinet, box files and ring binders.
A study done by the McKinsey Global Institute has estimated that approximately 67% of activities that occur in the office regarding documentation can be automated, so why not take the necessary steps to make your workplace run more efficiently and effectively? You can start with intelligent data capture (IDC).
But what is intelligent data capture, exactly, and how can you implement it? Essentially, IDC is a technological solution that businesses can benefit from that’ll work to effortlessly extract, interpret and analyse important pieces of information and relevant data from documents. Usually, a six-step process is used and that involves:
- Extraction of data – uses a combination of AI and OCR to unlock data throughout the document, no matter the quality, content or structure of the document itself
- Interpretation of data – context is inferred, together with its meaning and how relevant it is. This means that templating and manual intervention is not needed
- Augmentation – existing operations and finance teams will be collaborated with to continuously improve results delivered. Also known as ‘active learning’ human expertise is combined with the capabilities of a machine to bring the accuracy rate up to 99.9%
- Searching – data is made entirely searchable, allowing users to access critical information as quickly and as effortlessly as possible
- Unlocking actionable insights – fast and accurate data comprehension will be enabled to help customers find actionable insights, including fraud and other risks
- Integration – enables automated data flows as well as eradicate manual data entry for optimum efficiency
The aforementioned process is used for a number of reasons, including:
- Unlocking company benefits of higher accuracy
- Ensuring increased, undeniable transparency
- Experiencing lower operational costs
- Allowing more time to focus on tasks that are deemed to be ‘business-critical’
IDC can be implemented rather easily if you choose to outsource the process to specialist document management companies such as Cleardata. Their professional, expert team is able to provide a wide range of businesses, regardless of the industry you work in, with sterling intelligent data capture services that’ll make a huge difference to the way your company works.
IDC allows for automated processes
IDC, essentially, facilitates the improvement of a wide range of processes throughout your business. Automation allows for the the following to occur:
- Enables a contactless experience by the time important documents reach the end of the retainment lifecycle
- Mailroom clerks can benefit from the predefined sorting and, potentially, forwarding of any incoming documentation and other forms of correspondence
- Routine approval of travel expenses, for example, will become faster and more efficient, all without falling below any predetermined monetary thresholds
You’ll never have to worry about manually processing documents again with IDC. This means that workflows will become a lot faster and smoother allround, simply by combining machine learning and logic that is primarily rule-based.
By using IDC, you’ll be able to automate:
- Information capture
- Company records routing
IDC makes compliance with complex regulations easier
Repetitive tasks will cost your company time and money in the long-term. Sorting documents, data entry tasks and information validation can all be time-consuming activities, but with IDC, you’ll be able to save time and resources when performing the aforementioned jobs.
IDC can automate those tasks for you which, in turn, will help to make compliance as easy and as straightforward as possible, even when it comes to the most complex of regulations. All of this is possible due to the digital trail that IDC leaves behind. This makes auditing extremely easy, together with confirmation that you’re complying with the necessary rules and regulations.
Privacy, understandably, is a major concern for many businesses and this is down to the Data Protection Act 2018. A company could face serious consequences if they do not follow the guidelines that are cleared set out in the Act itself. If you choose to implement IDC, then you won’t have to worry about breaking the rules.
This is because it’s a secure technology that can prevent data misuse, manipulation and acquisition. It will also work to store your information securely, ensuring that only authorised individuals within the company will have access to stored data.
IDC is an effective option for businesses
If your business relies heavily on physical documentation or if it’s common practice for you to store physician paperwork onsite, then manual procedures will be prominent throughout the working day. These tasks can be incredibly time-consuming and laborious for your employees to perform. Mitigate these issues by implementing IDC throughout your company. By automating your office records and documentation by way of IDC, you’ll need only to click to:
- Route data from one document to another or to a different location entirely
- Sorting through data in a structured way
IDC helps a business to save time & resources
Businesses are always looking to use time and resources as effectively as possible and that includes looking at ways in which to minimise the time spent on specific tasks. It’s likely that manual processes will be overhauled to allow for more time-efficient solutions and this is where IDC comes in. Efficiency will be vastly improved with regards to general business operations, regardless of the industry you work in.
IDC mitigates human error
A survey done by Bloomberg BNA claims that the most common reporting mistakes come about due to a person entering incorrect manual data into the system. Where this might not sound like a huge problem, for certain businesses operating in different industries, this could mean trouble.
At the very best, it’ll mean lost time and potentially cost a company a lot of money to put right. An investigation might also be needed which, again, means time and money. These problems must be identified and rectified as quickly as possible so as to avoid the following:
- Contract breaches
- Compliance issues
- Fines and penalties
IDC ensures complete transparency
This is something that will help to retain customer satisfaction and gain trust with prospective clients and/or leads. It’s also beneficial for your employees to have access or be in the knowledge that their data is being stored as securely and as safely as possible. This gives them peace of mind that their personal data will not end up in the wrong hands. The same also goes for your clients.
It also enables information to be seen clearly and understood undoubtedly. This enables businesses and their employees to make better, data-driven choices and decisions so as to grasp every opportunity that comes their way.
Trading opportunities could be missed as a result of manual data extraction or due to the time it takes for data to be interpreted by an employee. IDC will mitigate this problem altogether, meaning you’ll be able to take advantage of every trading opportunity that presents itself.
IDC is a cost-effective solution for many businesses
As already touched upon, IDC will help to save a business time and, therefore, money. Time translates into money for many businesses and so the more fast and efficient their workforce is, the more monetary gains they’ll receive.
The cost of day-to-day operations, especially for large companies, will be vast but this could be cut down considerably through the implementation of IDC. IDC removes any need for manual processes as it can all be automated to suit your operations.
IDC will enhance customer experience & satisfaction
IDC means that tasks can be completed quicker and easier by a dedicated workforce. The time saved by removing the need for manual processes will, in turn, be passed down to your customers, therefore helping to enhance and improve overall customer experience and satisfaction. This will then translate to more leads and conversions as your business might well have been recommended to others, by those who have recently enjoyed their experience with you.
IDC supports scalability
With the reduced need for manual processes to be carried out, a lot of your workforce’s time will have been relieved, allowing them to spend more time doing exactly what you’ve employed them to do. This then opens up an opportunity for you to expand and grow your employee base by hiring new workers in new positions.
Cleardata is a dedicated document management company with a team of highly-skilled professionals at the helm of their business. As well as IDC, Cleardata can also provide RPA services, document scanning services and automated document processing, to name a few. For more information about how they can help you today, get in touch with a member of their fully-trained, trusted team today – they’re always happy to hear from you.