An effective digital transformation strategy is a catalyst for business growth and allows organizations to make most of the cutting-edge technological innovations. With technology disrupting most traditional business models, organizations need to invest more than ever to stay relevant in a fiercely competitive market. Unsurprisingly, enterprise spending on digital transformation was $2 trillion in 2019 alone.
Despite the rapid adoption of technology, information management and the utilization of unstructured data is a constant challenge for organizations across the world. However, with the help of innovative technologies such as Intelligent Data Capture, companies can optimize information processing and leverage data, more effectively.
In this article, we will examine why Intelligent Data Capture needs to be a key element in your digital transformation strategy.
Intelligent Data Capture (IDC) is the process of discovering and extracting useful information from both physical and electronic documents without extensive user interference. It helps organizations deliver relevant documents and lets them extract data for digital routing of information.
Intelligent Data Capture uses standard capture features, such as optical character recognition (OCR) and combines them with powerful machine learning models. As a result, the technology helps companies transform disparate content resources into reliable information, and enables them to capture data from forms and invoices automatically.
The machine learning models used in this process are optimized for text processing and can extract the information you need among heaps of redundant data. After identifying useful information and validating it, the solution automatically routes the information to users that need it.
With the help of this technology, companies can automate content ingestion while accelerating information routing to the relevant users and systems. In other words, Intelligent Data Capture serves as the foundation for intelligent information processing.
For companies generating heaps of information routinely, processing information manually, is not only, slow and laborious, but is also subject to human error and delays. Regardless of what industry you belong to, manual information processing is a huge obstacle to efficiency.
The main purpose of a digital transformation strategy is to help your organization make most of the technological changes, optimize business processes, and accelerate growth. An Intelligent Data Capture solution can help you achieve all these things.
Nowadays, information is available in a myriad of sources, ranging from scanned images, faxes, and emails to invoices, contracts, receipts, claims, and shipment documents. IDC lets you automate the cumbersome procedure of information processing, extract intelligence from heaps of information, and transform it into an understandable format.
At the same time, Intelligent Data Capture enables organizations to organize information alongside complete metadata. This not only makes the data more accessible for business applications but also makes it available for AI-driven analytics.
With the help of this organized information, companies can optimize key operational processes in various departments. In other words, IDC enables companies to extract relevant data more easily and deliver actionable insight to decision-makers.
According to research conducted by International Data Corporation, companies that can analyze relevant data and ensure the delivery of actionable information can gain an additional $430 billion in productivity benefits over companies who don’t.
Intelligent Data Capture solutions apply to various industries and help organizations overcome challenges caused by manual information management. The efficient delivery of information by IDC can help organizations reap the following benefits:
Intelligent Data Capture offers users a single point of information processing. The single point of capture can help organizations determine document types and other related processes without human guidance. In other words, organizations can extract data and send structured data to lead systems. As a result, users can access and consume information whenever they need it, in real-time.
By automating tedious manual procedures, IDC solutions help organizations to optimize the workflow of their business processes, ensuring that companies will achieve optimal utilization of resources and helps in faster execution of high-value tasks.
At the same time, automated invoice processing solutions help companies increase their profitability. Automating invoice processing through IDC creates new opportunities for accounts payable.
As a result, the solution delivers value to the business with the help of improved spend management, early payment discounts, cash-back card rebates, and longer standard payment terms. To learn about further benefits of automated invoice processing through IDC, read 6 Reasons Why Invoice Processing Automation Is The Future.
Intelligent Data Capture can relieve human resources from cumbersome manual processes with the use of data input and processing. As a result, these resources can be used more optimally and trained to perform other business-critical tasks.
IDC is a single platform that you can deploy across multiple departments and locations worldwide. These solutions don’t need to rely on shared locations and similar work hours to enable collaboration between remote workers. Instead, technology can collect and organize data from disparate sources.
At the same time, IDC supports a number of distinct users, as well as several diverse processes, ranging from Accounts Payable to onboarding; and incorporates all of them into a single and easy to manage solution. Therefore, IDC helps organizations implement dynamic interaction between geographically distant departments and users.
IDC solutions implement smart document classification. Document classification can help companies make sure that the new content aligns with existing business processes; making it easier to secure documents and automate processes. The technology uses multiple methods to tag standard document types and other content related to business processes.
Since IDC solutions use advanced classification to organize documents automatically, companies can classify incoming content as they receive it. In other words, companies can ensure incoming content is marked based on all relevant compliance and security tags.
Therefore, it’s easier to implement compliance of geo-location, contracts, as well as, Personally-Identifying Information (PII). At the same time, IDC solutions can also attribute content to an audit trail, which can help in compliance with government regulations.
Intelligent Data Capture makes sure that the extracted content is routed only to the relevant directories at the earliest possible point. At the same time, it also ensures that only authorized users can access that content. As a result, organizations using IDC solutions can implement the consistent and swift deployment of security procedures for the incoming content. This makes it easier for companies to protect their data from costly security breaches and data losses.
Intelligent Data Capture is an innovative technology, capable of revolutionizing information management. Making IDC of your digital transformation strategy can help your information management to the next stage and reap the of fruits cutting-edge technology.