According to IBM, an unfathomable 2.5 quintillion bytes of data are now being created every day. But data is about more than size. The powerful insights it contains can only be grasped if you know how to store and access it. With advanced automation brought into the mix, you can gain massive value from big data.
The ability to capture and catalog the vast amounts of unstructured data that business documents contain used to be available only to large corporations with large IT budgets, but that’s all changing. Advanced document capture technologies are increasingly allowing even the smaller companies to leverage data to increase productivity, shrink cycle times, automate business processes, and boost bottom lines.
Automating data capture enables companies to deliver a consistent user experience by realizing insights buried deep in data rabbit holes. By paying particular attention to data capture, you’re ensuring the decisions you make about your business’s future are formed with reliable and dependable information. It also helps you do this quickly, a crucial benefit in a rapidly changing world in which markets are always moving.
By automating information capture such as rich-multimedia document or any other supporting content enters your business’s workflow and communication streams, you enable your top decision makers to identify the most important and relevant data to their needs quicker than any human could alone. Automated data capture processes can also help rank and categorize data based on value and purpose, or by pre-established markers and parameters.
Streamlined customer service
Automated document capture can benefit customer-facing procedures, helping you garner higher customer service satisfaction scores
For a great example, look to the financial industry. Making invoices, offering lines of credit, or processing mortgage applications all require massive amounts of paperwork and several series of repetitive steps. While some of this information exists in structured, easy-to-find systems, much of it is not. Titles, appraisals, emails, letters from previous employers, and sales receipts can get lost in conventional filing systems.
Automation has made this vastly quicker and easier, so that with a simple scan, the relevant information is structured and archived and then stored or sent to the application or end user that needs it, with only exceptions and anomalies flagged for a human reviewer.
This diminishes approval times for important financial decisions and limits the back-and-forth between companies and customers, resulting in faster service resolution times. What’s more, employees are freed to focus on the value-added tasks that truly require human attention.
Improved internal processes
Internal processes also benefit from automated document capture, fostering fast and more efficient communications and decision-making within your organization.
Consider how you go about soliciting, acquiring, and contracting new talent. Think back to the last slush pile of resumes and letters of interest you had to rate, review, and sort through the last time a hiring decision was made. Much of this process can actually be automated using advanced data capture processes so that only those applicants that meet predetermined requirements are sent to HR managers.
This includes more than searching and scanning resumes for keywords. Data is captured not just from incoming CVs but also from emails and other forms of written and even verbal communications such as recorded phone conversations. Valuable insight and important information for hiring decisions can be easily gleaned from messy, unstructured data so you can better analyze and examine applicants and know you’re making the best hiring decision possible.
But it doesn’t end there. Even the process of contract negotiation can be improved and automated with advanced data capture. Companies can pull from that same messy pile of unstructured information (e.g., supporting emails, letters, and previous contracts) to compose comprehensive contracts and quickly move from negotiation to signature.
These are just some examples. The opportunities for streamlining internal and external business processes with advanced, automated document capture are vast. To learn how a solution can be tailored to your particular needs, speak with PaperSave today.