Managing documents effectively is critical for businesses around the world. However, with the increasing amount of data, the drive for maximum efficiency, and compliance, privacy, and security issues, document management has become exceptionally difficult.
Now, companies need to rely on disrupting technologies such as intelligent data capture to streamline the flow of information and handle documents effectively.
In this article, we will discuss how intelligent data capture addresses the core challenges of document management.
6 Core Challenges of Document Management
Inefficient Routing and Tracking
A paper-based workflow is always significantly slower than an automated system. Effective routing and tracking of documents are not only important for FDA compliance but also the performance of your business.
Manual routing and tracking of documents make it extremely difficult to collaborate efficiently. Consider a manufacturing site that has several buildings housing hundreds of employees who work different shifts 24/7.
In such situations, routing a document change request form, for instance, means racing from one building to another while matching different shift timings. Tracking those forms is exceptionally difficult as well since they are at risk of being lost in tons of paperwork.
Alongside the growth and sprawl of documents, employees are transitioning from traditional roles and processes to maximize productivity and accelerating workflows.
Professionals are increasingly relying on new, specialized, technology-driven workflows that enhance collaboration, communication, and knowledge sharing between workers.
At the same time, amongst social distancing measures, the workplace is becoming increasingly decentralized. Although these trends are creating value for businesses in a pandemic-hit world, they are also making communication and collaboration extremely challenging.
Nowadays, finding the right document, editing the correct version, and reducing the need to print/scan/attach documents to emails is necessary for efficiency.
According to a recent study from IDC, productivity in companies is declining by 21.3% due to mismanagement of documents. Businesses urgently need to adopt new solutions to address issues effectively.
Lack of Security
Cyberattacks and data fraud & theft are the two greatest risks for businesses in the United States in 2020. With a decentralized system, it is extremely difficult for businesses to safeguard documents effectively. Documents in paper form are at huge risk of being stolen and cannot sustain the confidentiality of information.
Likewise, information stored digitally is vulnerable to attacks from cybercriminals. Most employees are unaware of essential security protocols while handling critical documents, whereas some don’t use the internet safely. Companies need secure software to store, publish, and share documents.
According to one estimate in 2018, humans create over 2.5 quintillion bytes of data every single day. By 2020, this phenomenon has changed to 1.7MB of data for every human on the planet, resulting in 12,881,121,680 MBs of data created every second. With the world moving towards greater remote collaboration post-COVID-19, we can expect this trend to multiply several times more.
In such a situation, relying on paper documents is no longer sustainable. Businesses have to adopt initiatives that minimize waste creation and energy consumption. Unless you adopt a paperless workflow, you will pay the additional cost and struggle to keep the workflow sustainable.
Lacking Strategic Use of Data
Nowadays, data-driven measures have become a key factor of success for companies worldwide. Data is a strategic asset for businesses and allows them to analyze their performance, improve their existing workflows, and formulate future policies.
However, a company using paper-based document management lacks the tools to extract data from important documents and business processes. They cannot analyze information and gain crucial insights for effective decision-making, throwing them at a disadvantage.
What Is Intelligent Data Capture?
Intelligent Data Capture (IDC) is the process of discovering and extracting useful information from both physical and electronic documents without extensive user interference.
It uses advanced AI-algorithms to deliver documents to authorized users and lets them extract data for routing information digitally.
How Intelligent Data Capture Resolves Core Challenges of Document Management
For companies generating heaps of information routinely, processing information manually creates unnecessary human error and delays. Regardless of what industry you belong to, manual information processing is a huge obstacle to efficiency.
An Intelligent Data Capture solution makes most of the existing advanced technologies optimize business processes and accelerate growth.
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 makes the data more accessible for business applications and 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.
Benefits of Intelligent Data Capture
Reduced Overhead and Increased Efficiency
Intelligent data capture enables management to use human resources for business-critical tasks instead of manual data input and processing. At the same time, companies no longer have to deal with piles of paper.
Enhanced Collaboration between Remote Workers
Intelligent capture ensures collaboration between geographically distant employees and minimizes the company’s dependence on a shared location and similar work hours.
Intelligent data capture routes content to the right directories as soon as possible, ensuring that only authorized members see the content. It also gives companies a swift and consistent deployment of security procedures, minimizing security breaches, and costly data loss.
Intelligent data capture connects and matches documents to provided samples, ensuring that all documents meet all critical government regulations. The system also maintains accurate retention of records and confidential data.
Strategic Use of Data
Intelligent data capture can identify crucial information and deliver it to relevant decision-makers in a timely manner. This helps companies enhance their business operations and use data strategically.
Intelligent data capture is a revolutionizing technology that drives innovation, productivity, security, and compliance in your document management system. Using Intelligent Data Capture in your business can help you escape the burden of a paper-based workflow and maximize efficiency within your company.