Data and document management can be a costly and time-intensive process for any business. On top of the hours that must be spent manually entering data, the likelihood of human error is high. What if you could simplify the entire process to ensure greater efficiency and accuracy on top of lowering costs for your business? The solution: automating your document and data management process.
Automation is the key to optimization. Automation of any document management workflow includes 6 steps:
- CAPTURE: Send your documents in via scanner, email, fax, import, etc.
- CLASSIFY: The document type is then identified (ex. invoice or credit memo).
- RECOGNIZE: Automatic character recognition (OCR / ICR) is completed so all resulting data and data values are stored.
- EXTRACT: Data requirements are extracted based on document type by pre-set rules, templates, keywords and dictionaries.
- VALIDATE/EXPORT: Extracted data is validated against host application data to ensure accuracy, and then exported for processing.
- ADDITIONAL WORKFLOW: All subsequent workflow should be managed for exceptions, review and approvals, as well as archiving and integrated retrieval from any business application.
These six steps, most likely performed today by an employee, could be made more efficient if moved to a technology solution. The benefits of optimizing your document management process through technology include:
- Reduction of errors associated with manual data entry
- Automatic verification that data is valid and accurate
- Reduction in document fraud and increased security
- Leverage of captured data to automatically index image
- Speed routing and approvals to accelerate the transaction cycle
- Reallocation of employee time to more value-added activities