There’s a remarkable rise in the number of available data today. However, some businesses still maintain a manual system, with millions of essential documents manually processed yearly. But the good news is, based on an analysis report by McKinsey Global Institute, 37% of work in the business sector has the potential to be automated on a global scale. This includes the possibility of automating document processing.
Companies can automate document processing by using information or data capture. Information capture has gained more influence on the operations of successful companies and governments. It plays a vital role in empowering organizations by providing better service delivery, boosting businesses’ efficiency, and securing data across the internet.
With data capture software, you can transform your physical documents into readable data for further use. Aside from digitizing paper documents, this technology allows you to update records in real time. Read on to learn more about how information capture can empower your business.
Table of Contents
Reduced Errors
A high rate of errors is one of the most significant issues of manually writing documents. Despite thorough quality control processes, human errors still occur. Even the most experienced data operators commit mistakes. Serious mistakes involving inaccurate data can quickly lead to thousands or hundreds of thousands of dollars in lost revenue or costly legal consequences.
However, you can avoid this problem or reduce the risk by using data capture. Company documents can be stored, filled out, retrieved, and used more precisely with information capture. Information capture can surpass simple validation, identifying the provider, patient, and billing errors within documents. As a result, you save time, money, and resources.
Moreover, after automating data capture, the workflow software can send notifications and take courses of actions. Consequently, your employees are able to access accurate data.
Improved Employee Satisfaction
The tremendous amount of time used and the feelings of boredom that set in when manually gathering data can put a toll on your employees. This, in turn, might badly influence their morale and overall productivity.
If you change this manual approach to an automated system, your employees won’t have to spend significant time and effort on a repetitive task. Automating manual processes, particularly data entry, also enables employees to devote their time to vital tasks that will improve their skills. In addition, they will become motivated to attain or reach more goals, which will lead to increased productivity and employee satisfaction.
Furthermore, information capture makes the work easier for your team. For instance, staff members who need to work off site won’t have to rely on manual readings from sensors or equipment that aren’t accessible. What’s more, they won’t have to retrieve and submit timely readings since automated data capture features real-time reporting.
Faster Turnaround Time
Quick processing is probably the most significant way data capture can empower your business. The time it takes for a person to process, proofread manually, and mail out documents takes a lot more time than the automated approach of information capture. Typically, manual conversion takes around 24-48 hours or possibly more in some instances. In fact, long processing times can cause serious consequences, such as strained vendor relationships, invoicing backlogs, and poor customer experience.
In contrast, data capture only requires a shorter period, so it will be a significant game changer. It creates responsiveness in the system, leading to faster communication, error solutions, and payment processing. Another outcome of a quicker turnaround time is that you’ll have more time to train your staff on major tasks and have the chance to reinvest for more significant gains.
Cost Efficiency
The more your business is streamlined, the more efficient it becomes. And the more efficient it becomes, the more money you can save on your business’s daily tasks. You can achieve this desirable outcome with data capture.
Though it’s helpful to follow a manual system, it can be expensive. You’ll have to spend on paper, ink, filing cabinets, and even labor just to keep high volumes of paperwork organized.
But once you start using information capture, you’ll cut costs on printing and paperwork maintenance that involves sub costs, such as paper records maintenance, equipment management, and storage space costs. Additionally, you’ll lower the costs of hiring highly qualified employees in charge of manual tasks and reduce the risk of inaccurate data, which has cost businesses at least 30% or more of their revenue.
Wrapping Up
With the surge of data becoming more available today, many businesses still depend on physical documents to store critical information. However, a paper document management system can be problematic and risky since it takes up space, requires more money, and increases the chance of printed documents getting stolen, damaged, or misplaced.
With information capture, your workflow is streamlined, data is secured, and productivity is increased.
About Carson Derrow
