Organizations must continually look for ways to reduce costs by leveraging technology designed to integrate and augment their existing systems rather than perpetuating costly business practices or investing in new system infrastructures. By replacing manual processes with an automated data capture solution, companies experience a number of quantifiable and qualitative benefits, including:

Reduced manual labor costs :

Automated document processing can eradicate up to 75% of the often hidden labor costs associated with performing manual data entry and other manual processes. Along with avoiding the planned costs of paying employees to perform the tedious task of keying in data from incoming documents and forms, companies utilizing an automated processing solution no longer face backlogs of incoming documents. And, because a potential front-end bottleneck is removed, the need for expensive, unplanned overtime or hiring additional staff is eliminated.

Increased data accuracy:

Manual processing invites the potential for human error. Inaccurate data entry means process staff need to manually correct errors before it wreaks havoc downstream. Dealing with these errors takes employees away from performing more value-added tasks such as servicing customers. By applying custom business rules, an automated data capture solution validates captured data without any human intervention. When these rules are applied, accuracy rates can reach upwards of 99%.

Lower per-document processing cost:

Reduced labor expenses, improved data accuracy and faster turnaround times allow organizations to process more documents in a shorter period of time and at a lower cost without requiring additional staff. This means companies that invest in an automated data capture solution quickly achieve a positive ROI and realize a lower per-document processing cost. This results in significant savings that positively contribute to a company’s overall fiscal health by boosting gross profit. Turning Documents into Data – using data capture to improve document processing © AIIM 2014 www.aiim.org

Speeds access to critical data:

Automated data capture speeds the flow of data and images into a user’s ECM, ERP or other backend system. Automated verification of data also allows discrepancies to be caught immediately. This means accurate data enters the workflow faster – in hours instead of days – making it readily available for downstream business processes.

Saves time and supports compliance with automatic indexing:

With an automated solution, data fields can be selected to automatically serve as index fields in the ECM system, eliminating the need for staff to manually key in this information. These metadata fields can then trigger records management and retention rules, ensuring compliance with industry regulations, while also improving search and discovery.

*For additional information see:   |  AIIM White Paper – Turning Documents into Data