Information fuels the modern enterprise. Business processes rely on the efficient use of data from various sources—web forms, paper applications, scanned images, typed reports and hand-written records. Making sense of data from all these sources and extracting critical information from paper and electronic data sources is a challenge.
Intelligent data capture is an automated process of scanning paper documents or electronic files to extract specific data—regardless of structure—and integrating the information with your company's downstream business processes and systems.
How can intelligent data capture benefit your business? How can you integrate it into your business most effectively? Read on.
Intelligent data capture (IDC) leverages advanced machine learning technology to avoid manual intervention in document classification and data extraction. It saves valuable time, resulting in lowered overall costs. It also improves data quality and accuracy, provides a superior end-customer experience, and ensures better security and control access to essential data.
Studies by Gartner have shown that a significant part of an organization's information assets exists as unstructured content in unmanaged documents. This indicates that a lot of useful information is not being leveraged and integrated into downstream business applications such as risk management systems for managing project portfolios and enterprise-class ERP systems.
Intelligent data capture: Unlock the true business value of your data
The key to leveraging and using unstructured data in downstream business processes is to extract the data first and make it usable.
Unstructured data may enter the enterprise systems in many different formats, such as paper documents, faxes, emails with attachments, MS Office files, PDF documents and more. In addition, enterprises may receive information through different devices (fax machines, laptops, mobile phones) from different locations.
Unstructured documents require more sophisticated technology for data extraction as crucial data points may be located anywhere within these documents. Imagine, for example, documents such as contracts, reports, email correspondence, among others—how does a software program identify which information is crucial and must be captured? Sophisticated data extraction programs must learn to identify essential information, extract it from the document, validate it, and input it into a database or directly into existing business systems. Manual processing is used only for exception processing.
How does intelligent data capture work?
Intelligent data extraction systems work on built-in rules, so the engine understands and learns how to find essential information on specific documents.
First, the information is captured in image format using high-quality scanning hardware. Next, software programs for Optical Character Recognition (OCR) and Intelligent Character Recognition (ICR) translate the image data into machine-readable text formats to unlock real business benefits from the data. Finally, intelligent data capture solutions extract key data points using business rules such as—how documents are to be classified, what data points to capture, where the captured data is routed, and the format in which the data is stored.
The main difference between traditional OCR technology and newer intelligent data capture systems is that IDC can overcome imperfections in documents and intelligently fill in gaps or 'learn' to interpret abbreviations, correct OCR character errors, typos or misspellings in the document's content. Thus, IDC reduces the need for manual checking and validation, consumes less time and provides more accurate results.
Machine learning models in IDC can accurately extract data from printed and hand-written text and semi-structured documents, such as invoices, invoices, and checks.
How can intelligent data capture benefit your organization?
Save time and resources
When you deploy intelligent data capture solutions, you eliminate manual intervention in information processing within your organization. It frees up time that your employees previously used for manual data entry - time they can use for other value-added business tasks for the organization.
Increase accuracy in data extraction and indexing
IDC solutions increase the accuracy of data capture as compared to traditional OCR software. Equipped with machine learning technology, they can even fill in missing information or correct OCR mistakes and typos. There is a risk of human errors with manual data entry, such as misreading a document, mistyping the data, or incorrectly classifying a document. But with intelligent data capture solutions, that risk is almost eliminated.
Time is money—and so is opportunity! Once you have eliminated manual data entry and reduced the time your employees spend processing information, you will experience considerable cost savings. Your employees can now work on activities that directly benefit the business bottom line.
Increase data security
Intelligent data capture ensures that content is routed to the correct directories and that only authorized personnel can access critical business information. This prevents security breaches and data loss due to theft or misuse of information.
At DRS, we offer affordable, advanced OCR technology, ICR
(Intelligent Character Recognition) and Intelligent Data Capture (IDC) solutions to extract information from various sources and formats for proper document management and storage.
Our solutions make sense of hand-written, typed or mark-sense data on a variety of media. The captured data is quality-tested, then formatted to your specifications. It can then be exported to an existing ERP system or any other line of business application.
Reach out to us to learn more about our data capture solutions and consult our document management experts.