Imagine a scenario where the fatigue of manual data entry systems and files piling up the racks still exists. Either the employee is stuck with turning pages of files or searching the mails, investing a lot of time and effort to find a little piece of relevant data. On top of that, if you find even one error, that needs to be manually corrected in all the available data. In this fast-moving world that is advancing every second, a life like this is unimaginable.
To counter such a tedious task, document management systems comes to the rescue!
Document management systems consist of document processing software that converts the paper-based information to an electronic document form, the 'soft copies' with the use of document scanners. This software also helps to store, manage, and track documents for the ease in managing the enormous amount of information. Very high efficiency is achieved as it undertakes the important processes of storing and tracking information for dealing with events like contract management, bank statements, etc.
There are several advantages that DMS possesses over paper-based information or manual entry of records. Storage and maintenance of documents require high labor, transportation, and storage costs. Also, human effort and time come into consideration which hinders the overall productivity and increases the overall costs. Due to the reduction of errors, there are more opportunities for increased efficiency. Also at certain times, such software act as a central point for managing as they rely on digital technology with endless possibilities. There are several challenges faced by DPS too as the images could be skewed, blurred, or have low DPI. Thus a check to ensure high quality is also important.
There are several features that one should make sure, their Document Processing Software possesses:
Tax returns and HR applications cannot be put on the same page. The software should be able to collect and manage data from different forms of documents like delivery notes, contracts, applications, and whatnot.
Different companies have different requirements for file formats for performing several tasks. The software should have the capability to scan information across several most used standard file formats.
The faster the speed, the more preferred is the solution. But the high precision of numbers and high data accuracy is a must, independent of any sector you work in.
With the advancements in technology, we are well equipped with intelligent OCR that automatically extracts data using neural networks & reverse image search. Such AI-based systems learn themselves which leaves a negligible chance of error as well as an easy extraction process.
Third-party applications come handy with the high cost and greater reliability on it. Another issue that exists is that it is not customizable according to the changes by the client. Thus, the reliability of third party applications is not a preferred choice.
Cloud supports the best backup option due to its scalability, accessibility, and security. It can be termed as a digital backup for regulatory purposes of any company which aims to speed up the audit during a crucial year ending period.
The document processing software should be well equipped with some highly protected permission settings. This should ensure only the appropriate access is given to the sensitive information. Also, there should be monitoring tools to have a quick look at who can access what to prohibit privacy breaches.
Sending invoice data in one click to any other software using the API can facilitate the ease of using a document processing system. Different APIs consider different formats as per need like some may accept JSON or only XML. Thus it is important to note that the extraction of data in every format should be simple yet efficient to integrate or consume by the client for different purposes.
The right software captures data from a variety of input devices. After getting the document scanned, the system should undergo an intelligent extraction process and should be well equipped to validate the data in the files. The next step involves tagging and categorizing documents for fast retrieval. This is best done through an easy-to-use search engine, that aims to conserve your staff's time and adds to the overall productivity.
Saving time and human effort is the key to efficiency as it helps to channel these assets into more productive activities. Document processing software (DPS) plays a crucial role to process some of the important functions that achieve the company's goals. You must choose the right document processing system to carry out these fundamental yet significant processes to achieve the desired goals.
While many DPS options claim to offer intelligent data capture, it is important to identify the one that can deliver the best as per your needs. We at Docsumo ensure that we serve you with high accuracy, high speed, and work with documents without manual setup. Also, it joins with amazing features like auto validation to perform most of the checks to validate using the AI engine. If you prefer the smarter way to process documents, connect with us and request a free Demo today!
In today’s dynamic business world, filing and archiving official documents in the digital form makes it handy, and works wonders in the future or in unforeseen circumstances.
With an automated data extraction solution, loan documents can automatically be processed end-to-end without any human errors and delays. Automation in loan document processing prevents downtimes, eliminates data redundancy, and allows companies to respond faster to client queries. By combining machine learning with deep learning and OCR, companies can eliminate huge costs, derive actionable insights, and streamline loan processing and approvals through efficient data extraction and analysis.
Mortgage lenders receive multiple identity and income verification documents along with different forms from loan applicants in a variety of formats and styles. Traditional OCR solutions fail to extract data from these semi-structured documents and that’s why more and more lenders are adopting intelligent document processing solutions. IDP solutions not only extract data correctly, they are able to validate extracted data against predefined rules in order to improve accuracy.
Intelligent Document Processing is an automation technology that captures information from a myriad of documents and data sources, extract data, and organizes it for further processing. IDP solutions enable businesses to seamlessly integrate with core processes, eliminate manual labour, address challenges faced in reading different document layouts, and meeting legal & compliance requirements. Accurate data is the foundation of every organization, and IDP assists businesses in dealing with the complexity of processing huge volumes of documents, helping them automate manual data entry processes, and move away from traditional semi-automated OCR workflows.