Automated workflow’ has become a hot topic in the business world and sounds more like a buzzword, but it holds significant value for the companies dealing with tons of paper. Looking for important information gets challenging and is time-consuming. This article, hence, highlights how automated data collection optimizes operational workflows and enhances bottom-line efficiency for growth-focused players. Take a look…
Web-based data collection is an important function for businesses, irrespective of the industries or verticals they are dealing in. Be it aggregator start-ups, small and mid-sized firms, or global corporations, online data collection is essential to make informed decisions. Insights retrieved from data processing enable the stakeholders to know their consumers better, understand changing market demographics, deliver improved products/services, and tap new prospects.
However, the dynamic business environment demands data to be at your fingertips and web-based data collection is a resource-draining process. Errors or inaccuracies here delay the analysis process and deviate from the outcomes. Instead, investing in automated data capture solutions is a smart way out and helps the stakeholders gain an edge over their peers.
But first, it is important to understand what automation is? Automation is specially designed to execute repetitive and mundane tasks such as data collection, data entry, data append, etc. This virtual workforce replaces the precious human resources and frees them for tasks that require creativity, human experience, and logical decision-making. Artificial Intelligence combined with Machine Learning algorithms perform such tasks; thereby ensuring excellence. Take, for instance, handwritten documents can be easily scanned and converted to electronic formats using Optical Character Recognition (OCR).
Time is accelerated to value since digital labor works round the clock without any fatigue. Apart from ensuring excellence and faster turnaround times, automated data collection enables the management to enjoy a plethora of benefits as elucidated here:
· Increased Efficiency
One of the greatest advantages of automated data collection is that it simplifies complex tasks, thus increasing the bottom-line efficiency of the organization. Putting it simply, when extra steps during manual processes are removed, companies increase the cognitive bandwidth of their employees so that more time can be dedicated to core competencies, and productivity also maximizes. Hence, it is a perfect example of gaining ‘maximum out of minimum’!
· Optimized Costs
Did you know that automation helps you eliminate extensive costs related to labor, resource training, system updates, equipment maintenance, document storage, etc.? Rather it allows for funds to be redistributed for updating systems, enhancing internal processes, and so on. Businesses that prefer automated data collection solutions instead of hiring an in-house team to optimize their expenses substantially.
· Minimized Errors
Manual data entry involves higher risks of human error. In spite of the expertise and training, mistakes can still happen, owing to the taxing nature of data collection and entry processes. Automation in place helps companies to alleviate manual errors. Tools such as Optical Character Recognition (OCR), Intelligent Character Recognition (ICR), Intelligent Document Processing (IDP), etc., quickly read through the documents and ensure that the information is complete and data matches up on sensitive documents, ensuring up to 99.99% accuracy.
Bottom Line
The benefits of investing in new-age technologies are lucrative−enabling the stakeholders to ace their peers and gain a competitive advantage in the industry. Using trusted automated data capture solutions lets businesses transform their raw and unstructured data into tagged and schema-compliant XML. In a nutshell, investing in automation helps the stakeholders to exceed their data collection and processing goals without spending much. So now you know what must be done!
Source: Accelerate Time to Value with Automated Data Capture Solutions
