Everything You Need to Know About Intelligent Data Capture
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Access to relevant data can give any organization a competitive edge. However, the information age has also increased the digital data being generated with an estimated 2.5 quintillion bytes of data being produced every day. The formats of data being produced are also evolving with technological advancements. Organizations are hard-pressed to process this volume of diverse data and route it to the necessary channels. This is where intelligent data capture comes in.
Intelligent data capture has made the acquisition and processing of all the data coming into an organization much easier and more streamlined. It is also the first step toward creating a truly automated business process.
Here is a look at what exactly intelligent capture encompasses and how it can help you improve your organizational efficiency.
What is Intelligent Data Capture?
Intelligent data capture involves using digital tools to automatically read and capture critical information from incoming data sources. Using various data capture tools, you can extract relevant information from printed or hand-written documents, as well as electronic documents.
Intelligent capture utilizes tools such as optical character recognition to make the data extraction process almost instantaneous without any manual intervention. Machine learning algorithms built into the tools also allow the development of artificial intelligence that can improve processing capacity, accuracy, and speed over time.
The extracted information is then routed through the proper channels where it can be validated and sent to relevant users or workflows.
How does Intelligent Data Capture Works?
An intelligent data capture partner can provide your organization with a range of solutions to choose from depending on the need and scale of your operation. The extracted data will then be routed through predefined channels so that it can be utilized by other intelligent business process automation software.
Multiple Toolsets Capture Relevant Data
Toolsets using technology such as intelligent data recognition, optical data recognition, Barcode recognition etc can capture data from physical printed, electronic documents and codes, or even hand-written documents. The use of multiple tool sets allows intelligent processes to understand the type of data being processed and the context in which it is used.
For example, the machine learning algorithms of intelligent capture can utilize natural language processes to correctly differentiate between image-based, text-based, or hybrid data. Over time the software can learn where relevant data can be found in documents having a similar structure and save processing time.
Data Validation with the Right Authority
Once the capturing process is complete, the data is validated so that any discrepancies or inconsistencies can be addressed at the capture stage itself.
The captured information is automatically routed to the relevant lead systems without the need for manual input. The workflow is simplified since all the ingested information is automatically classified and connected with business and content management systems as opposed to traditional systems where the integration process is manual and hence more complex.
Using Machine Learning Algorithms for Constantly Improving Accuracy
The software can learn how to define and identify different formats of new data using embedded machine learning algorithms. Built-in extraction directives can also learn where critical information can be found in different types of documents. The learning process will, over time, improve the accuracy and speed of the intelligent capture.
Storage of Data for Reuse
The smart classification features of intelligent capture software ensure that all incoming data is identified and tagged appropriately so that it can be easily accessed in the future.
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What are the Benefits of Intelligent Data Capture?
As you can see, intelligent data capture increases the efficiency of your organization’s data capture and utilization process right from the onset. It does this by extracting data in real-time, sending it to the lead systems and making relevant information available to the end-user almost instantaneously.
Here are some ways intelligent capture can benefit your organization.
Eliminates Tedious and Time-consuming Tasks
Manual tasks that take up time without adding much value to the overall process can be automated using intelligent capture. This will free up time for employees to focus on more high value and important tasks.
Reduces Overhead Costs
Traditional data ingestion and processing methods increase operational costs and create a need for spending on additional human resources as the incoming data increases. Printing data for processing and storage adds to the overhead costs of an organization. Digitizing all incoming data whether, through email, physical documentation, or even through mobile phones helps cut out these overhead costs. Since fewer human resources are going into manually inputting and verifying large datasets, the time can be diverted towards more critical tasks leading to better organizational growth without expenditure on getting additional human resources.
Single-point of Capture
Intelligent capture offers a single point of capture where artificial intelligence can teach itself to identify different types of documents and where important data can be found in them. The process becomes seamless and the efficiency of such processes increases as more data is processed.
Improves Organization-wide Synergy
As more and more organizations move to a remote working model, intelligent capture helps to facilitate dynamic interaction through a shared data set without the need for being in the same geographical location. Thus making remote talent more accessible and increasing synergy within various teams and departments.
Intelligent capture helps to facilitate dynamic interaction through a shared data set without the need for being in the same geographical location. Thus making remote talent more accessible and increasing synergy within various teams and departments.
Content routing permits only those users who are authorized to access particular data to view and verify it. It protects against data breaches by encrypting incoming data and also against data loss by safely logging all the data coming into the organization and storing it in one place. This allows a company to comply with security standards and also assures customers that all their data is safe. The audit trails are completely transparent and easy to access in the future by relevant authorities.
Makes Compliance Simpler
Error-free classification and definition of inbound data allow intelligent data capture software to provide better quality data. The data is also linked to an audit trail, ensuring no compliance policies are violated with regard to the data. Digitization of the documents improves security and allows for hassle-free tracking, making compliance a breeze.
Single Platform Solution
Intelligent capture allows for a single platform to support users and processes from various departments. The data capture, verification, and routing process are thus simplified and the learning curve for different software within the same organization is eliminated.
Streamlining data capture leads to faster and error-free ingestion of any content using automation. Eliminating human error from the process, having a constant machine learning algorithm set up to make the process smoother and ready for the evolution of inbound data, and allowing human resources time to focus on critical tasks instead of manual ones, improves the overall efficiency level of the organization.
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Intelligent data capture allows organizations to take the right first step toward creating a better data management process. It is also a precursor to creating an overall intelligent automation process for your business.
Using multiple toolsets, intelligent capture reads and processes data to extract critical information from it and route it to lead systems. Machine learning also helps intelligent data capture software to teach itself to differentiate between different kinds of data and classify standard and novel data appropriately so that the process becomes faster and more efficient in the long run.
As data is becoming the holy grail of competitive advantages for organizations, the use of intelligent data capture systems is becoming increasingly essential in today’s world.