With unstructured data making up 80-90% of newly generated business data (Market US), it comes as no surprise that document management and intelligent capture have emerged as two crucial tools for managing essential business information. The two technologies provide synergies that enable businesses to work smarter and more efficiently, allowing for seamless digitization, organization, and optimization of information flow within an organization.
Today, we’re exploring how these two technologies complement each other and improve overall business operations.
What is Document Management?
Document management (DM) or Document Management System (DMS) management of documents throughout their lifecycle in a business. As opposed to manual document management, DM systems securely store, organize, and keep track of electronic documents and images of paper-based information.
In turn, businesses can easily manage their records, enhance workflow efficiencies, and minimize the risk of losing important business data.
Overall, an efficient DM system ensures that the correct information is available to the right people at the right time, enhancing productivity and collaboration within the organization.
The Role of Intelligent Capture in DM
Intelligent capture is an advanced technology that uses automated processes to extract, classify, and organize data from various sources, including paper-based documents, emails, and digital files. Unlike traditional data entry methods that require manual input, intelligent capture employs AI algorithms and machine learning techniques to intelligently collect data from unstructured sources.
Moreover, these systems can learn from user interactions and continuously improve their accuracy over time. This allows for more efficient processing of large volumes of documents while minimizing errors and reducing costs.
How Does Intelligent Capture Tie Into a DMS?
When integrated with a DMS, intelligent capture automates the input process, significantly reducing the need for manual data entry. As a result, documents are accurately indexed and stored while remaining easily retrievable to users. Furthermore, data can be more easily communicated across systems, further streamlining business operations.
Intelligent capture can also integrate with Optical Character Recognition (OCR) and Natural Language Processing (NLP) technologies to extract data from documents in various formats, such as invoices, purchase orders, and contracts. With this technology, businesses save time, improve accuracy, and reduce the risk of human error with regard to data entry.
The Benefits of Using Intelligent Capture with DM
Combining intelligent capture with document management offers several benefits:
- Enhanced Efficiency: By automating data extraction and classification, businesses can cut down on time spent on manual data entry. This leads to faster document processing and improved workflow.
- Improved Accuracy: Intelligent capture technologies minimize human errors, ensuring that data is consistently accurate and reliable.
- Cost Savings: Automating document capture reduces the need for physical storage space and lowers operational costs associated with manual document handling.
- Better Compliance: With accurate and well-organized documents, businesses can more easily adhere to regulatory requirements and avoid potential legal issues.
- Increased Productivity: According to FinancesOnline, document management struggles are responsible for more than a 21% loss of daily productivity. By integrating intelligent capture with DM, businesses can recover this lost productivity and focus on more strategic tasks.
Symphony Helps Effectively Manage & Capture Documents
Symphony’s document management solutions integrate seamlessly with intelligent capture technologies to offer a comprehensive approach to document control. Our platform ensures that your documents are accurately captured, indexed, and stored, making it easier for your team to access the information they need when they need it.
Contact Paperwise & Streamline Your Business Operations
There are endless possibilities for utilizing intelligent capture and document management together in various industries, such as finance, healthcare, legal, and many more. With advancements in technology, the future of document management looks promising, offering even more efficient ways to manage and capture information.
Paperwise offers a range of document management and intelligent capture solutions that can be customized to meet the unique needs of your organization. Contact us today to learn more about our advanced technologies.
