Ensuring compliance is a challenge that organizations across diverse industries must confront. It involves adhering to regulatory requirements, mitigating risks, and upholding ethical standards to maintain trust and integrity within their customer or client base.
Intelligent capture technology emerges as an essential ally to this effort, automating the extraction and processing of data from numerous document formats. By leveraging this innovative tool, companies can significantly streamline compliance efforts, reduce errors, and even save on operational costs.
Compliance & Data Security in Business
Compliance and data security are critical pillars in modern business practices, serving as the foundation for establishing trust and maintaining a company’s reputation. In an era where data breaches are not just costly but can also severely damage customer relations, adherence to regulatory standards and the implementation of robust data protection strategies is imperative.
The cost of data breaches in business is staggering, as highlighted by the below statistics:
In 2022, internal actors were involved in 83 percent of data breaches, emphasizing the crucial role of internal controls in securing data.
The financial implications of non-compliance were highlighted in 2023, when the global average cost of a data breach reached USD 4.45 million.
Businesses must navigate a labyrinth of laws and regulations, such as GDPR, HIPAA, or, depending on location, CCPA, to ensure sensitive information is handled appropriately. With the help of intelligent capture, however, organizations can streamline compliance processes and mitigate the risks associated with data security breaches.
How Intelligent Capture Solutions Facilitate Compliance
Intelligent OCR solutions prioritize data security, offering robust measures that exceed the standards set by frameworks like GDPR. The intelligence in these solutions extends beyond simple data extraction, integrating comprehensive features that safeguard sensitive financial information. This assures compliance efforts and peace of mind for businesses. Moreover, compliance with GDPR and other industry frameworks is seamlessly built into the core of these solutions, demonstrating a solid commitment to data protection and privacy.
The benefits of using intelligent OCR solutions for compliance include:
Prioritization of data security
Automation of compliance processes
Reduction of human error and increased accuracy
Enhanced organization and control over sensitive information
Seamless integration of GDPR and other frameworks compliance
Contact Paperwise for Enhanced Compliance and Data Security
Paperwise’s intelligent OCR solutions streamline compliance efforts by providing comprehensive data extraction and security measures. Our advanced OCR technology automates data capture from various documents, including contracts, invoices, and forms, while adhering to strict regulatory requirements. With reduced time and effort dedicated to compliance, businesses can allocate resources to critical activities and benefit from improved accuracy in sensitive information handling.
Contact Paperwise today to learn more about how our intelligent capture solutions can help your business achieve better compliance and data security.
