26 Mar 5 Ways Data Capture Automation Increases the Company Revenue
Does data capture have to be the hard work that it is?
When documents come in from multiple channels and in various formats, people complain about how hard data management is and how strenuous data entry and data capture are.
And this indicates it’s about time for your organization to think about process improvements.
Precisely, data capture automation.
Intelligent document processing software can make data capture easy as it lets you digitalize data on your documents with minimal manual effort.
How does data capture automation work?
Data capture is the process of extracting information from documents and converting it into a format readable by computers.
When data comes to you through multiple sources and in multiple formats, data capture automation software identifies the incoming document, captures the data you need from it, digitizes your data and allows you to download the data or directly feeds your data processing systems.
Why data capture automation matters?
Data capture automation makes the process of information transfer from electronic/paper documents into corporate systems and databases simple.
With a single system managing this process end-to-end, it helps to reduce costs, improve your employees’ productivity and increases customer satisfaction.
Data capture automation also reduces effort taken to get data into designated business and operational areas.
And with the right information reaching your employees, they can focus more on high-level tasks and improving customer service.
With that said, let’s look at how data capture automation helps improve your company’s bottom line.
5 ways to increase company revenue using automated data capture:
- Focus employees’ efforts on value-adding tasks:
When data entry processes are automated, it frees up employees to concentrate on value-adding tasks and customer service.
This way, they’re pulled off from drab roles and put into creative ones, contributing directly to business value and revenue.
- Faster document turnarounds:
Automated data entry can do in minutes what manual effort does in hours.
Processing documents in this pace makes the organizational system more responsive, with faster communication, error resolution and data processing. This enables the company to do more thereby increasing revenue.
- Error reduction brings down related costs:
With data capture automation, recurrence of errors is brought down by over 90%, bringing related costs incurred by manual operators and auditors under control.
- Automating administrative tasks:
Administrative costs are an often-overlooked financial burden.
When data capture automation takes over, you can save a lump sum!
- Smart decisions are made faster:
In a setting where data is manually processed, management teams will have to check old data and review outdated financial reports.
This will result in unwanted consumption of your organizational resources. With intelligent document processing, your data processing is much faster.
Top management will have up-to-the-minute information on their system which backs smart decision making.
How industries can use data capture automation
Data capture automation has several use cases across industries. Industries can digitize critical data on their:
- Purchase Orders
- Financial Statements
- Business Cards
- Tax Documents
And that’s not all.
Regardless of industry, NuOCR, Nuvento’s data capture solution, allows you to digitize the data you need in any document, survey or form that you need for your specific business needs.
What are the benefits of data entry automation?
Businesses of any size, type, and vertical are relying on data to increase company revenue. Automating data entry can remove pain points.
It can also reduce time delays incurred for processing data. Data entry automation is important to organizations because of the following benefits:
- Itreduces operational costs
- Executesadministrative tasks can with minimal errors
- Workflow approval becomes obligatory
- No need for outsourcing
- More visibility tocritical business information
- Generation of precise audit trails
- Better decision making
- Increases employee satisfaction
The Automatic Identification and Data Capture market is expected to have a total worth of USD 102.35 billion by 2027.
As businesses rely more on their data for decision making, technologies like RPA and OCR in Data Management are steering the efforts with easy access to reliable data.
Automated data capture is a powerful solution that can help your business simplify your information and data management.
NuOCR is a data capture solution by Nuvento that helps organizations like yours capture the data you need from documents.
You can see how NuOCR captures your data, digitizes it and saves it the way you want it by scheduling a demo with our experts.