Why Intelligent Data Capture is Critical to Any Digital Transformation Strategy
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Why Intelligent Data Capture is Critical to Any Digital Transformation Strategy

By CIOReview | Tuesday, August 2, 2022

Intelligent Data Capture is a cutting-edge technology that can revolutionize information management.

FREMONT, CA: A well-executed digital transformation strategy accelerates corporate growth and benefits businesses from cutting-edge technical advancements. With technology upending most traditional business models, businesses must invest more than ever to stay relevant in a competitive market.

Although widespread adoption of new technologies, information management, and the effective use of unstructured data continues to be a persistent challenge for businesses globally, businesses, on the other hand, can more efficiently optimize information processing and data exploitation with the support of breakthrough technologies such as Intelligent Data Capture (IDC).

IDC is a method that identifies and collects pertinent information from physical and electronic documents without requiring extensive human input. It enables businesses to send relevant documents and extract data for the routing of digital information.

IDC combines traditional data capturing techniques such as optical character recognition (OCR) with sophisticated machine learning (ML) models. As a result, organizations may transform fragmented content resources into trustworthy information and automatically collect data from forms and invoices using this technology.

The ML models used in this method are optimized for text processing and can extract meaningful information from mountains of redundant input. After identifying and validating useful information, the solution routes it automatically to the necessary users.

Businesses can use this technology to automate content ingestion while also accelerating information routing to the relevant personnel and systems. In other words, IDC serves as the foundation for intelligent information processing.

Manual data processing is time-consuming, difficult, and prone to human error and delay for firms that create huge amounts of data daily. Manual information processing, regardless of the industry, is a substantial hindrance to efficiency.

The fundamental purpose of a digital transformation plan is to aid an organization in capitalizing on technological advances, improving business processes, and speeding growth. All of these objectives are attainable through the use of an IDC solution.

Nowadays, information can be accessed via various channels, including scanned images, faxes, and emails, as well as invoices, contracts, receipts, claims, and shipment documents. IDC enables businesses to automate time-consuming information processing processes, extract intelligence from mounds of data, and convert it to a human-readable format.

Simultaneously, IDC helps organizations to organize their data using extensive metadata. This improves data accessibility for commercial purposes and makes it available for AI-powered analysis.

Businesses can use this organized data to optimize crucial operational activities across different departments. In other words, IDC enables businesses to more easily extract critical data and offer decision-makers actionable information.

According to International Data Corporation research, firms capable of evaluating pertinent data and ensuring the transfer of actionable information can gain an additional $430 billion in productivity over those that are not.

IDC applies to various industries and assists organizations in overcoming the obstacles associated with manual data management. IDC enables users to process data in a centralized manner. Without human intervention, the single point of capture can assist businesses in determining document kinds and other related activities. In other words, enterprises can extract data and deliver it to lead systems in a structured format. As a result, users have real-time access to and consumption of information. By automating time-consuming manual procedures, IDC solutions assist organizations in optimizing the workflow of their business processes, ensuring optimal resource utilization, and facilitating the execution of high-value tasks.

Simultaneously, automated invoice processing systems assist businesses in increasing their profitability. By automating invoice processing with IDC, accounts payable gains additional opportunities. As a result of improved spend management, early payment discounts, cash-back card rebates, and longer conventional payment periods, the solution adds value to the organization.