Top 10 Benefits of Automating Document Data Capture for Your Business

by | Jun 10, 2024

Feel like you’re scrolling endlessly through files and documents just to find what you need?

Over 80% of business data is in a similar mess, creating endless frustration. OCR Software allows your business to streamline this chaos, reduce errors, and save up to 70% on its costs with its ability to automate the process.

Let’s dive into the top 10 benefits of automated data capture and its role in business process automation for your business:

Key Takeaways

  • OCR technology has magnified accuracy by more than 90%.
  • Automating data capture can reduce costs by up to 70%.
  • OCR increases productivity by reducing manual data entry.

What is Document Data Capture and OCR?

Document data capture involves extracting data from documents and converting it into a structured digital format.

Utilizing OCR (Optical Character Recognition) software, this technology reads handwritten or printed text from scanned images and turns it into machine-readable text. This automation component, a key aspect of business process automation, improves productivity and avoids errors in the workflow.

Types of Documents Suitable for Automation, Automation is great for:

  • Invoices
  • Medical forms such as CMS1500, UB04 and Dental Claims
  • Handwritten Forms
  • Receipts
  • Contracts
  • Structured Forms
  • Non Structured Documents 
  • Reports

Supported formats include PDF, JPG, PNG and TIFF but can also support other formats. 

Top 10 Benefits of Automating Document Data Capture

  1. Improved Accuracy: Automated data capture systems, fueled by AI and OCR algorithms, minimize human errors. Studies show that automation can improve data accuracy by over 90%, which is vital to financial analysis, inventory management, and compliance.
  2. Cost Savings: By using OCR to automate this process, insurance companies report being able to reduce the time required to process claims by up to 90%. Besides that, automation saves money on printing and document handling by reducing physical storage. These savings can be reinvested into innovation and growth..
  3. Increased Efficiency: An automated system can process huge volumes of documents at once, which means processing time is reduced from days to a few hours. This allows employees to devote a greater amount of time to strategic tasks rather than to mundane data entry tasks.
  4. Enhanced Data Security: Automated data capture makes sure your information is safe, reducing data breaches risk. Companies implementing automated data capture experienced a 50% drop in data breach incidents after installing regulatory-compliant data management systems.
  5. Better Compliance: Struggling with regulatory demands? Automated data capture can simplify the process and ensure the quality of the data processing, resulting in a higher level of compliance through prompt report generation and easy data entry.
  6. Scalability: Automated systems are scalable, so they can handle growing amounts of data without extra staff or resources. Unlike manual processes, these systems can easily grow as your business grows.
  7. Improved Accessibility: Searchable and accessible digital documents speed up data retrieval. It’s great for audits, compliance checks, and making informed decisions. When businesses switched to automated systems, they saw a 60% drop in the time it took to retrieve documents.
  8. Integration with Other Systems: Automated data capture seamlessly integrates with other business systems like CRM and ERP, so data flows smoothly across different platforms. It helps to eliminate duplicate data entry and errors, so business processes run smoothly and with greater accuracy.
  9. Enhanced Customer Service: Improved customer satisfaction comes from faster document processing. Automation makes it easier for businesses to handle customer inquiries and service requests efficiently. A 11% increase in customer satisfaction has been reported by stores using automation.
  10. Continuous Improvement: By using machine learning algorithms, your automated system will continually improve over the course of time. These algorithms will learn from past errors and adjust processes in order to achieve greater accuracy and efficiency. This will make your system more reliable and smart, continually improving overall performance.

Why you should automate data capture

In today’s fast-paced world, automating your document data capture isn’t just a nice-to-have – it’s a must. Why keep wrestling with manual data when OCR software can streamline and enhance your whole operation?

Businesses can optimize their operations, reduce manual work loads, and unlock the full potential of their data by adopting OCR software to transcribe their documents.

Ready to see the difference? Get in touch today for a demo and transform your operations!