Smart Document Classification and Processing: The Key To Transforming Business Process Automation
Between an increase in red tape, growth of microtransactions, and ensuring you’re covered on the legal end, organizations are drowning in a sea of paperwork. No matter the sector– healthcare organizations, financial institutions, hospitality, etc.– chances are the gears of daily operation are jammed shut by applications, health histories, registrations, and insurance paper trails. Luckily, there is a solution– smart document classification and processing.
What is Smart Document Classification and Processing?
Document classification refers to “a process of assigning one or more labels for a document from a predefined set of labels.” These documents are then processed by either passing them to the next department, filing them, or inputting the data. This is often done by hand, leading to a major pain point for a variety of businesses– time.
This laborious and expensive process can, however, be sped up considerably by using document capturing software.
How Does it Work?
Document capture software removes the need for humans to read every incoming document, freeing up their time for other tasks. The software captures the information and scans it for pre-programmed keywords or phrases (AKA metadata).
Once it has “read” the file, it can classify the type of document it is, extract the pertinent information from it, and then send it on to the next destination– invoices go to accountants, applications go to HR, healthcare forms go to administration, and so on. A task that takes days using manual methods can now be accomplished in mere seconds. The result? A strongly sped up and streamlined workflow for back offices and the gift of gaining valuable time back from workforces.
There are different ways to approach document capture, but OCR Solutions focuses on a five-step process with built-in verification. This crucial step double-checks the extracted metadata against a list of exceptions and errors — usually user-defined — and ensures that the document goes to the right recipient.
Automating the Process
While it may be tempting to create a hybrid system, utilizing old tech and combining it with new can easily lead to malfunctions that result in slowdowns and errors. The key to streamlined, time-saving processing is to take a holistic approach– automating with a single suite of customizable software.
Generally speaking, implementing this type of software consists of integrating it with any existing file storage structures, whether on-premise or in the Cloud. This ensures that incoming files are placed where current users expect to find them.
A pain point for many organizations is having a team with enough bandwidth and knowledge to seamlessly transition from the old process to the new. That’s why investing in dedicating a team in your organization to focus on this integration should be considered.
Every business has different demands– some conduct a high level of processing while others have information that needs redacting, etc. That’s why implementing a customized solution is so beneficial, because it can be created to fit the needs of your business. That’s where OCR Solutions comes in.
OCR Solutions possesses years of experience creating customized software solutions across a myriad of industries. Whether you’re in need of fixed form capture that allows your organization to capture data from a set format or unstructured capture that grabs data on any document and then decides what is the most pertinent, OCR has what you need to decrease your costs and increase productivity.