Data is the lifeblood of all organizations. Each day businesses go through various types of data which help them improve processes and make informed decisions. Surprisingly even in this digital age, companies still rely on manual document processing. When organizations deal with large volumes of data, relying on manual data entry that involves organizing documents, reading through to understand it, transcribing, and verifying them, is laborious and difficult. Moreover, about 80% of all data in an organization is unstructured, such as PDFs, Word documents, Excel files, emails, or images. Manual processing of such documents may get the job done, but not fast and accurate enough and the risks are plenty. In this fast-paced world, organizations cannot afford any such risks arising from manual data entry.
Let’s see some of the drawbacks of manual data entry.
High Processing Cost
Many organizations do not realize that they are spending huge amounts for data entry. They only consider the explicit cost of employees who carry out the task. But they don't see the hidden cost associated with manual data entry. What organizations that rely on manual data entry must deal with is the cost of error correction. The 1-10-100 rule by George Labovitz and Yu Sang Chang clearly explains this cost. It costs $1 to verify the accuracy of the data. To correct the incorrect data would cost $10 and finally a cost of $100 if no attempts are made to correct the data and proceed to go with it. According to a 2018 Goldman Sachs report, the direct and indirect costs of manual, paper-based invoice processing amount costs a massive $2.7 trillion for global businesses.
Increased Errors
Errors are bound to happen in manual data entry. When employees are constantly working on mundane tasks like data entry, they lose focus. The task itself is an exhaustive one that results in a greater number of errors. This can impact the accuracy of the business data. Some errors can adversely affect the operations and customer relations, while critical errors can cost the company millions of dollars.
Reduced Productivity
There is no doubt that manual data entry and document processing is time-consuming. Employees who spend long hours on data entry and may find it difficult to maintain their productivity round the clock. While a good rate of data entry would be 10,000 to 12,000 Keystrokes Per Hour, it is not possible for employees to keep up with this rate. This will result in reduced productivity when processing large volumes of data.
Think Document Automation
The time has come for organizations to think beyond manual data entry and document processing and adopt solutions to ease these challenging and counterproductive tasks. For organizations that struggle with manual document processing, it is the right time to step into the world of document automation. Intelligent Document Processing (IDP) presents itself as the best solution to all document processing challenges. This can eliminate the tedious manual data entry and errors which affect the efficiency and productivity of the organization. IDP can process documents efficiently and accurately, that processing of large volumes of data becomes relatively easy and the burden placed on the employees doing manual work is reduced. Employees can also focus on higher-value tasks which can effectively utilize their capability.
How Intelligent Document Processing can transform your business
ICE-Ai is the advanced document processing solution that can free your organization from the risks and challenges of manual data entry. It can efficiently handle any type of documents, be it unstructured or semi-structured. One of the best features of ICE-Ai as an Intelligent Document Processing Solution is that it can process documents regardless of template, i.e., documents of varying formats and layouts can be processed quickly and accurately.
More advanced than OCR technologies, ICE-Ai leveraging the power of Artificial Intelligence and Machine Learning, can classify, extract, and validate data. ICE-Ai can help organizations significantly reduce the time taken to process documents and increase the accuracy of data extraction. By eliminating errors in data entry, organizations can avoid risks that may affect business processes and customer relations.
Key Capabilities of ICE-Ai
Data Classification and Capture: Documents are classified according to their type and from document of different format and layouts, ICE-Ai can capture data as well as tables, logos, and signature with the highest level of accuracy.
Data Validation: Assessing the accuracy of the data captured is crucial as this data will be used for further applications. With the help of predefined business rules, ICE-Ai can validate the data captured.
Advanced Data Search and Retrieval: The captured and validated data is automatically organized and indexed so that users can search and retrieve information any time.
Data plays a huge role in every business organization, and how efficiently an organization manages them can determine its success. When massive amounts of documents are processed daily in an organization, you cannot rely on manual data entry. Organizations need something big, and that is ICE-Ai, the advanced Intelligent Document Processing Solution by Equatd.
Why wait any longer? Act quickly to transform your business. Get in touch with the team at Equatd to know how ICE-Ai can help you.