Effective Data Capture Has a Direct Effect on Improving Business Operations

October 31, 2017

The quality of data that an organization captures will lead to better decisions and improved operations.

Image: ShutterstockLiving through a technological revolution is not easy. Old patterns need to be broken, and new systems need to be created. Technology only recently gained the ability to process big data sets and provide insights based on them. It’s worth remembering that these are still the early days for organizations to adapt to the tech revolution in business and the potential of a digital economy. 

Yet there is an urgency to use data that wasn’t there until quite recently. More and more data is being generated through the convergence of several factors, including mobile, cloud, big data, and social media.

Image: Shutterstock

Organizations large and small are being challenged to improve the way they process the volume and velocity of data that is being generated from multiple sources. Unstructured data such as emails, web forms, PDFs, images, and scans must be fused together with structured data from databases to build an accurate picture of an organization. Content that is captured, understood, and stored for easy access only has value if it’s being used. It’s worth remembering that data itself is inherently lifeless. If it’s not being used by people and processes, then it has no value.  

Getting this process right is at the heart of everything AI Foundry does. From the very beginning of the process, you need capture solutions that enable quick absorption and integration of information no matter where it comes from. That data – along with the picture it paints – is vital for the health of any business.

Without robust capture systems and processes, you simply won’t have the kind of data that you can trust and use to create actionable insights.   

AI Foundry’s Capture to Storage solutions constitute the first step towards the digital transformation of an organization that can handle both physical paper and digital information. The system is configured so that “when paper arrives in an organization (likely the mailroom), high speed scanners take the paper and digitize it, add relevant metadata to capture the important details of the document, and electronically move it to cloud-based storage.”

There are many benefits of creating a smooth workflow to enable this process.

THE 8 KEY BENEFITS OF THE CAPTURE-TO-STORAGE WORKFLOW

  1. SCANNING - Smart, efficient scanning of paper and digital data using mobile and other devices.
  2. PROCESSING - Enhancing readability and analyzing the various types of data scanned.
  3. DATA RECOGNITION - Recognizing the difference between barcodes, handwritten marks in data fields, (OMR), printed text of Latin-based characters, Optical Character Recognition (OCR), and the burgeoning field of Intelligent Character Recognition.   
  4. DOCUMENT CLASSIFICATION - Combining the right recognition technologies to classify the data into the correct categories to make it searchable.
  5. DATA EXTRACTION - Deriving metadata for the document as a whole and tagging each part of it for later search and retrieval processes.
  6. DATA VALIDATION - Validating against other back-end systems.
  7. STORAGE - Making the right decisions on how and where to store the various data types.
  8. REPORTING & ANALYTICS - Providing an extensive set of out-of-the-box reports.

Read the full Capture to Storage Report for a more detailed picture of the capture process.

MOBILE TECH IS TRANSFORMING DATA CAPTURE 

Delivered by mobile, the latest data capture technology is making the work more efficient for those on the front end of capturing content. There is also an understanding that consumers and partners can now be a part of the process. Self-service is proving to be a handy data capture tool for banks and financial institutions. Customer notifications can be generated automatically and sent to mobile devices so the client can ensure the information is correct and be notified in the event of any problems.

Simple mobile devices expand the variety of information that can be captured, thus generating a more sophisticated dataset.

Info Input Solution makes use of browser-based and mobile capture applications. Real-time image display, indexing, and barcode detection are compelling mobile applications. When they are paired with adaptable user interfaces and elegant, intuitive dashboards, then real progress is made.

THE NATURE OF DOCUMENTS

The nature of the information that we capture during everyday work exchanges would be unrecognizable to an office employee from as recently as the turn of the century.

Imagine explaining to them that as part of your work, you monitor various social media feeds, Google search results, comments on message boards as well as email, print media, and sophisticated reports on a daily basis.


The way that you deal with this flow of information is critical to your success. Enterprise Information management (EIM) has never been more vital or central to the success of your business. AI Foundry believes that good information management sets the foundation for an enterprise to “improve transparency, processing, response time, and ensures that all important data is easily accessible and searchable.”

As the digital economy reaches maturity, more and more companies are realizing the urgency of harnessing their data and analyzing it as an essential tool for determining where they should focus their attention. If you are not analyzing your data and growing from it, then you are probably losing ground to other companies who are.

And it all starts with the way that you capture data. Not in the past, but right now – real data generated through current prospects and clients. That data leads to better decisions and the ability to stand out in today’s marketplace.  

THE DATA LIFECYCLE

While the capturing of information is of paramount importance, bear in mind that this data, in and of itself, has no value. What matters is what you do with it. All phases of a document’s life are vital, and what happens after the capture makes all the difference. Information management must become “a powerful paradigm to extract intelligence from documents across the enterprise, as well as maintaining, securing, storing, and retiring documents,” according to the Actionable Intelligence Management lifecycle. 

Actionable Intelligence Management Lifecycle

The first half of the lifecycle sets up the data through capture, storage, and management.

 

Then it needs to enter into an organization’s system through sharing and collaboration, which will reveal insights to help shape policy.

 

Eventually, the current data will have to make space for new data, which is bound to replace it. However, the current data still needs to be accessible to form a part of the larger whole, which is achieved through successful archiving.

 

Capturing data is only the first step in a document’s to data journey. But that step needs to be taken correctly in order to set up all the processes that follow to improve whatever business operations form the lifeblood of an organization. When data is captured cleanly and consistently, then the workforce trusts the validity of the data they are getting. As a result, the company is likely to rely on that data more heavily and work towards generating even better data, thus creating a virtuous cycle where a culture of informed decision-making becomes central to everything being done.

 

Visit AI Foundry to download the brand-new report: Capture to Storage.

 

SOURCES:

http://aifoundry.com/agile-solutions/capture-to-storage/

http://aifoundry.com/actionable-intelligence/overview/

http://aifoundry.com/actionable-intelligence/capture/

http://aifoundry.com/our-company/blog/actionable-intelligence-lifecycle/