How organizations will use intelligent data capture in 2018
Now is the time that corporate leaders traditionally think about ways to improve their practices during the new year.
Many of the most forward-thinking individuals will likely look at ways to begin using intelligent data capture technology or expand current usage behaviors. There are numerous reasons doing so is a wise business practice.
What Does Intelligent Data Capture Involve?
Understanding the worthiness of intelligent data capture in the business world requires first realizing what it can do. The systems extract key details from documents, then perform actions based on the contents.
In most cases, the technology becomes smarter with use. Therefore, increased adoption within an organization could reduce manual labor and human errors.
Intelligent Data Capture Results In Greater Productivity
There’s no doubt businesses are capturing significantly more data in recent years, and the amount is only going to continue increasing. Leaders know the more informed they are about trends, customer needs, employee comments and more, the easier it’ll be to take decisive action.
However, according to a study by IDC and InterSystems, 77 percent of executives admit the lack of timely data access adversely affects their businesses. More specifically, more than a quarter of respondents mentioned being unable to access necessary data negatively impacted their productivity.
As it stands, many executives waste time waiting for data to arrive. Then, they have to depend on employees to sort through the statistics and pick out the material that matters most. However, intelligent data capture eliminates some parts of that equation, because it learns to recognize pertinent information.
This Technology Ensures Consistent Handling of Data
Since rules drive intelligent data capturing behaviors, it allows businesses to set and maintain processes that promote quick retrieval of the material after storage, along with the proper handling of it. Some programs detect and automatically categorize sensitive data — for example, files containing health-related content, as defined by HIPAA, could go into a specific folder.
The assistance provided by smart data-capturing programs could help companies demonstrate they’re in line with best practices for working with data. Sometimes, intelligent data-capture technology finds things humans miss, serving as additional protection for companies concerned about using data correctly and uniformly, depending on its type.
It’s Possible to Apply Parameters That Restrict Access
Another substantial advantage of intelligent data capture is the capability to dictate that oncoming files fitting predetermined characteristics go directly to password-protected files. That feature makes it easier for businesses to eliminate the phenomenon of people gaining access to contents without the proper credentials.
As a result, companies can reassure clients when those entities send files of a private nature to an establishment, only the designated parties will have viewing privileges. In recent years, data breaches have become common topics of news headlines. Rigidly set intelligent data-capturing specifics could greatly cut down on those incidences by directing files where they belong from the point of receipt.
The information above indicates why intelligent data capture is a must in this information-rich society. There are also various ways companies will likely use this technology to make improvements in 2018.
To Collect Information About Prospective Employees
A recent study found that 69 percent of respondents reported they were actively creating databases about their employees from multiple sources. The practice of analyzing workers is becoming a profitable way for executives to make better business decisions. It’s likely employers will continue engaging in it in 2018 and beyond.
However, in the coming year, expect them also to make databases about people who apply for open positions — all with the help of intelligent data capture. For example, an employer might decide only to grant interviews to applicants who graduated with honors or hold marketing degrees. A company could also set up intelligent data capture software to screen for particular responses to a question on an application or the presence of desired skill sets.
To Search for Keywords and Create a Database of Relevant Files
Many of the leading brands of intelligent data capture solutions permit users to search for desired words or phrases within gigantic documents. Lawyers could use such a function to speedily find necessary details about a case after receiving emailed materials. They could then automatically transfer the matching files to a secure place for storage until there’s time for later review.
It’s not hard to see how this kind of use case also applies to hospitals, schools or other facilities that habitually receive large quantities of data. Most data-capturing programs recognize printed text, barcodes, information from invoices and even handwriting. After content gets transferred into one of them, humans can swiftly locate the information they need.
A collective of Canadian home furnishings retailers called Mega Group used a data-capturing platform called docAlpha, which resulted in the efficient processing of 150,000 invoices annually and captured up to four times more data per transaction than human interventions alone.
To Compile Only the Relevant Information After a Study
Any business that has ever performed research and come away with a huge amount of material realizes locating the most applicable information is often as difficult as carrying out the project itself.
This challenge often becomes evident after running clinical trials. Researchers are excited to publish details about their studies, but it’s more difficult than expected to focus on the necessary data and formulate it into material for journal articles. That’s because obtaining a complete picture of the patient pool often requires examining multiple sources, especially if participants have health records housed at several facilities.
The people who manage clinical trials may have to track patient progress over a multi-year span, and some of the participating individuals could get treatments from numerous providers. Intelligent data capture helps researchers sift through all available information and only extract the necessary material.
This capability applies to any sector that often encounters large participant groups. Whether it’s marketing or government, intelligent data capturing ensures the people evaluating data have all-encompassing conclusions.
It’s clear intelligent data capture will play a prominent role in 2018.
The scenarios above are just a sampling of how businesses could continue to collect gigantic amounts of data in ways that are feasible and educational.