DATA CAPTURE SOLUTION, WHICH FITS BEST IN YOUR COMPANY?

Traditional optical character recognition (OCR) technology has many flaws that made it unsuitable for large-scale use. Data Capture has been able to fill the hole left by traditional OCR software in recent years by introducing artificial intelligence (AI) and machine learning (ML)-driven solutions that are gaining popularity by the day.

Data Capture allows you to transform physical documents into editable digital versions in a matter of seconds and with great accuracy. Data Capture has the competence to convert all types of physical documents, whether they are digitally typed and printed or handwritten.

There are a lot of service providers offering IDP solutions. While the service’s main notion is to use AI and machine learning to make document processing easier, it goes by a variety of names. The key is to use contemporary technology to turn documents into digital actionable counterparts with a high level of accuracy.

Data Capture software collects data from documents and feeds it into an online system for processing in a systematic and straightforward manner. One of the most important advantages of is the ability to automate the whole process and to reduce human error. Today’s IDP solutions come in a variety of shapes and sizes. Here’s a basic rundown of them.

Data Capture software solves data extraction problems using cutting-edge technologies. These apps can use different techniques, resulting in a variety of intelligent document processing apps.

Here are some of the most frequent sorts of solutions on the market:

• IDP Solutions that are Innovative

AI and machine learning technologies provide up a world of possibilities. While automation has made life simpler, it has also brought with it its own set of problems. While some difficulties may be addressed by adjusting current methods, others need innovation and the application of cutting-edge technology. This is also applicable to document processing. The majority of businesses have straightforward criteria for the solution that controls their document processing needs. However, certain business needs require a creative approach and the use of AI, machine learning, natural language processing, and other emerging technologies.

Innovative Data Capture solution providers take a forward-thinking approach to document processing, allowing you to create long-lasting and efficient processes and systems. If you want to be creative, pick an inventive partner and take advantage of the benefits of intelligent document processing.

• Legacy Intelligent Document Processing Solutions

To offer Data Capture solutions, certain traditional OCR or RPA (Robotic Process Automation) vendors may integrate AI or ML into their older systems. As a result, many legacy platforms are focused on a variety of automated services rather than Data Capture. Many businesses choose Legacy Data Capture solutions to save money or to have a full tool for their automation requirements. These solutions are often effective for businesses with huge volumes of simple-to-convert documents with few variances. It’s crucial to keep in mind, however, that these solutions may have strong restrictions. As a result, it’s critical to determine whether the current vendor’s solutions fit your needs. If your document automation needs aren’t being satisfied, you may want to explore switching to an alternative intelligent data processing platform.

• IDP Solutions for a Specific Market Niche

A specialized market sector is referred to as a ‘niche.’ Every product and service is accessible in general and specialty varieties of the age of super-specialization. Shirt producers, for example, used to create average-sized shirts, but today there are numerous fits for different body shapes. In reality, many of us are used to receiving customized products and services. Data Capture is no exception. Many organizations provide intelligent document processing solutions that are tailored to a certain market or use case. Look for such specialized Data Capture solutions if your company has unique document processing needs.

• System Integrators with IDP

Accenture, Deloitte, KPMG or PwC and other system integration firms aim to bring all processes, applications, and software into a single unified environment. With the rise in demand for AI-driven OCR or Data Capture solutions in recent years, several system integrators have begun to include Data Capture services among their offerings. Some system integrators create IDP solutions in-house, whereas the majority rely on a third-party intelligent document processing partner. The majority of companies in the system integration market are large, responsible businesses that strive to provide enterprises with cost-effective solutions. However, because Data Capture is just half of the package, it may not have the level of precision that your papers require. Make sure you’re familiar with the capabilities and benefits of intelligent document processing offered by such companies.

• IDP Technology Providers

You may employ third-party technology software components like computer vision, OCR, and other Data Capture capabilities to build IDP capabilities in-house if you are technologically skilled or operate a company with technical specialists. Although they are not full-fledged Data Capture solutions, organizations with simple document workflows may decide to create these features in-house using third-party software. However, it may be a time and money-consuming procedure that requires a committed team of IT specialists to oversee it at all times, in addition to investing a significant amount of time, energy, and money in gaining in-depth knowledge. If you’re a company that needs a rapid and precise implementation, it’s a good idea to resort to dedicated IDP players that have extensive expertise and expertise with a variety of implementations.

Then hunt for providers with solutions that can handle your big volume.

Before deciding on an IDP solution, you should consider document quality variations and the inclusion of poor quality, unreadable documents to your database. Unless the papers are unintelligible even to the naked eye, a reputable IDP provider should be able to handle documents of varying quality.

A system that can handle these scenarios will be able to handle the majority of your document processing needs as well. Select the best provider based on the four pillars below once you’ve determined the sort of Data Capture solution you require:

1. The solution’s main capabilities as given by the provider. While it is easier to judge an Data Capture solution’s effectiveness based on its accuracy, it is also critical to find a solution that can successfully identify a document or field that it cannot read and send it for human involvement. This significantly minimizes the workload for human quality assurance, allowing people to intervene only when and where necessary
2. The vendor must have a technological environment that allows you to fully utilize intelligent automation’s capabilities.
3. The industry for IDP is still in its early stages. As a result, search for a provider that offers self-paced training sessions with enough information for your personnel to gain a handle on the technology. In order to have a pleasant experience, be sure the vendor has an excellent track record of providing solid product support and maintenance.
4.  The fourth and most important factor is the cost. Different price schemes are available. The following are some examples of pricing models:

•  Some vendors offer a fixed-price solution where you can process as many documents you like from one machine for a fixed fee.
• You can also find a pricing model based on the volume and complexity of documents.
• Some vendors offer pricing plans that are based on the accuracy of the output.

Before you start looking, ensure that you assess the document processing requirements of your business and research the market thoroughly. The factors mentioned above can help you narrow down to the best Data Capture solution for your business.

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• Unstructured, semi-structured, and structured documents may all benefit from intelligent automatic data extraction, recognition, categorization, extraction and validation.
• For document categorization and data extraction, a semantic engine and Natural Language Processing eliminate the need for templates and set-up.
• Continuous process automation and a ‘Human in the Loop’ expert validation for document exceptions workflow are guided by Machine Learning algorithms.
• REST API allows for seamless integration with current workflow applications, RPAs and OCRs.
• Post (paper), email, attachments, web forms, fax, and EDI are all examples of different source types.

• Intelligent Automation is used to process unstructured material in order to acquire insight and trigger actions, while Human in the Loop is used to optimize the process and ensure close to 100% accurate results.
• Increases efficiency by lowering AHT and reducing mistakes.
• Software-as-a-Service (SaaS) pay as you go solution.
• 100% reduction in time spent manually entering data into ERPs.
• 100% reduction in time spent on manual validations.
• 50% reduction in time spent on invoice approvals.