What is Intelligent Data Capture?
A complete automation solution is more than just a single piece of software. By evaluating your organization’s needs and current processes, you can identify gaps and determine the best solutions to fill them.
To best understand how software solutions can benefit your organization, it’s important to gain insight into how they work. Intelligent Data Capture is a crucial part of a successful automation strategy and can help take your existing document management solution to the next level.
What is Intelligent Data Capture and how does it work?
In technical terms, Intelligent Data Capture (IDC) is the automated process of identifying and extracting critical information from incoming paper and electronic documents without manual intervention.
In layman’s terms, IDC eliminates manual data entry by using technology. By investing in Intelligent Data Capture, your organization can save time, money, and resources by no longer having to manually extract data from your documents and organize it.
Mosaic utilizes our partner DocStar’s Intelligent Data Capture tool to help enhance our customers’ current document processes. The way their IDC works is that once a solution is configured, it “learns” the common document types you use and builds a knowledge database of these document types.
What this means is that IDC can classify the type of document you input (for example a purchase order versus an invoice), then extract the key information from that document, validate it, and then input that data into your database, enterprise resource planning software, or another business system of your choice. This process is different than traditional Optical Character Recognition because it goes above and beyond simply identifying the data, it also extracts and inputs it based on your needs.
Intelligent Data Capture is extremely accurate while still being simple to set up and configure. Rather than spending additional time on configuration, IDC’s unique self-learning abilities mean that you can simply submit a single sample of the common document types you use. This means you can begin utilizing your solution sooner while still having the benefits of a sophisticated solution. Because Intelligent Data Capture “teaches” itself, it’s flexible enough to grow and adjust alongside your organization’s needs.
The most notable features of IDC include invoice recognition and data lifting, forms processing, automated document classification (separates various document types automatically), and exports to just about any accounting or line of business application.
Other, less advanced, intelligent data capture solutions had lower accuracy rates and required a substantial investment in set-up and configuration. Today’s solutions, on the other hand, are easy to configure and intelligent enough to learn and adapt for maximum accuracy and flexibility.
The steps in IDC’s process look like:
These steps, when done manually, can take significant time and resources, but with Intelligent Data Capture, it can be simplified and streamlined.
How can IDC benefit your organization?
At its core, Intelligent Data Capture is designed to eliminate manual data entry from every paper document you may have. This includes any form, invoice, remittance, purchase order, or any other type of document you come across in order to complete your daily tasks. By doing this, you can significantly reduce your headcount and give your employees more valuable tasks to focus on rather than spend hours and hours completing manual data entry. Through IDC your organization can double or triple the output of staff members processing inbound forms, without making them work harder.
Plain and simple, why pay an employee to do something that can be done through automation?
Intelligent Data Capture also increases accuracy significantly. When people extract data, human errors are bound to happen. Whether that be an employee misreading something, or mistyping data, the consequences can be significant. With IDC, that risk diminishes to close to zero.
Since this process is so much more efficient, your organization can also benefit from early payment discounts and avoid any late payment fees.
How to implement Intelligent Data Capture
Mosaic has experience in deploying DocStar IDC for organizations of all sizes, and we’d be glad to help your business save time and money by eliminating manual data entry. Give us a call at 1-800-387-7859 to learn more about how we can help.