Over the past 20 years, the document capture and business process automation industries have repositioned itself many times over to capture the mindshare (and hopefully wallet-share) of consumers — mostly large enterprises and the “mid-market”, whose definition is quite elusive. We’ve used terms like “optical character recognition”, “capture”, and even “intelligent capture” to try to describe what we do for customers: We make it easy to find and act upon data and other content.
That’s the idea behind Good Data. Good data is just the right amount of data to improve or automate a business process. Here are a couple of examples:
Accounts Payable: Good data is taking emails from your vendors, automatically pulling documents from the attachments, identifying the document types, extracting key information, running business rules, and delivering the documents and data to your accounting system. The end result is an invoice that is ready for approval or payment. This will help reduce data entry costs and cut down on vendor churn.
Mortgage Underwriting: Good data is taking three years of a borrower’s tax filings, identifying the different tax forms, extracting key information, running business rules, and delivering the documents and data to your underwriting system. The end result is a quick evaluation and risk assessment. This will help speed up the underwriting process and make your business more competitive.
How can Good Data improve company economics?
Increase Revenue: Improve customer satisfaction by speeding up and standardizing business processes. Improve competitiveness by promising and delivering on quicker turn-around times compared to peers in your industry.
Reduce and Control Costs: Reallocate employees from data entry to performing higher-value tasks. Reduce or eliminate spend in outsourced data entry. Streamline your email workflows and eliminate additional printing costs by using a digital workflow.
Increase Productivity: Give knowledge workers access to the right data at the right time so they can make the right decision. Reduce or eliminate repetitive tasks like data entry, workflow routing, or simple business rule evaluation. Index documents in your content management system using tags and categories that will make content easier to retrieve.
Improve Compliance: Shine a light on the “dark data” that you have within your company walls. Catalog the documents and data you have for your customers so you are able to retrieve them when needed or purge them when their retention period has passed.