While paperwork and bills in organizations are of utmost importance, a decent volume of organizations still end processing them the traditional route. Read this article to learn the importance of organizing and how can IDP help you do the same with much effective.
With globalization, a majority of organizations started to trade beyond their boundaries. Today every big organization has multiple offices throughout the globe. Also, they are providing services to multiple nations that created huge pools of data that needed to be processed for required information.
Post covid-19, each and every organization is spreading their steps towards document and bills digitization. Also, there are actively seeking newer and better ways to process and organize their data for easy access.
With massive pools of data being generated, it gave way to technologies & techniques such as big data, data science, etc. However, the technologies that helped with organizing organizational documents and bills in digital format were primarily two.
RPA (Robotic Process Automation): RPA are automation bots that have the capability to read, write, cut, copy, paste, etc documents of organizations. With RPAs, organizations started to automate their workflows for simpler tasks such as saving documents, forwarding documents, uploading documents, etc. Though it is still being used, there are limitations.
With RPA, in order to customize a workflow, the organization has to go to the drawing board and make changes to its code and functionality. It is still a widely used tool but not as efficient for organizing documents as the other technology we’ve mentioned below.
Intelligent Document Processing: Intelligent Document Processing or IDP is a modern solution for Information Automation. It bears the capability to perform document processing functions such as data extraction, data validation, and storage, etc. applying triangulation logics.
With IDP, organizations are able to perform document processing on huge volumes of structured and unstructured data without breaking a sweat. IDP platforms provide end-to-end document automation for a variety of use cases for multiple industries. Some of these industries are logistics, healthcare, manufacturing, finance & accounting, etc.
A great example of IDP is our product ‘VisionERA’. It can do all that is mentioned above and more.
About VisionERA: VisionERA seamlessly allows the user to select the type of documents for processing and offer a custom DIY workflow. Using a DIY workflow feature any organization can mold the tool as per their requirements.
It is backed by multiple advanced proprietary technologies such artificial intelligence (AI), machine learning (ML), natural language processing (NLP), computer vision, and optical character recognition (OCR).
VisionERA is now helping clients see results before sending the first invoice with $0 invoicing. Read more here. (This is a iron-clad zero risk approach)
With all of this process being performed on the organizational data, it becomes easier to create data banks of your preferred formats. All that data that resides in the documents be it images, PDFs, text files, etc are consolidated into spreadsheets using variables of your choice to annotate the data.
With a SaaS based offering, and all the other exceptional features, documents and bills organization becomes a lot more easier. The files are directly stored into the cloud environment with CMS systems of your choice. Doing this ensures finding relevant data at a click of the button.
There are multiple reasons why an organization would organize its paperwork and bills. To make it more concise, here is our list below:
Safety of the data is of utmost importance. Oftentimes with huge volumes of documents aggregated in an organization, the chances of losing it becomes imminent. In fact as per KPMG’s 2016 Global CEO Outlook upto 84% of them question the credibility of data they are using for decision making. It is because finding an old document amongst a pile of documents is close to finding a needle in a haystack. It is a common issue in offices that still use files and cabinets to do so. Also with decentralized digital systems having clutters of records everywhere, the problem still persists.
Older infrastructures of file organization makes sure that the documents are maintained with relevant metadata such as date, month, year, primary bearer of the document, etc. These documents were stored in a sequential manner so that every time a clerk needs to find it, he/she just looks for the associated data in his/her ledger, and checks out the physical archive.
Although this couldn’t work today because businesses require real-time data. This is the reason upto 77% want remote file accessibility helping them access data anywhere with ease. However with digital cloud based systems this problem has been resolved to a decent extent yet with files scattered everywhere, the need of spreadsheets that consolidate data is imminent.
With documents and bills organization, there is a procedure to what will happen to the document at hand. For instance, an invoice will be filed with other invoices keeping the date, month, and year in mind. Otherwise, every employee will take its own route to save and secure the document. It will create confusion and will aid the loss of data more frequently than imagined. It happens with digital records as well with no tool to explicitly dominate a standardized workflow. This is the reason upto 62% of organizations are running almost 25% of their processes based on standardized models today.
While there is a hierarchy to which the documents and bills are accessible to employees, organization of paperwork and bills still boosts transparency ten fold. How? Everyone knows where they will be able to find the relevant data. It means searching and sorting through it becomes easy. Also, once a document or a bill is recorded in the system, it will aid transparency because the data is available to all the concerned authorities. This problem is sorted by modern day SaaS based cloud solutions such as VisionERA where each and every data point concerning a particular authority is visible with a single click. For instance, VisionERA shows the levels of automation and accuracy of document processing in each department, and other data points such as FTE equivalent, batch progress, total files, etc. However with a decentralized legacy infrastructure that uses local storage, transparency can still be an issue.
Suppose if there is a grievance that needs to be mitigated immediately, an organized system would mean easier discovery. With access to the data at hand, the accountability of the organization will also increase.
It’s an industry known fact that procuring new data and storing is less expensive than fetching old lost data or records. With an organized system, the chances of losing a document or bill minimizes exponentially. It also helps in creating real time reports of expenditure incurred helping in reducing revenue losses, and overall cost incurred on the organization. It is reported that solutions such as IDP can help organizations reduced 80% of the operational cost involved in the process.
With the inception of computers in the contemporary world, the digitization of data became a norm. While storing the data in physical form was a norm in the past, it made for inefficient information systems, loss of data during events such as natural disaster or fire, huge time for searching relevant data, incoherent communication, less transparency etc.
However with information systems based on digital assets, each of these issues were nullified. Cloud computing became a thing for every organization, and automated backup of documents and bills became a daily activity.
Organizing paperwork and bills bears more importance today as it did previously. Currently each and every decision making and predictions are based on recorded history. Also, it is essential for organizations to maintain records for future claims both for debtors and creditors. In situations like this, it is essential to safeguard company activities, and create an infrastructure that provides real-time processing and organizing capabilities. With this article, we have tried to provide an insight to organizing documents and how IDP can help do the same. We hope that this may be of some value to you.