Guest Column: Capture, Imaging, And Classification: Moving Beyond Paper-Based Data
By David Rock, President, NovoDynamics
Large organizations continue to process enormous volumes of paper-based information to support their business processes despite the widespread availability of computer communications.
It is often estimated that the cost of processing a paper invoice is five to ten times that of an invoice handled electronically. Similar estimates apply to other common forms of business communication, so a key business imperative for large organizations is centered on the conversion of paper-based data into a computer-readable form. When done effectively, data conversion lowers the total cost of business processes by ensuring the timely distribution of essential business data to people and backend business systems while also reducing the risk of lost data and failure to adhere to regulatory reporting requirements.
In the past, this form of data conversion was typically performed manually. However, recent practical advances in pattern recognition, image processing, optical character recognition (OCR) and contextual analysis now make it possible to significantly decrease the use of human labor for data conversion while maintaining data accuracy and speeding the introduction of data into otherwise automated business systems. As a result, businesses employing these advanced technologies are able to not only lower their costs, but also enhance their competitive position and become more responsive to both customers and vendors.