Businesses face varied and demanding pressures these days, including the pressure to reduce costs, the need to comply with increasingly stringent regulations and the pressure to serve and satisfy the needs of a diverse customer base.
Companies that deal with unstructured information, including documents, images (physical or electronic) and emails are especially vulnerable to these issues.
In a column at AIIM.org, John Mancini describes the challenges facing information companies, adding that the current (and ongoing) explosion of information and the “increasingly diverse” channels through which that information arrives adds to the problem. He cites a survey conducted by Brousseau & Associates stating that two-thirds of organizations report the volume of paper alone through their document processing facilities is either unchanged or higher than it was two years ago.
What’s more, according to Mancini, implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 continues to be one of the main forces behind the increased volume of both paper and digital documents. The act, which involved a sweeping overhaul of the U.S. financial regulatory system, resulted in the capture of more data more quickly and accurately than ever before.
Mancini suggest intelligent document recognition as a solution to data avalanche, and lists five benefits it offers companies either processing data or looking for a way to outsource that task:
1. Accelerated document processing cycle times
2. Increased and streamlined regulatory compliance
3. Improved service and accuracy
4. Reduced operation costs and increased efficiency
5. Streamlined document preparation and handling.
If your company is dealing with an influx of information, consider a service provider whose experience with intelligent document recognition could allow you to cut costs, improve compliance and efficiency and allow your employees to focus on your core competencies.