Early Document Capture: The Unseen Benefits Explored

Early document capture refers to the process of digitizing and storing physical documents as soon as they are received, rather than waiting to file them away at a later time. While it may seem like a small change, implementing early document capture can have a significant impact on a business’ operations and bottom line.

How does document capture work?

Document capture is the process of digitizing physical documents by converting them into digital format. The process typically involves several steps:

1. Scanning: The first step in document capture is to scan PDF or the physical document using a scanner or a multi-function printer. The scanner converts the physical document into a digital image that can be saved on a computer.
2. OCR (Optical Character Recognition): After the document is scanned, OCR software is used to recognise and extract the text from the image. This makes the text searchable and allows for further processing.
3. Indexing: Once the text is extracted, the document is indexed, which means that it is tagged with keywords and metadata to make it easy to search and retrieve later.
4. Data extraction: Some advanced document capture systems also include data extraction capabilities. This means that the system can automatically extract specific information from the document, such as names, addresses, and account numbers, and store it in a database for further use.
5. Document Management: Finally, the scanned and processed documents are stored in a document management system, which allows for easy access and sharing of the documents among authorised users.

Overall, document capture technology can automate the process of digitising documents, which can save time, reduce errors, and improve the efficiency of the organization. Additionally, the use of OCR technology allows for the text to be searchable and easily retrievable, making it easier for the organization to find the required information.

What are the main benefits of early document capture?

Efficiency

One of the main benefits of early document capture is improved efficiency. When documents are digitised as soon as they are received, they can be easily searched, shared, and accessed by multiple team members, rather than being locked away in a physical filing cabinet. This can save time and reduce the need for manual data entry, which can be prone to errors.

Gatekeeper

By capturing data from documents at first point of contact, there is an opportunity for data on those documents to be checked, verified or applied to queries for notifications to be given to users in a timely manner.

Security

Another benefit of early document capture is improved security. Physical documents are vulnerable to damage, loss, and theft, while digital documents can be backed up and protected with password-protected access. This can be especially important for businesses that handle sensitive information, such as financial institutions or healthcare providers.

Compliance

Early document capture also helps with compliance. Many industries have regulations that require businesses to keep certain records for a set period of time. By digitising documents as soon as they are received, businesses can ensure that they are meeting these regulations and reduce the risk of penalties.

Cost savings

Moreover, it can also lead to cost savings in the long run. Storing physical documents requires space, and as the number of documents grows, so does the need for more storage. Digitising documents eliminates the need for physical storage and can save a business money on rent, utilities, and other costs associated with maintaining a physical office.

In conclusion, early document capture may seem like a small change, but it can have a big impact on a business’s operations and bottom line. By digitising documents as soon as they are received, businesses can improve efficiency, security, compliance, and save costs in the long run. It is a best practice that all businesses should consider implementing.

Read about successful case studies and the benefits different companies achieved with here.

How early document capture can help with better decision-making?

Early document capture can help with better decision-making in a few ways:

1. Timely access to information: By digitising documents as soon as they are received, businesses can ensure that the information is available when it is needed. This can be especially important for time-sensitive decisions, such as those related to finance, inventory, and customer service.
2. Improved searchability: When documents are digitised, they can be easily searched using keywords and metadata. This can make it faster and easier to find the information needed to make a decision.
3. Better data analysis: By digitising documents and extracting data, businesses can use this data to gain insights and make better decisions. For example, data from invoices and sales orders can be used to analyse sales trends and make decisions about inventory management.
4. Better collaboration: When documents are digitised and stored in a document management system, they can be easily shared and accessed by multiple team members. This can improve collaboration and decision making, as more people can be involved in the process. If you want to know more about this, read how Mapfre Middlesea achieved this here.
5. Compliance: Early document capture also allows businesses to comply with regulations that require them to keep certain records for a set period of time. By digitising documents as soon as they are received, businesses can ensure that they are meeting these regulations and reduce the risk of penalties.

In summary, early document capture allows businesses to have timely access to information, improved searchability, better data analysis, better collaboration and compliance, which can all lead to better decision-making. By implementing this process, businesses can make decisions more quickly and confidently, which can lead to increased productivity and growth.

How Scan2x can help you achieve these goals?

Scan2x it’s a new generation scanning technology that’s intelligent enough to know what is scanning and can trigger immediate alerts to users if data on a document does not pass checks – e.g. if a scanned passport is expired, or if a particular person referenced in a scanned document is present in a database.

Scan2x is a cutting-edge technology that streamlines the process of document capture by automatically extracting key information from documents and forwarding it to the relevant departments.

For example, when an invoice is scanned, Scan2x can extract the line items and send them to the Accounts Department for further processing.

Notifications can also be sent to related parties. This technology helps businesses to automate their processes and make their documents work harder for them.

With Scan2x, users can focus on running their business while the tedious task of consistent document capture is taken care of automatically.

¿Do you want to know more? Download a free trial version here.