Document processing is critical to any business operation, regardless of size or industry. It involves the handling, organization, and management of documents and information. This process is essential in ensuring a business's accuracy, efficiency, and productivity. Document processing used to be manual, but automation technologies have made it faster, more efficient, and less error-prone.
According to a study by AIIM, 46% of businesses that implemented an automated document management system saw a return on investment (ROI) within 12 months.
This article will discuss the tools and applications businesses of all sizes and industries can use to streamline their document processing workflows.
Tools and Applications for Document Processing:
Research by Gartner estimates that automation can reduce document processing costs by 30% to 60%. Learn about the tools available to help you.
OCR (Optical Character Recognition) Software:
OCR software is a tool that converts scanned images of documents into editable and searchable digital files. This software makes it possible to convert scanned documents into editable formats like Microsoft Word, Excel, and PDF. OCR software can be used in various industries, such as healthcare, legal, finance, and education. By automating the process of digitizing documents, businesses can save time, reduce errors, and improve accuracy.
Document Management Systems:
Document management systems (DMS) are software applications that help businesses manage, store, and track their electronic documents. DMS can be used to create a centralized repository for all documents, making it easier to access, share, and collaborate on files. It also allows businesses to set access controls, version controls, and document retention policies, ensuring compliance with industry regulations and standards.
Business Process Automation:
Business process automation (BPA) uses technology to automate repetitive, manual tasks. BPA can streamline document processing workflows, reducing the need for manual intervention. BPA tools can automate data entry, document routing, and approval workflows. By automating these tasks, businesses can save time, reduce errors, and improve accuracy.
Electronic Signature Software:
Electronic signature software is a tool that enables businesses to sign and authenticate documents electronically. This technology eliminates the need for printing, signing, and scanning documents, making the signing process faster and more efficient. Electronic signature software can be used in various industries, such as legal, finance, and healthcare. It allows businesses to sign documents remotely, saving time and improving productivity.
Data Extraction Tools:
Data extraction tools are software applications that extract data from unstructured documents, such as invoices and receipts. This technology uses machine learning algorithms to extract data fields from documents automatically. By automating data extraction, businesses can save time, reduce errors, and improve accuracy. Data extraction tools can be used in various industries like finance, healthcare, and retail.
Ways to Improve Your Document Processing Strategies:
According to a study by PayStream Advisors, invoice automation can reduce invoice processing time by up to 50%, and improve the accuracy of data entry by up to 80%.
Businesses can improve their document processing workflows by leveraging the abovementioned tools and applications. Here are some ways businesses can improve their document processing strategies:
Streamline Document Routing and Approval Workflows:
Automating document routing and approval workflows can improve the efficiency of document processing. By setting up automated workflows, businesses can ensure that documents are routed to the right people for timely approval.
Implement a Document Management System:
A document management system can help businesses manage their documents more efficiently. By creating a centralized repository for all documents, businesses can improve collaboration, accessibility, and security.
Automate Data Entry:
Manual data entry can be time-consuming and error-prone. By automating data entry using OCR software or data extraction tools, businesses can save time and reduce errors.
Use Electronic Signatures:
Electronic signatures can save time and improve productivity by eliminating the need for printing, signing, and scanning documents. Electronic signature software allows businesses to sign documents remotely, improving efficiency and reducing costs.
Implement Business Process Automation:
By automating repetitive, manual tasks, businesses can save time, reduce errors, and improve accuracy. BPA can be implemented in a variety of ways, such as automating document and invoice processing workflows, automating data entry and validation, automating customer service and support tasks, and more. BPA software and tools like those offered by Wrk can help businesses streamline their processes, reduce costs, and improve customer satisfaction. By leveraging the power of automation, businesses can gain a competitive edge and position themselves for growth in an increasingly digital and automated world.
How does automated document processing help you?
Document processing is an essential aspect of any business operation, and automating the process can save time, reduce errors, and improve accuracy. Businesses can streamline their document processing workflows and improve efficiency by leveraging the right tools and applications.
OCR software, document management systems, business process automation, electronic signature software, and data extraction tools are some tools and applications businesses can use to improve their document processing strategies. By automating document routing and approval workflows, implementing a document management system, automating data entry, using electronic signatures, and implementing business process automation, businesses can save time, reduce errors, and improve accuracy.
How does Wrk help?
Wrk can help businesses of all sizes and industries automate document processing workflows. With our easy-to-use interface, businesses can quickly set up automated workflows and processes, saving time and improving productivity.
Wrk also offers OCR software and data extraction tools enabling businesses to digitize their documents and automate document processing workflows. By leveraging Wrk technology, businesses can guarantee an edge over their competition and grow their businesses by focusing on their core competencies.
Automating document processing is critical to the success of any business, regardless of its size or industry. By leveraging the right tools and applications and implementing best practices, businesses can save time, reduce errors, and improve accuracy. Wrk technology offers a comprehensive solution for businesses looking to automate their document processing workflows, making it easier for them to focus on their core competencies and grow their business.