Commercial digital transformation occurred as a series of definitive changes around the nineties. This means that every traditional company resorted to manual data entry due to the lack of adequate resources before that. However, even after the digital transformation era practically swept across business domains around the globe, there were several companies that did not match up with the required levels of migration.
This trend has continued till now, with many organizations still not adopting data entry automation tools, neglecting its benefits for productivity and optimization. If your business is still lagging behind in this respect, here are some industry-specific examples to learn how to automate data entry for business growth. Take a look!
Besides other technical aspects, any data entry automation software works very closely with artificial intelligence and machine learning. These technologies help data entry software in recognizing and classifying data coming from different sources and having different formats. Optical character recognition tools are very commonly used in conjunction with this software.
Further, most of these software have a single-click integration with other tools like the Enterprise Resource Planning (ERP) software. Therefore, the uninterrupted flow of data to and fro the ERP makes data entry much easier.
A good data entry software allows managers to add tasks to this system. Moreover, they also have a scope of assigning these tasks to specific team members. Alerts are issued automatically whenever a manual review of data is needed, thereby ensuring full accuracy of the entered data. Lastly, data entry automation software has seamless project tracking facilities as well. So, any updates, deletions, or edits can be monitored in real-time.
Benefits of Data Entry Automation
Investments made for data entry automation go a long way in improving the overall work environment in an office. Following are some tangible benefits of data entry automation:
● Lower Costs Of Business Operation
The traditional methods of data entry were a major area of expenditure for businesses. From paying for the purchase and maintenance of printers to arranging enough storage space for physical records, everything requires a lot of capital. Looking at the big picture, most companies unwillingly hire more workers just to get the data entry jobs done. All of this just adds to the cost of running a business, which in the long run is not matched by similar revenue generation. By automating data entry processes altogether, you save yourself from spending money on all these aspects permanently.
● Eliminating Errors
There have been studies in the past that suggest that errors committed during manual data entry were a reason for enormous overhead costs. So much so that they’ve even topped the cost of getting the work done in the first place. A process that in itself requires a lot of money seconded by overhead expenditures like these is just a setup for a drain of wealth and nothing else. By leveraging the benefits of artificial intelligence-backed technologies like OCR, data entry software make sure that you always get reliable and accurate outputs.
● More Focus on Valuable Work
When employees do not have to worry about entering every data set manually, they get the luxury of spending all their time analyzing the same data for strategy building and planning. This way, faster data entry using automation tools helps organizations indirectly improve their productivity. Ultimately, employees perform work that is actually valuable for the organization. Also, it improves the work atmosphere, where employees are no longer expected to do cumbersome tasks daily.
Best Use Cases of Data Entry Automation
● Handling Legal Documents
Any big law firm deals with tons of data every day. Legal and compliance documentation is vast and extensive, and record-keeping in such setups is of prime importance. Data entry automation involving strategic data parsing, data review, and moving of files has transformed legal ecosystems greatly.
Further, lawyers need citations and references to give subjective arguments in court. However, searching through old records and books for even a single reference is among the most tiring jobs. With data entry automation complemented by data parsing, all records are digitized and searchable, helping lawyers find relevant segments within minutes.
● Invoice Data Automation
Accounts payable automation is one of the biggest benefits of data entry automation. Earlier, data stored in invoices had to be manually entered and correlated with internal records before processing payments. Like any other manual process, this required a lot of time and was subject to too many errors.
With automation, as soon as invoices arrive, smart OCR applications convert them into computer-usable forms. Subsequently, data entry software places them in the required fields and correlates them adequately. This streamlines the invoice processing workflow and reduces the need for human intervention.
● Data Entry Automation at Banks
Banks receive applications and forms loaded with data for account opening, loan requests, payment processing, etc. Data from these forms needs to be updated on the bank’s portal first before the process can be initiated. Naturally, an employee entering data manually will require a lot of time, considering the footfall at the bank.
With data entry automation, this entire roadblock gets removed. Information in forms, applications, etc., is digitized in seconds, allowing operators to focus on physical document verification before completing the request within minutes.
KlearStack Data Entry Automation Solutions
As stated on multiple occasions, OCR applications are an important requirement to automate data entry from the text. KlearStack offers a state-of-the-art OCR solution enriched with Artificial Intelligence and Machine learning capabilities. The OCR software not only scans and digitizes text in bank applications, legal documents, trading invoices, etc. but also ensures that the results are always error-free.
Our OCR software generalizes extremely well for a range of use cases, making it the most suitable data automation tool across domains. To know more about our OCR software and to book a free demo, contact our team today.