In today’s world, businesses are generating and managing vast amounts of data, which can be overwhelming. Document-based workflows, which involve processing documents such as invoices, receipts, and contracts, can be time-consuming and error-prone. Data entry automation can optimize document-based workflows and streamline business processes.
The global data entry automation market was valued at USD 2.71 billion in 2020 and is projected to reach USD 5.9 billion by 2026, growing at a CAGR of 12.4% during the forecast period (2021-2026) (Source: Mordor Intelligence)
According to a survey by UiPath, 60% of businesses plan to invest more in automation technologies, including data entry automation, in the coming years. (Source: UiPath)
In this blog, we will explore the benefits of data entry automation, key features of automated data entry software, and use cases of data entry automation. We will also take a closer look at KlearStack, a leading provider of data entry automation solutions.
Table of Contents
What is Data Entry Automation?
Data entry automation refers to the use of software or tools that automate the process of data entry. This technology leverages advanced technologies like artificial intelligence (AI) and machine learning (ML) to extract data from various sources and enter it into a database or other systems. Data entry automation eliminates manual data entry, which is time-consuming, error-prone, and requires significant resources.
Automated Data Entry Process
• Upload or add data source
Organizations receive unstructured raw data in the form of documents, images or scanned files which have to be imported into the automation software data collection system.
• Process any file or document
This important step converts documents into machine-readable formats. Advanced OCR, AI and ML functions enable algorithms to “read and understand” documents. Data entry automation software recognizes and extracts only relevant parts of the data inside a document or an image. The AI algorithm can be trained to identify fields and data points of interest.
This optional step enables manual or semi-automatic verification based on validation rules. The extracted data can be checked for correctness and, if necessary, even improved.
• Integration with existing Systems
The data entry automation process’ final step is to deliver the extracted data to its downstream software. The extracted data as structured output (XML, JSON, Excel etc.) can be conveniently pushed/ imported into ERP/ CRM/ data warehouse/ data lake or any other software for further workflows. Almost all organizational processes & workflows can gain from information access automation.
Benefits of Data Entry Automation
Data entry automation is a blessing to many individuals of a record team. Be it a highly automated sector or any other, manual processing of data has been proven to be far more persistent when it comes to managing accounts, operational costs, etc.
Automated data entry software programs remove the inefficiencies of the paperwork done by humans. Businesses are choosing to automate their data entry processes completely for reducing costs, saving time, better accuracy, increasing productivity, and even increasing business scalability.
Few advantages of adopting information access automation are listed below:
● Greater accuracy
Automated information access software programs leverage AI & ML competencies to extract information correctly and minimise post-processing. Such algorithms are prepared to deal with common information constraints & remove errors.
● Reduces costs
Record keeping and data entry mostly requires hiring dedicated data entry professionals. You can easily reduce operational costs by doing away with inefficient processes done manually by leveraging OCR and Artificial intelligence.
● Saves time
You can save up to 75% of time spent on data entry by deploying OCR. It helps in improving and creating efficient data processing workflows by faster data entry processes.
● Highly scalable
You can equip yourself to handle any unexpected spike in data entry demand for huge volumes of data
● Increases productivity
Allocate man-hours and resources to much more productive tasks that immediately affect the bottom line.
● Increases worker satisfaction
Repetitive manual data entry processes impact workers, you can easily eliminate the need of monotonous data entry requirements and effectively engage your employees in more productive tasks.
Use Cases of Data Entry Automation
1. 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.
2. Invoice Processing 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.
3. Financial Document 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.
Data Entry Automation with KlearStack
KlearStack is a leading provider of data entry automation solutions that helps businesses streamline document-centric Business Processes. KlearStack offers a state-of-the-art OCR solution enriched with Artificial Intelligence and Machine learning capabilities to extract data from various sources, including paper documents, emails, and digital documents like pdfs, images etc. Our AI-driven OCR software not only scans and digitizes text in bank applications, legal documents, invoices, bills, receipts etc. but also ensures that the results are always error-free.
KlearStack’s data entry automation software provides businesses with several benefits, including improved efficiency, increased accuracy, and cost savings. Our software’s key features, including data extraction, data validation, data entry, integration, and customization, make it an ideal solution for businesses looking to streamline document-based workflows. KlearStack’s software can be customized to meet the unique needs of businesses in various industries, including finance, healthcare, and manufacturing, making it a versatile and powerful solution for automating data entry and processing.
To know more about our solution, book a free demo with our automation experts today!