Tame your Data Monster with Intelligent Document Processing
byFrida KjidderöonStories 7 min
One major business face in managing the digital landscape is the maintenance and storage of data. The amount of data each firm possesses has had tremendous and exponential growth in the last decades and will most likely continue to do so. Some estimates have indicated that as much as 7.5 septillions (7,700,000,000,000,000,000,000) gigabytes of data are generated every day. It is also estimated that only 10-45 % of this data is actually used by businesses. The rest remains unstructured and unused. The reasons vary, but in general, it boils down to being too much data to handle, incomplete data, missing tools to capture and analyze data, and lack of structure within the data. Adding to this, it is estimated that employees spend more than 25% of their time searching for the right document and information they need to do their job.
The information overload also has other effects, other than loss of productivity, loss of opportunities the knowledge from the data could provide, and loss of potential value creation the knowledge sharing could provide. It can also generate new problems if left unhandled. For instance, the lack of control and overview of storing sensitive data. This can be especially important after the entrance of GDPR and poses a major challenge for firms to handle in their ever-growing mountain of data. It also poses major demands for storage.
Today, many firms use less and less physical documents and instead use cloud services for storage. Cloud services provide many benefits, such as ease of use, backups, ease of collaboration, and much more. But it also has a growing environmental impact. There are many initiatives in increasing the energy efficiency of cloud storage, but the carbon footprint is still major. To keep the servers of the world cool, a massive amount of electricity is needed. It also generates a lot of electronic waste.
So, what can we do about this? The answer is simple; by implementing a smart way to collect, analyze, sort, and cleanse our data. By implementing automation technologies such as RPA and Intelligent Document Processing (IDP), we can start to work our way through the mountain of data being created. We can start to work our way through the mountain of data we create.
...but 'how'? Platforms such as ABBYY, focusing on IDP, allow you to classify and extract documents of varying structures and export them in a structured manner that makes it easier to find and work with. We can increase your automation degree by turning unstructured data into structured data. This is a key capability for successful scaling in automation and an enabler to address your full process scope.
AKOAs offering of automation capabilities with our services provides capabilities to handle:
Process document volumes in the millions
Create and process structured data out of unstructured documents – e-mail, agreements, etc
Extract information in over 200 languages
Extract information from handwritten text, forms, and checkboxes
Reading tabular data
Read multiple document formats
Find key data elements in varied position and format
Verifying that documents are signed
Checking that all pages are counted for
Execute rule-based digital tasks
Interact with any Business Applications
Read unstructured text
Read and extract handwritten text
Support robot & human interaction
This provides a powerful force to turn unstructured data into structured data, to migrate data from one system to another, to index a large amount of unsorted data, and decrease the amount of unused information every firm deal with. This can lead to efficiency in your day-to-day operations, increased searchability in data, increased order and maintenance of information, and also a possibility to scale down on data use all while having better access to the data that the firm actually needs. This could also provide the benefit of decreasing storage needs and thus decrease the carbon footprint of the firm. And maybe, this could also save the employees from a headache or two by making information easier to find.
Contact us today and find out how you can make your data storage spark joy again.