Good decision-making is possible when you have the right information in your hands. Timely product and service delivery is also dependent on correct information. Going by this, we can agree that businesses need to concentrate as much on building infrastructure to enable access to correct data as they would on building products. But this hasn’t been a point of focus for many companies for one primary reason: most of them are still stuck in their old ways and dealing with paper-based processes, especially in the case of mission critical activities.
Paper-based processes are inefficient. By dealing with paper, the concept of information management is out of the question. Documentation is painstaking and time-consuming in the case of paper forms. Added to that are the significant staffing requirements to sort, file, and archive documents on a regular basis.
Documentation is important in any field but is especially critical when required to maintain strict compliance standards pursuant with government, taxation, or auditory laws. There are a number of statutory requirements for proper capture, filing, and documentation of records to ensure high compliance. Typical instances where capture of critical documents becomes indispensable include
Accurate and timely data capture of records will help companies run a proper decision-making process and evaluate corporate or government policies based on that data. This helps businesses work towards their goals based on latent facts rather than on assumptions.
All things said, the big conundrum for companies is where to begin? Every company wants to put in place best-in-class practices that will guarantee sound management of capital resources and finances. But how does one go about establishing an infrastructure for data and document governance, and monitoring of document-based processes? The answer lies in automation intelligent automation, to be specific.
Capturing business or government data is easy with an intelligent process automation tool. Take the case of accounts payable software, which is built on an intelligent process automation platform for streamlining vendor invoicing. The solution has built-in digital transformation capabilities like intelligent document capture, business process automation, robotic process automation, AI and Machine Learning, etc. that enable both capture and processing of data from documents.
Intelligent document capture employs powerful OCR/ICR technology and Machine Learning to classify and extract data from vendor invoices. A specific workflow, in accordance with business requirements, is assigned to this data to process it this workflow automation that is applied on extracted data includes data validation by tallying with master databases and approval. Integrating the intelligent process automation solution for document-based functions with a line-of business application such as ERP and ECM, or accounting software will help send the approved data to these applications for further business analysis.
An intelligent process automation solution helps capture business or government data from anywhere, making it a viable solution to record all data on a single platform. Apart from reducing instances of data breach or data mismanagement, this solution ensures all data within a company’s ecosystem is on record at all times.
In the case of accounts payable operations, intelligent automation helps instantly capture all vendor invoices, lowering the scope for missing, lost, or damaged invoices that could derail further processing and sound payables management, as would have been the case with paper-based vendor invoices.
Knowing the state of your finances is a critical aspect of sound corporate and financial administration. By ensuring all data is on record from the word go, intelligent process automation removes all instances of mismanagement of critical business data. The solution provides verified data, based on which the right decisions can be made.
Data and decision-making go hand-in-hand. If your data is inaccurate, the chances of you making the wrong decisions, and subsequently engaging in faulty business plans or government policies are high.
Invest in an intelligent process automation tool to guarantee your firm a sound decision-making process and the right growth trajectory for the long-term.