In the fast-paced world of evolving businesses, manual data extraction can be a significant pain point. Professionals often find themselves bogged down by the time-consuming task of extracting data from a growing pile of documents. This hampers productivity and prevents them from focusing on strategic tasks that drive their organizations forward.
Adocs, Veryfi’s data extraction tool, handles over 110 data fields, 91 currencies, and 38 languages, processing any document type. In our recent Empowering Businesses with No-code and Low-code Solutions article, you were introduced to the benefits of ADocs. In case you missed it, here are the key takeaways:
- Make customization and scalability the norms: Businesses can tailor solutions to their needs and scale easily while ensuring compatibility with existing systems.
- Reduce trial and error while democratizing tech development: Reduce dependence on raw software development or IT by empowering users to swiftly applications through integrating with low-code and no-code solutions.
- Gain a competitive edge: Rapidly adapt your organization’s data extraction parameters to business needs.
You may ask, how will ADocs OCR revolutionize my data extraction process? Try ADocs for yourself with a 14-day trial.
Trends & Stats in Document Processing
In today’s fast-paced business environment, efficient document processing is crucial for maintaining productivity and making informed decisions. However, organizations face significant challenges in handling the complexity and volume of diverse document formats, extracting meaningful insights, and managing scalability.
Challenges:
- Complex Document Formats: Straint Research reported that processing documents accurately is challenging due to the variety of formats and structures. The diversity of document types complicates seamless adaptation and integration. Only 18% of survey respondents reported achieving “perfect” accuracy in their capture processes.
- Lack of Comprehensive Insights: Manual processing isolates data, hindering strategic decision-making. A survey by Gartner reported that 32% of employees reported that they made the wrong decisions due the lack of visibility over information or data needed to effectively perform their jobs.
- Scalability and Integration: CIO reported that from 2018 to 2023, the worldwide storage was doubled, reaching 11.7 zettabytes. That’s a lot of data! Managing manual document volumes efficiently becomes impractical as the volume of documents increases.
Trending Solutions:
However, according to Research study by McKinsey, Intelligent Document Processing (IDP) trends are reshaping these dynamics through:
- Automation and AI Integration: Optical Character Recognition (OCR) technology integrated with Artificial Intelligence and Natural Language Processing will adapt to the complexity of data and process documents in a quick, accurate and scalable manner.
- Enhanced Data Security: As data breaches become more common, there is a heightened focus on strengthening data security within document processing systems. This includes implementing advanced encryption methods and robust access controls to protect sensitive information.
- Advanced Analytics: Leveraging data analytics within document processing helps organizations gain insights into operational efficiencies, compliance issues, and workflow bottlenecks.
ADocs leads with streamlined workflows ensuring accuracy and compliance, empowering professionals for strategic growth. Trusted across various applications, ADocs transforms document management.
1. Managing Financial Operations: challenges and solutions
Did you know that poor data quality would cost businesses an average of $15 million annually? Inefficient data management not only destroys business value but also highlights the critical importance of effective data handling for organizations.
Before adopting ADocs, a leading premium automotive manufacturer’s financial department faced challenges with a high volume of invoices, resulting in manual processing errors and delays that impacted cash flow and vendor relationships. Implementing ADocs automated invoice data extraction and seamlessly integrated with existing ERP software from Veryfi. This led to a 50% reduction in processing time, significantly fewer errors, faster vendor payments, and improved vendor satisfaction. ADocs also automated expense report submissions, boosting employee productivity, streamlined bank statement reconciliations, and expedited month-end closing processes. Since 2021, this automotive leader has remained a loyal customer of Veryfi, consistently benefitting from ADocs’ efficiencies.
2. Growing Sustainable Retail Revenue: challenges and solutions
A research report by Accenture highlights that the rapid increase in digital customers, accelerated by the pandemic, presents both challenges and opportunities for retailers to enhance customer engagement. Providing personalized and value-driven interactions strategies is increasingly critical for enhancing customer loyalty and retention in the evolving retail landscape. However, many Consumer Packaged Goods brands struggle with capturing and leveraging zero-party and first-party data, which are vital for fostering customer loyalty because it’s information that customers willingly give to brands. ADocs addresses this challenge by automating data extraction and utilizing AI to derive actionable insights. These insights empower CPG brands to effectively gain deeper understanding of customer behaviors and preferences to improve retention rates.
PepsiCo leveraged ADocs to create more targeted marketing campaigns by utilizing the cross-basket insights that ADocs provides. ADocs’ advanced data extraction capabilities allow the company to analyze purchasing patterns and identify trends across different product categories. For instance, PepsiCo can identify which products are frequently bought together and develop targeted promotions to boost sales. This data-driven approach not only enhances campaign effectiveness but also helps in optimizing marketing spend by focusing on high-potential consumer segments. By using ADocs, any Consumer Packaged Goods brand will be able to gain valuable insights that lead to more personalized and impactful marketing initiatives.
3. Acquiring Compliance in Any Industry: challenges and solutions
In a world without intelligent Optical Character Recognition (OCR), legal mistakes and compliance errors can be extraordinarily costly. According to the Global Scape, the average cost of non-compliance, including fines, penalties, and business disruption, is approximately $14.82 million annually. These statistics underscore the importance of intelligent OCR in mitigating risks and ensuring accurate, efficient document management to avoid severe legal and financial repercussions.
Businesses across industries can simplify compliance in legal firms by leveraging ADocs to enhance document processing using Veryfi’s Business Rules Engine. This engine allows firms to set specific conditions and actions tailored to the business’s unique demands, ensuring scalable operations and robust fraud mitigation. By automating compliance-related tasks, ADocs not only ensures data accuracy but also reduces the risks of non-compliance. Using machine learning, ADocs continually improves its accuracy rate by learning from errors and refining its document processing capabilities. This adaptive approach enables ADocs to efficiently handle large volumes of documents for legal firms, optimizing resource allocation and enhancing overall productivity. Here, see how Veryfi Fraud Intelligence detects both fraudulent and out-of-policy aspects on a receipt:
Work Smarter, Not Harder By Automating Data Extraction
No matter what industry you’re in, incorporating ADocs into your workflows can transform the way your organization uses data. By enabling organizations to achieve productivity, scalability, and accuracy when handling data, Veryfi ADocs empowers individuals to focus on strategic tasks that drive business success.
Ready to revolutionize your workflow? Start ADocs for free to experience the impact it makes in helping you manage financial operations, grow revenue sustainably, and meet regulatory standards. Don’t let tedious or inaccurate data extraction hold you back—embrace a future with ADocs. Check out Veryfi’s YouTube channel for how-tos and other helpful resources.
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