5 Key Industries that Benefit from OpenText Intelligent Capture
As an organization grows, so does the amount of business information generated by its employees, partners, and clients, across different processes and systems.
A wealth of knowledge and experience lies locked within unstructured content collected over the years—for example, spreadsheets, presentations, emails, proposals, and contracts. So how do you harness all this valuable information and make it available to teams and stakeholders to enable better decision-making and use it to fuel further growth? OpenText Intelligent Capture is a solution that helps companies across various industries unlock the value of their business data.
Data capture: Unlock the value of your business information
Data capture is the process of collecting structured and unstructured information electronically and converting it into data readable by a computer.
Information on paper documents is scanned and an Optical Character Recognition (OCR) program translates the image into machine-readable text. If the original information is already in electronic format, data capture solutions index and classify it so that it is easily searchable. This makes business information accessible so your teams can easily re-use, cross-reference, or share it.
But capturing vast amounts of information manually through data entry is time-consuming, expensive, and error-prone. It is not scalable, and organizations in a growth phase simply cannot afford quality issues with their business data and documents.
Automate data capture to improve accuracy and reduce costs
Automated data capture eliminates manual processes to digitize information. Automated capture software has many benefits:
It collects data from hand-filled forms, printed invoices, emails and other documents and converts it into readable digital format with greater speed, accuracy and lower cost.
It identifies and extracts critical information from incoming paper and electronic documents with minimal manual intervention from a user.
It improves operational efficiency, speeds up information processing, and makes it accessible to whoever needs it (whether employees or customers) from anywhere or any device.
Let's look at key sectors that work with high volumes of business data from multiple sources and can benefit from automated data capture methods.
OpenText Intelligent Capture helps financial institutions speed up document processing
The finance and banking industry deals with an ever-increasing volume of documents used in engaging with existing and new customers. Each financial product they launch typically starts with an application form and is supported by many other documents, including W2 statements, 1099 forms, paycheck stubs, bank statements and identification documents.
These documents are often incomplete or incorrect, leading to repeated manual correction requests and causing unnecessary delays in application processing.
To address customer queries, employees need to reference documents on the fly. These typically can include letters and emails, lending documentation, invoices, contracts, agreements, work orders or proposals, change of address forms, or certificates of deposit.
Digitizing these forms and documents and making them accessible on cloud-based software irons out most processing delays and improves customer experience.
OpenText Intelligent Capture supports the finance and banking sector with automation to ingest large volumes of data, capture critical information, and make it available on the cloud for teams to access at any time from anywhere. OpenText Intelligent Capture enhances operational efficiency as it automatically indexes all types of content—from mobile images to paper to PDF invoices—routing it to the appropriate people or processes.
13 of the world's top 25 banks rely on this highly configurable platform, which scales to handle the highest volume requirements.
Automated data capture makes electronic health records universally accessible
Extracting data from medical documents and retrieving medical records so that a patient's medical history is universally available has been a constant challenge for healthcare institutions.
A lack of data and technology integration forces in-house teams to expend manual efforts on time-intensive workflows.
Valuable diagnostic data is locked in paper documents or scanned images that are not readable by computers. This information remains underutilized or unused, and as a result, healthcare service providers may end up making diagnostic and treatment decisions in the absence of complete and definitive data. This can adversely affect healthcare outcomes.
At times, data exists but often is inaccessible in the ecosystem. For example, healthcare providers may duplicate medical and lab tests if previous test results are unavailable.
Administrative processes like patient registration, revenue cycle management, and account receivables also benefit from reliable data availability.
Automated data extraction leverages advanced machine learning to sort and classify medical documents. It automatically extracts key data points from unstructured data sources, improving the speed, accuracy, and cost of digitizing electronic medical records (EMRs).
RDS helps healthcare providers with content intelligence to re-engineer healthcare processes for a better patient experience.
Automatic capture helps Government agencies provide better citizen services
The objective of every government or public sector organization is to deliver high levels of citizen services. These agencies handle various documents, including surveys, census forms, voting ballots, pension cards, and more. The volume of documents is very high, and especially with high levels of compliance required, speedy delivery and data security become a challenge.
OpenText Intelligent Capture automatically identifies information for data extraction using intelligent process automation and machine learning. It eliminates manual data entry and repeatable and semi-repeatable steps in any business process and eliminates human error.
RDS offers document digitization, data capture and document management services helping government agencies to:
Allow citizens to self-serve and eliminate data entry for employees with online forms and public access licenses.
Redact sensitive information (PII) from public-facing documents to prevent cybercrime in your jurisdiction.
Marry legacy documents trapped on paper in vaults to electronic with scanning and indexing services.
Transformative technologies help preserve historical records and provide instant digital access, creating streamlined and efficient processes for government agencies.
Data capture solutions modernize law firms and legal departments
Many law firms build core client and case data sets using manual coding methods. For example, most firms gather classification data by having legal assistants manually enter information about new cases. However, with manual coding, there are risks of errors and challenges with the quality and consistency of data.
Leverage OpenText Intelligent Capture to modernize and automate your legal operations. It uses both traditional document identification techniques—barcodes, page separators and patch codes—and advanced recognition technology (OCR and ICR) for automated classification and data extraction. Advanced recognition leverages a broad set of classification technology, including high precision anchors (HPA), keyword analysis, image-based analysis, text string analysis for faster processing and better accuracy.
OpenText Intelligent Capture helps construction companies streamline operations
Large construction projects are getting more complex, and the amount of data that resides in documents and deliverables is enormous. A typical large infrastructure project may have:
An average of 130 million emails, 55 million documents and 12 million workflows.
Construction teams spend almost 13% of their time searching for project data and information.
Construction is one of the least digitized industries, and there are many benefits to be gained from transitioning from paper-based processes to digital workflows. Harnessing digital intelligence provides more valuable insights, better decision making, improvements in efficiencies and business growth.
Intelligent Capture can extract data from high volumes of structured and unstructured documents, producing compelling, industry-leading results. It efficiently controls information and workflows, maintaining a single source of truth for critical project documentation. It improves data consistency and accuracy and expedites process reviews and approvals. Advanced recognition capabilities ensure a fast return on investment. More than 80% of customers reported a positive ROI within 12 months and 92% within 18 months.
In summary
RDS strategically helps companies across a range of industries digitize paper records with professional scanning services and leverage the power of data capture technologies to extract and process data efficiently.
Talk to our experienced OpenText Intelligent Capture consultants for implementations, custom developments, process re-engineering, and long-term extended support.