Blog > May 2021 > Creating Gold with Enterprise Data. From Unstructured to Structured Data Within Minutes to Fuel Auto

Creating Gold with Enterprise Data. From Unstructured to Structured Data Within Minutes to Fuel Automation

Depending on the size of your firm, on any given day, your business is inundated with potentially millions of pieces of data. Whether it's interactions between internal departments, clients, partners or vendors, this never-ending fire hydrant flow of unstructured information will simply never stop. It's a vital part of almost any business process – albeit capturing and processing the information is slow and error-prone when done manually.

Look at this flow: where would you expect errors to occur?

  • A human to receive data (email, scanner, paper, etc.)
  • A human has to react or read the data (what is it, what does it say)
  • A human often has to record receipt of the data
  • A human has to route the data (this goes to Jim in Accounting)
  • A human may need to respond to the data

So, where are the errors? You guessed it. All Rs (receive, react, record, route, respond) are riddled with steps that may touch different systems, different compliances, languages and different interfaces. Not only is it complex, but your employees also absolutely hate dealing with it! This is where Intelligent Document Processing (IDP) solutions can come into play – and specifically, I am referring to Ephesoft Transact.

So how does IDP help?

  1. Speed: IDP tools can process enormous amounts of data very quickly and accurately (loans, invoices, mail, employee applications, bills of lading, mortgage docs, insurance forms, benefit forms, etc.)
  2. Data Cleanliness: As documents are identified and key data is extracted, the accuracy rate is much higher than that of a human.
  3. Automation: Now that you have your data extracted, it’s ready for primetime. Feed that data into a low-code process management system, plug it directly into your RPA (bot) of choice for straight-through processing or send the data directly into your existing business systems, including ERPs like Oracle NetSuite, Microsoft, SAP, Infor and content services repositories like Box, SharePoint and many others.
  4. RRRRR: Remember those Rs from earlier? With IDP, you can use your employees for customer-facing tasks or other high-value duties that will, in fact, most likely make their job more fulfilling because humans are not fans of the final R: REPETITION.
  5. Gold: Your enterprise data is gold. With Ephesoft Transact, all of the data inflow can be tagged and the metadata is captured. This means that your data lives to see another day. It’s not just here to accomplish a simple task today; we extend its use and make it available for future use, learning and process execution.

What’s Next?

Now that there’s the possibility of “gold” data, it’s time to put it to use. But how do you start this digital transformation and what’s involved? I would recommend reading this complimentary guide on The 6 Essential Elements of Intelligent Content Acquisition Technology, which gives you more details on intelligent document processing workflows, approaches and how to build your business case.
For more information on IDP, digital transformation or how to optimize your data, contact the Ephesoft partner team at partnersales@ephesoft.com.

Posted: 5/21/2021 8:00:00 AM by Scott Whitlock - Ephesoft
Filed under :automation, data, workflow