By Markus Pichler, Director of Solutions, ABBYY
Companies across the UK receive a daily influx of payments-related documents from business partners, suppliers and customers. Each day the data tide continues to rise, making it difficult for organisations to keep the massive amount of data under control. To effectively deal with growing numbers of invoices and other payments documents, companies must ensure information travels through the right channels and is processed as quickly as possible.
Many businesses have wised up to the benefits of implementing an electronic document management system to create efficiencies and convert the information contained within documents into value-adds. However, for many organisations a data collection system is also essential to meet compliance and regulation requirements.
To meet these requirements, modern document management systems have to adapt to legislation and at the same time meet the steady growth of data and documents and changing business needs.
Simplify business processes
Through the use of document management systems, business processes are automated and simplified. It is not only the quantity of data that poses a challenge to business owners nowadays. Managers today receive data from a variety of sources and in several different formats. These all require an error-free document and data capture process, which manual forms of entry and archiving simply cannot achieve.
The changing world of work
Today, multichannel capture must play a part in companies’ document management strategies. We are moving away from employees being located in one central office. Instead, the modern workforce is typically spread out across branch offices, home offices, working remotely on the road or at a customer site. With this, document management must evolve to become more agile and scalable. The full process – from scanning, detection and indexing to search, processing and archiving of digital images, electronic documents and data – now takes place within increasingly diverse channels. These include scanners, multifunction printers (MFPs), e-mail, fax and the ever-frequent use of mobile devices.
While physical files are vulnerable to loss, damage or misfiling, the compliance benefits of electronic document management are fast becoming a necessity for regulatory bodies with many documents and data legally having to be protected and accessible for several years. Opting for an electronic document management (eDM) solution makes business sense. It provides secure storage to file away invoices and keep track of payment status. From a legal standpoint, it monitors the approval process of legal documents such as contracts, non-disclosure agreements and other legal files. An essential part of any businesses and becomes incredibly useful in the unlikely cases of eDiscovery investigations years down the line.
To integrate multiple location offices and mobile workers into the business process, document capture and processing increasingly lends itself to be carried out in the cloud. This enables companies – and their workforces – to gain flexibility. Web-based technologies such as the cloud or web capture offer the highest safety standards that many organisations require during data transmission, which means companies need to offer special security standards to prevent data snooping and protect sensitive data that reaches the hands of third parties.
Safeguard business for today and tomorrow
With new and advanced mobile technologies coming into play, mobile capture solutions make it possible for business users or clinicians to automate data collection and processing. Data will be securely and accurately stored in back-end systems, whilst ensuring the organisation meets regulatory requirements to safeguard the business now and into the future.