The Lasting Value Of Accurate Data Capture
Regardless of the latest technology, one thing has remained constant – the need for high quality data.
Blog post by Mark Harris, Business Development Director, Embridge Consulting.
In recent years, topics of discussion have included Business Process Improvements and digital transformation to Robotic Process Automation, data mining and more.
Regardless of the latest technology, one thing has remained constant – the need for high quality data. Inputs are absolutely critical as we all know Rubbish in – rubbish out.
Accurate data is everything
Get data capture right, and organisations gain actionable insights and provide an improved service to their clients and suppliers alike. Get it wrong, and technology upgrades can cause more harm than good and damage those relationships.
It sounds obvious, but organisations seeking to leverage cutting-edge technology need quality data. That’s why you should prioritise the accurate capturing of quality data that is in a structured and usable format. This enables quality insights to be gained that can be relied upon as the underlying data is sound. And it provides opportunities to leverage exciting new technologies like AI and RPA to provide further efficiency gains.
The challenge of Interoperability
Traditionally, organisations looking to capture unstructured data to fuel process mining and insight projects have relied on traditional capture technologies like EDI, data ‘flip’, outsourcing or even OCR.
These technologies have much to offer if they are used correctly, but this isn’t always the case as people do not take the right approach. Another challenge is uneven adoption amongst suppliers and buyers, leading to a lack of interoperability. So, it makes sense to focus on connecting customers/suppliers through affordable and reliable technologies. Automation of the AP function through application generated documents, like PDF’s, and spreadsheets are a perfect example.
Why “good” is the enemy of “great”
As Jim Collins has observed, “Good is the enemy of great”.
Often, organisations adopt technology solutions with little research or foundation because they believe they don’t have the time, money or resources to change their approach. As we have pointed out previously, many organisations are unsure how best to integrate the technology into their existing infrastructure and applications – being under the wrong impression that it cannot be done. Or they choose to ignore implementation, believing it’s too complicated and expensive, this is not the case with our solution.
Instead, they introduce workarounds or solutions that deliver poorer results and accept that they can only deliver a minimal level of performance due to financial and operational barriers. The result is that data quality suffers, and people are basing decisions on flawed or incomplete data.
We all know how fast technology is moving. The potential that RPA, machine learning and AI have on our everyday lives is huge and exciting. To deliver on their promise, we need to ensure that the data we feed into the top of funnel is as clean and complete as possible. And that means a laser sharp focus on ensuring data capture is 100% accurate.
Think of it as an investment in the future of your business – one that will reap dividends once technologies like machine learning become truly accessible and affordable.
The right capture technology for the right source
As a CloudTrade partner we use their patented service to ensure you are able to accurately capture data from semi-structured and unstructured sources – including application generated PDF invoices and Excel – and turn them into structured formats. Therefore, we’re accelerating the adoption of new technologies by providing the underlying data that powers them.
We’re conscious that many organisations are investing heavily in digital transformation. These projects come in all shapes and sizes, and they’re to be greatly encouraged. By adopting the right capture technology for the right source, outcomes are always more accurate and complete.
Embridge’s solution built upon CloudTrade’s offering has been designed to slot into existing processes and technological infrastructures, it is ERP independent and can enable organisations to fill in gaps when it comes to information capture. Now you can leverage the power of high-quality data, however you choose to use it.
Missed the Jeremy Philips of CloudTrade host of January’s Coffee Break Session on 7th January? Download the podcast now: Finance Transformation relies on good data – How many times do you touch a document before the transaction is processed?
CloudTrade is a data capture and automation service for business documents. Using our unique and patented rules-based technology, we extract your valuable data from incoming documents, such as invoices and orders, and process these with 100% accuracy straight into your business applications.
As the market leader in document automation, CloudTrade makes 100% accurate data processing accessible for all senders and receivers of application generated documents. Over 650+ customers globally around the world trust CloudTrade with $20bn worth of documents as their application generated document automation tool, alongside our 50+ partners. Founded in 2010 to offer a fresh approach to electronic document processing, CloudTrade’s unique, patented technology, enables companies to evolve past their reliance on paper or labour intensive manual processing and transact digitally with their trading partners, irrespective of size or technical maturity. CloudTrade’s core product suite focuses on e-invoicing, including newly launched Universal Capture to automate all volumes and document types, Invoice Fraud Protection, as well as Intelligent Ordering Processing. Visit our website for more information – www.cloud-trade.com
About Embridge Consulting
Embridge Consulting was founded in 2009 as an independent consultancy advising businesses who were looking to embark on a change programme where efficiencies and cost savings can be delivered using modern technology. Embridge Consulting partnered with CloudTrade earlier this year to deliver greater value around document and invoice automation. Embridge will shortly be announcing their Cloud Invoice solution powered by CloudTrade – www.embridgeconsulting.com
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