It's easy to look at capturing documents into a digital format as a strictly logistical task. The mechanics of gathering all the information from various sources, extracting the right information, and putting it into the right place can seem very rote. That's what makes some elements ideal for automation with tools such as Kofax Capture. However, there is more to document management than just logistics.
What about its impact on the level of risk your business faces? That risk could relate to compliance concerns or involve actual financial realities for your business. Poor document handling can lead to real losses—but a smarter solution powered by intelligent automation can be a key tool for risk management. Kofax Capture makes that process simpler.
What Are the Risks Associated With Poor Data Accuracy?
First, why do businesses need to focus their concern on this area? Errors shouldn't be "just a part of doing business." Improving the accuracy of capturing and extracting data is essential for avoiding some of the most troublesome problems. These can include:
- Improper billing procedures. Poor or error-riddled data in the accounts payable process can cause all types of problems. You might overpay on an invoice, or your business could miss paying an invoice altogether, incurring late fees and frustrating your vendors.
- Poor customer experiences. When data entry errors cause problems for customers or otherwise degrade the experience you provide, you might not have a second chance to win back their business. Back-office problems can cascade into issues that affect even customer-facing applications.
- Compliance concerns related to your recordkeeping or reporting. Low accuracy, data entry errors or the lack of good recordkeeping practices can expose companies to regulatory risk when they fail to follow the law or cannot pass an audit.
All these concerns can impact your company's bottom line and its ability to operate efficiently. Improving how you obtain and manage document data is key to mitigating those concerns.
Reducing Human Error With Kofax Capture
Most errors originate early in document processes, specifically during the capture and classification stage. Human mistakes are the most common cause, especially when workers must extract information from a document and then enter it into different enterprise software solutions by hand. Because these problems start so early, catching and correcting them can be costly and time-consuming.
Eliminating human error from the equation is the solution. With the advanced capabilities of Kofax Capture, it's possible to classify documents intelligently and extract data almost entirely automatically. Link devices across your organization so that every point of origin for document data connects with Capture to extract its information.
With more than 140 enterprise software connectors available out of the gate, you can ensure the seamless creation of database records and more based on ingested data. This process ensures highly accurate information flows into your systems, helping eliminate costly errors such as incorrectly entered invoice amounts. Not just highly customizable, Capture is also very extendable.
With the Kofax Marketplace, businesses can find additional solutions to add or integrate new Capture functionality into their workflows. From solutions targeted at improving compliance to special solutions for improving how you scan documents, you can quickly adopt new tools to address ongoing challenges.
Integrating Kofax Capture Into Your Workflows Today
Effective risk management is essential in today's demanding business environment. By reducing errors and increasing confidence in your document-related work, you can avoid costly errors and keep critical processes functioning year-round. With Kofax Capture and solutions to extend and enhance your capabilities in the Kofax Marketplace, reducing your risk level is possible.