Intelligent Document Management
Intelligent Document Management
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What is Intelligent Document Management?
Intelligent Document Management is the application of a technology in boom -Semantic Technology- to Document Management and Knowledge. This way, we can automate administrative tasks related to the classification or processing of information in unstructured documents.
Among the specific applications we have done using this technology:
- Automatic document classification
- Improvements in the OCR (Optical Character Recognition) by ICR (Intelligent Character Recognition)
- Invoice Automation (automatic extraction of relevant information from any document, invoices for example)
- Key Metadata Extraction on contracts and any other unstructured document
What are the benefits of Intelligent Document Management?
Intelligent Document Management is a drastic reduction in the time of several administrative tasks such as the time wasted adding metadata (for example) to documents within a document management system and it also enables a better management of digital assets since in most cases this type of work (adding metadata) does not get done properly or does not get done at all.
Placing metadata in a document implies a correct reading, so we're talking about big time savings.
Furthermore, in the case of the automatic extraction of invoice data, we are talking about thousands of accounting entries that can be performed automatically, so this intelligent document management module extracts the contents of the bill and it provides it to an ERP software such as SAP, Navision, Open Bravo or Open ERP.
In companies with high volume of invoices received, this process can take amazing improvements that make the cost of this effort reduce greatly.
How much can I save implementing Intelligent Document Management?
Using Intelligent Document Management can make 90% improvements in efficiency, which represents a dramatic savings in any business.
In a company with an administrative dept. or document management department of 100 people, assuming an average cost of 18,000 dollars gross salary per person per year, the cost of the entire department is 1.8 million dollars per year.
The relocation of 90% of the staff, spending most of the routine administrative tasks to the document management system, would save 1.62 million dollars each year, making the cost of this department $ 180,000.
Similarly, performed in a department of 10 people, this improvement would reduce the cost of 180,000 dollars per year to 18,000 dollars per year.
Semantic Technology vs Traditional Document Management Software.
The traditional document management systems differ very little from the archaic file systems, with Intelligent Document Management the advantage of being able to recover previous versions of the document, search fast with efficient indexing of all content and access the content via web, with the advantages this means: access 24 hours 7 days a week from anywhere.
These advantages represent a substantial increase in benefits in the management of documents, but providing document intelligence is a much greater change: we stop metadating each document that we got inside the document management system, therefore we can search more efficiently, we can send a document to the document manager and it is placed in the folder where it should be (automatically included with the automated metadata), we can scan hundreds of bills and pass the data to an ERP software ERP without the intervention of any person etc.
For an administrative department with 100 people, we can reduce the use of personnel by 90%, so 10 people could do all the work, since the weight of the document classification, adding metadata, performing accounting entries based on the content of invoices, classification of contracts, more efficient searches and so on can make huge savings in staff time of your business.
