Intelligent Document Management
What is a Document Management Software System?
In recent times the large volume, complexity and diversity of structured and unstructured content that manages a company, regardless the size of it, has led to the development of document management and Enterprise Content Management tools in most organizations, to avoid chaos in information systems.
Thus, with the content management system Athento fully integrated into the operations of your company, you can manage and control all documents within your company.
These document management tools also help in administrative sustainability practices, compliance (Law on Data Protection or ISO 27001) and also represent a considerable saving in paper, physical records and space as well as a major increase in productivity.
What is Intelligent Document Management?
Intelligent Document Management is the application of some technology in boom – as Semantic Technology, Natural Language Processing, Neural Networks- to Document Management, Enterprise Content Mangement 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 recognition and classification (See Document Capture)
- Data extraction (See Document Capture)
- Intelligent searches
- 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)
What are the benefits of Document Management System?
- Collaboration: In a similar way to how Wikipedia works (with collaborative documents, but private information and critical business data that is securely controlled). Besides, your team can work on documents using collaborative tools as Google Docs and other.
- Creating Content: Creating documents inside the DMS and easily distributing them.
- Preserving documents: Such as invoices (which must be stored during 5 years for legal reasons), without wasting huge amounts of space as with paper documents. In addition, this would be adaptable to any type of document that is to be preserved by law enforcement or internal needs of the organization.
- Creation of Workflows: So you can approve documents, signing them digitally (using digital signature), and without having to physically move paper documents around the organization (in cases of organizations with multiple locations, this may require enormous amounts of time and money spent on staff, petrol etc., besides the cost of paper and the waste of energy).
- Reduce the search time of internal information: So looking for a document is as easy as performing a search in a search engine like Google, Yahoo etc., but with the ability to customize the results. Besides, some ECM software as Athento appy Semantics to boost search results.
- Efficient management of emails: The Mailroom feature keeps your emails under control.
- Version control of documents: So you can recover previous versions, study the differences between them, ask a colleague to compare two different versions of the same report … etc.
- Having a History of actions on the document: Which will reveal at all times who has modified a particular document, which changes that user has made, at what time the documents were modified etc. This may be crucial in high-security environments, or simply useful to discuss a specific change in a document with the exact co-worker that made this change. In addition, to comply with security standards (ISO 27001 etc.) This type of functionality is a plus in safety management of vital business information.
- Managing access permissions: So that we can, in an intuitive interface, choose which individuals or groups can access specific documentation.
- Manage documents intelligently: So that we can create a document at the root directory of the system, and the document will be placed in the folder where you it should be following the logic of classification established (for example, an invoice document type, issued by the company “Yerbabuena” would go to the folder “Invoices Yerbabuena”, after processing the document content automatically, and without requiring the presence of an administrative person to order documents. Imagine how long this can take on paper, file folders and AZ binders.
What are the benefits of an Intelligent Document Management Software like Athento?
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 money can I save by implementing a document management software for my business?
According to the AIIM (Association for Information and Image Management) :
- Companies invest $ 20 in work time to save a document, $ 140 to find a lost document and $ 300 € to reproduce a lost document.
- 7.5% of all documents are lost, out of the rest 3% are filed incorrectly (in a wrong place ).
- Professionals spend 5 to 15% of their time reading information, but up to 50% looking for it.
- A document is photocopied an average of 19 times.
- There are over 4 trillion U.S. documents and they grow at a rate of 22% per annum (PricewaterhouseCoopers).
- Corporate users receive an average of 18 megabytes (MB) of e-mail per day in 2007, this figure is expected to rise to 28 MB per day by 2011.
- Users send and receive an average of 133 emails a day (Radicati Group).
- One FAX costs 7,000 $ per year, including electricity, paper, ink etc. (Captaris), the average time it takes to send a FAX is 8 minutes.
- The average price of sending a document by courier service is between 10 and 15 US dollars.
- The cost of corporate offices is up 19% (Office Space Across the World 2008).
To give an example, suppose a company of 100 people, with extensive use of documentation.Taking into account the time lost searching for information, which can reach 50% and that for our example we will go with 15%, we also note that the time of loss and replacement of a document can be about 10%. With an average loss of 25% of the time (a quarter of the employee’s productive time) and assuming an average cost per person per hour, including expenses such as physical space used, social security, salary etc. of 20 $ an hour. However, the company lost $ 5 per hour per employee (25%), resulting in 176 hours in a month, a loss of $ 880 per employee per month, for a total of 100 workers, $ 88,000 per month, which is $ 1,056,000 per year (yes, one million dollars!).
The gain is not only on money but in image, faster and more efficient care to customers of your business, a sense of modern technology (which helps to motivate and retain the best employees), increased security in the most important active of any business: information. Studies show that without a powerful document management system, we use the resources of an organization so unproductively, we increase the consumption of paper and thus pollute more, use our office physical space to store this paper, we have difficulty sharing information, classifying it and finding the document you are looking for in just 5 seconds, as you would with Athento Document Management Software.
Document Management Vs. Network File System, FTP, VPN or similar
While there are other systems to share documents such as a computer network share, FTP server or VPN access to a file server, these solutions have the following disadvantages:
- The search is not efficient, because these systems do not index the entire contents of the documents
- The versions are a mess, ending up having different files with the same content and different names, ending in “Version 1″,” version 2 “or” definitive”, “definitive2” and then new_definitive. “
- You can’t do workflows easily, so all the workflows involving documents are done in the mail. Tasks such as approving the payment of an invoice, budgeting, writing a technical report, end up lost among hundreds of emails with several attachments on each one of them, which you need to download, edit and email back.
- The security is less than using a software like Athento that supports SSL encryption and helps fulfill the law (Data Protection) and standards such as ISO 27001 (Information Security).
- You can’t access the documents from a mobile smartphone like the iPhone, Android or Blackberry. This represents a decrease in productivity and mobility.
Sources: AIIM, 10 Fast Facts About Document Management Value, John Mancini. http://aiim.typepad.com/aiim_blog/2008/10/10-fast-facts-a.html
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.