8 Top Facts About Intelligent Capture
Intelligent Capture is all about automatically and intelligently capturing, classifying and categorising information coming into the organisation, regardless of the channel it comes through. It is just one of many parts of intelligent automation and digital transformation that can help organisations to automate and optimise their processes.
Businesses can rely on intelligent capture to help organise information and automatically extract the data that is important for driving business processes. It can save a lot of time and money and allows employees to focus on more important, higher value tasks.
“On average, organizations expect the volume of information coming into their organizations to grow from X to 4.5X over the next two years. They expect more than 57% of this information to be unstructured (like a contract or a conversation) or semi-structured (like an invoice or a form).” (AIIM, State of the IIM Industry 2020: Are You a Digital Transformation Leader or Follower?)
The following stats and information are in reference to a recent report generated by AIIM in partnership with Kofax (4 Strategies to Conquer Information Chaos with Intelligent Capture, assisted by Artificial Intelligence, AIIM 2020, www.aiim.org) about creating, capturing, and sharing business information with a specific focus on intelligent capture.
1) 78.8% of Top Performers say intelligent capture is a crucial part of digital transformation
When asked about the importance of intelligent capture in relation to the overall digital transformation strategy, a resounding 78.8% of top performers rated it as ‘Crucial’. If nothing else, this shows us that key people in these organisations realise that intelligent capture is a step in the right direction towards digital transformation.
2) 77.5% of Top Performers believe that the focus of information capture has shifted to the point of information creation
As well as seeing intelligent capture as a crucial part of the digital transformation strategy, 77.5% of top performers also recognise that the focus of intelligent capture has shifted to the point when information is created or enters the business.
3) Volume is considered to be the most significant capture challenge
Surprisingly, the people surveyed were less concerned about the complexity of capture solutions and turning unstructured content into actionable information, and actually considered the volume of new information coming into the organisation to be the most significant challenge.
This accounted for 18% of those surveyed, followed by 16% saying the variety of new information is the most significant challenge and another 14% saying poor integrations with line of business applications is a key challenge.
4) Email is the biggest ‘information capture headache’
When it came to sources of data and the ‘biggest information capture headaches’, email was the leading source of pain with 18% of those surveyed saying it was their biggest capture issue. This was closely followed by scanned images and documents (16%) and paper forms (16%).
These ‘headaches’ show that businesses are still reliant on these channels for information coming into the organisation and it’s really important to get the capture of this data right in order to optimise the processes that relate to them.
5) 45% of users scan and capture on demand/as needed
Nearly half of the organisations surveyed said an on-demand approach to scanning and capturing was how they began their information capture efforts. This could be a cause for concern for those organisations as the process can be made more time consuming and difficult than if they were to take an approach of full backfile conversion, setting them up for better and more optimised processes moving forward.
6) Spending on hosted cloud services is the top short-term capture priority
When it came to some of the short-term intelligent capture priorities, spending on hosted cloud services was seen as a top priority along with considering the recurring expenses such as maintenance, service and contracts.
7) 43% of organisations consider document processing numbers a key capture performance measure
One question in the survey that was particularly interesting was based around how organisation’s are measuring intelligent capture, and when asked: Which of the following metrics do you use in your organisation to audit your capture processes? - 43% all checked the box for ‘# processed per hour, day, month, year, team or business process’.
In comparison only 35% considered accuracy rates to be a metric they use and 38% also checked ‘Average time to respond to queries’.
8) 58.7/100 is the average AI/Intelligent Capture competency score
Although the survey and report gives an interesting picture of how organisations are using intelligent capture, it’s also important to think about the overall competency and when it comes down to it, many organisations are yet to deploy AI and intelligent capture, with an average competency score of only 58.7 out of 100.
The key questions: where does your organisation fit in with intelligent capture? Are you also having issues with email and paper forms? Do you believe it’s a key part of your digital transformation strategy?