How can document automation help you improve business efficiency?
Keeping a business organized and compliant with the regulations is a full-time job in itself. All the employees must know where to find the relevant documents to access them quickly and easily. That’s why managing documents is so important — it allows employees to work more efficiently and keeps your business on track. Xtract.io is an efficient system that can help in intelligent document extraction and management.
Let’s discuss some of the different ways document automation can be used in businesses, and we’ll give you a sneak peek at some of our features at Xtract.io.
What is document automation?
Document automation is the process of digitizing the management and organization of documents. It refers to machine learning algorithms for automated data extraction and analysis from various documents. Further, the process can speed up the overall workflow and reduce human errors. In addition, document automation can help improve accuracy and consistency across different departments or divisions within your organization.
5 ways in which document automation can help your business
Whether you’re a business owner or an employee, it is important to quickly and easily locate important information needed for work. A good document automation software is all you need to achieve this!
Here are the many ways document automation can help improve your business.
Automating document processing can improve data accuracy and speed up extracting information from documents. By automatically scanning and organizing your documents, you can reduce the time necessary to analyze them. Furthermore, document automation can also help ensure that your data is always consistent and in compliance with regulatory standards.
Document automation can also reduce error rates due to outdated or incorrect information contained within documents. This will enable you to make better decisions and provide more accurate insights into your business.
Reduces manual effort
By automating document processing, you can reduce the need for human resources and free up time to focus on other critical tasks. It reduces the manual work required to extract, capture, and compile the data into usable forms. In addition, document automation can help you reduce the risk of data integrity issues. By keeping a record of the changes and edits made to the documents, you can be sure they are correct and up-to-date.
When it comes to business, time is of the essence. Automation can avoid the need to enter and update data manually. This way, you can free up time to focus on more important tasks. This is particularly useful when creating reports, tracking files, or keeping track of changes. Automated systems also make it easier to track your progress and see how your work impacts overall business processes.
Easily find data
Document extraction can be a valuable tool for your business. This process involves extracting valuable information from existing documents for analysis or reporting. It further helps you access important data archived anywhere and not miss it. This information may then be used to improve business processes or make informed decisions about marketing and other areas of operation. By extracting the documents, you can save time and avoid manually searching the documents for data.
What document automation features does our platform offer?
Businesses need intelligent data extraction to get the most out of their data. Our AI-powered technologies help you capture, extract and process high-quality data from several data sources and make it instantly accessible to help you make better business decisions.
For instance, we helped a renowned US conglomerate to extract and validate contact data from 35,000 international businesses with our AI-powered data platforms. Read to learn more about it.
Uniform data is essential for businesses. Our data aggregation platform simplifies extracting data from different sources, standardizing it, and generating reports. It helps you to organize and manage data in a way that makes it easier to find, use, and share.
For example, Xtract.io helped a global air travel intelligence company to extract and aggregate an extensive amount of real-time flight details. Check how we aggregated data from around 80,000 flights from 80+ websites.
Our powerful APIs enable us to integrate high-quality extracted data in various formats into your centralized systems. We use a human-in-the-loop approach and standard rules to validate the integrated data and store it in the right place. This creates a single source of truth that can help businesses make informed decisions quickly and efficiently.
Poor data quality can have a severe impact on a business. It can lead to wrong decisions, lost sales, and higher operating costs. This is why it is important to keep your data updated and accurate. Our data management platform conducts a quality check for data errors, anomalies, and redundancy and provides a data accuracy score. Further, we ensure that your data is of high quality and meets industry standards.
At Xtract.io, we helped our client, a global education technology company, create data models for 250+ records and achieve 95% accuracy with our robust data management solutions.
Data enrichment is the process of adding additional data to an existing dataset to improve accuracy, timeliness, and quality. In simple terms, it refers to enhancing the collected data. Our data management platform helps you to improve the quality of the collected data by capturing relevant context from different sources.
Document automation will make your job a lot easier. There’s no longer a need to manually enter and manage data whenever you have a new customer or opportunity. Instead, use Xtract.io and start automating your processes with the right tools!
Request a demo to know why we will work better for your business than any other document automation platform out there!
Originally published at https://xtract.io/blog/how-can-document-automation-help-you-improve-business-efficiency/ on December 12, 2022. Check out our blog to read more articles and follow us on Twitter or Facebook.