The benefits of automated data entry with OCR

0


[ad_1]

In this blog, we’ll explain what automated data entry is and how businesses can benefit from automated data entry with OCR technology and machine learning.

There are more and more automated data entry software. Since today’s businesses run on data, having fast and reliable access to accurate data is a significant advantage over competitors.

Fortunately, technological developments in machine learning and OCR are moving away from manual copying and pasting of data into enterprise software. Smart OCR solutions are capable of automatically extracting data from documents and images.

In this blog, we’ll explain what automated data entry is and how businesses can benefit from automated data entry with OCR technology and machine learning.

What is automated data entry?

Automated data entry is all about using software to remove repetitive manual administrative tasks. This saves businesses a lot of time and therefore money, which leads to increased revenue.

The software reads the information from documents such as PDF files and images and transmits the data to another system. Rule-based techniques and machine learning techniques can be used.

Rule-based techniques look for data within data at specific locations on a document, dictated by predefined logic and rules. Machine learning systems interpret and identify patterns from huge amounts of data. Therefore, these systems can be trained to become more precise and predictive over time.

How can businesses benefit from automated data entry?

More and more companies prefer automated data entry tools to manual data entry. This is simply because automated tools increase efficiency and allow you to focus on more important tasks, like strategic direction.

To give a clearer overview and understanding of the many benefits of automated data entry, we’ve listed the most important below:

  • Reduction of errors
  • Time saving
  • Happier employees
  • Less resources

Reduction of errors

Everyone makes mistakes, like it or not. In manual data entry, error rates typically range from 0.55% to 3.6%, with outliers up to 26.9%.

These errors can be avoided by using automated data entry software powered by machine learning. This technology dramatically reduces these error rates by eliminating typing errors, the risk of distraction, and other errors commonly encountered during manual data entry.

Shifting to an automated tool results in better and more accurate data, which can be used to make informed business decisions.

Time saving

The main selling point of automation could be the reduction in employee hours. Time is money, and therefore eliminating manual actions results in significant cost savings.

Studies have shown that intelligent automation typically results in savings of 40-70%. The amortization period varies from a few months to several years.

To make this benefit clearer, consider the time it takes to manually process a single invoice. Experienced accountants process (on average) 50 invoices per hour, or approximately 1.2 minutes per invoice. The average hourly wage for an accountant is € 35, which means that it costs around € 0.70 to manually process an invoice.

If the same accountant used OCR software, they would be able to process at least 200 invoices per hour. This results in a processing cost of approximately € 0.18 per invoice. This leads to a significant cost advantage over manual data entry.

Happier employees

Entering data manually is time consuming, and many employees find it boring. Therefore, excessive manual data entry work can lead to psychological and physical problems.

On the other hand, there is the possibility of automation. It has been shown to improve employee engagement and satisfaction. On top of that, it allows employees to focus on valuable and more meaningful tasks. This leads to better gratification from daily work.

Less resources

Besides reducing errors, saving time and keeping employees happy, replacing manual data entry with automation saves a lot of resources. Managing and storing data manually creates a lot of office space, ink, printers, filing cabinets, etc.

When you choose to switch to an automated tool, those resources can be used for what really matters. Other than that, you save a lot of paper and trees which leads to a more sustainable future.

Switch to automated data entry to benefit

In conclusion, moving from manual data entry to an automated solution will result in reduced errors, happier employees and fewer resources. On top of that, it saves the company a lot of time (and therefore money).

[ad_2]

Share.

Comments are closed.