Definition: Unstructured data is any corporate information that is not in a database. It exists on paper such as invoices, mortgage applications, insurance claims, lab requisition forms, government notices etc. It also exists electronically in the form of emails, text messages, word and excel documents, images, graphics, photography, videos etc.
With up to 80% of data being unstructured many mid to large size companies are finding themselves drowning in paper (still) and electronic information that doesn’t have a home
The inability to capture data effectively in a timely and efficient fashion seriously hinders companies from converting it into action oriented information that produces results. The CEO, CFO, COO and other business leaders want information at their fingertips. And, they want information that is reliable and tells them where the business stands at a moment’s notice. This information needs to actionable while allowing them to gain insights in to their business. For larger companies the information must be easily accessible particular for compliance purposes.
An effective Data Capture strategy can help enterprises:
Some companies find it hard to keep up with the amount of unstructured data they receive and generate every day.
On the surface companies cope and keep up by hiring more staff, outsourcing data entry or simply doing nothing. Here are some industry examples:
Financial Data
Customer Data
Order forms – paper based forms, faxes and emails filled out by customers, field sales and support staff may or may not be entered manually into a CRM or service order system. The hard copy files can be misplaced or hard to find.
Supply Chain Data
Waybills/Bill of Lading – paper based documentation confirming the receipt of goods from members of your supply chain. These hard copy files can also be misplaced or hard to find.
These examples illustrate where important unstructured data exists and should be captured as efficiently and effectively as possible. Capturing this data properly will give you accurate and more complete information on your customers and suppliers so you can make better, faster and more profitable decisions.
Yakidoo team members have over 75 cumulative years of expertise in scanning and data capture in various industries including: Banking, Insurance, Logistics and Transportation, Government, Healthcare, Property Management and Manufacturing. Below is a snapshot of some capture projects implemented by Yakidoo:
|
Industry |
Solution/Service Area |
Outcome |
|
Banking |
Captured key client point of contact documentation used to verify identity and ensure continuity of service |
Digital versions of key client documentation protecting it from loss, misplacement while enabling any bank to ensure a quality Know Your Customer (KYC) experience is in place |
|
Insurance |
Captured all health claim forms with accompanying receipts electronically receipts |
Processing 40,000 claims per day (averaging 10 pages per claim) Increased data accuracy by 70%, reduced FTE costs by 70%; ROI met ahead of expectations |
|
Logistics and Transportation |
Scanning and capture of waybills, cheques and invoices |
Reduced order to cash cycle; 99.9% capture rate/accuracy; 97% reduction in FTE costs; ROI in less than 3 months |
|
Government |
Captured various types of documents used by citizens to register land, marriages, births, deaths, intellectual property and new corporations |
Reduced time to register property deeds from months to 48 hours; improved compliance, reduced costs; established new revenue source |
|
Property Management |
Capture of accounts payable vendors invoices |
Implemented more efficient organizational model to capture incoming invoices from point of receipt while centralizing the accounts payable process; reduced annual costs by $250,000 |
|
Manufacturing |
Quality control of manufactured goods and productivity measurement |
Reduced cost involved with processing quality control records at end of each shift by 80% |
Yakidoo solutions transform your company by capturing your data, managing your content and automating business processes so your company is more productive and profitable. Learn more about Yakidoo solutions and services. Contact us to discuss your needs.
