Benefits of Automated Data Capture
While automated data capture is certainly technology with proven benefits, its application can be doomed by shortfalls in two areas: low accuracy rates and extensive set-up requirements. Low accuracy can create data correction and validation requirements, as well as downstream data errors that end up minimizing or nullifying the cost benefits of the system. Extensive set-up can put a burden on systems administrators and/or involve expensive consulting bills that also eat into an application’s ROI.
OCR Accuracy Comparison
|Black & White||Color|
|Leading OCR Engine||10,151||4,421|
|Accuracy Ratio||SoftWorks AI is 15% better||SoftWorks AI is 11% better|
The holy grail of automated data capture is software that can, out-of-the-box, produce results accurate enough to reduce data entry costs by at least 50%. In an IDR application, like invoice capture, the industry standard for a successful application is typically around 80% accuracy on a field level. This means that four out of five data fields are captured accurately and require no human intervention, except maybe a quick approval. In traditional forms processing (non-IDR) applications, field-level accuracy rates are often well over 90%.
In a world where the use of document imaging and automated data capture technology continues to grow (as the technology matures and users seek to increase the efficiency of their paper-based transactions to keep up with the speed of their electronic transactions), ideally a document capture software package should be able to address both IDR and traditional forms processing requirements. It should also be easy to get up and running on new document sets, as well as additions to existing document sets, to keep administrative costs down. And, finally, it should produce results that meet or exceed industry standard accuracy rates.