“I’ll just do it this way. I don’t have time to load another template.” – The infamous last words of an AP clerk that inadvertently flooded their company system with bad data. Uh, oh.
But wait. If this happened to you, can you really blame your AP team? It’s likelier the problem is your outdated data capture solution.
Data capture is pivotal for keeping your business engine running. This crucial technology supports overloaded AP teams by streamlining data entry.
And if you use a data capture solution that integrates with your NetSuite or Intacct ERP, then you know how important it is to not only load data but to accurately input data (or, as we like to think of it, the good stuff.)
But if your data capture solution hasn’t upgraded to meet increased document processing demand, then your company has an Achilles heel.
Your outdated system, coupled with the frustration of simplifying a process that your technology should already have made simple, leads to a greater chance of bad data flowing into your system.
And once insufficient data gets in, you could end up losing more time and spending more money correcting a problem that can be easily fixed with some optimization.
How Bad Data Happens to Good Companies
The day you integrated your current data capture solution was probably a big one for your team.
Along with streamlining processes, you must’ve been excited to optimize data entry for your AP team (we bet they were excited too.)
After all, you were using templates to process data. Easy enough, right? It seemed logical given the technology at the time. We bet your AP team patiently loaded all of the templates in, believing in the streamlined progress that was about to happen.
Until years later.
Business has grown. Bills are overflowing. The preloaded templates that your team once relied on have become obsolete with so many changed formats. And the enormous amount of unstructured documents won’t stop coming in.
Without a significant update to get the existing data capture system “with the times,” most AP teams find themselves taking the long way around by reverting back to manual data entry. Keying it in takes more time, but it’s more accurate when faced with unstructured documents, right? Wrong. You didn’t spend money on a solution to slow your team down or give them more work.
Most data capture solutions are over twenty years old. Unfortunately for many businesses, very few have updated their software to meet the demands of changing times.
The Financial Cost of an Outdated Data Capture Solution
Bad data is very bad for business. But research firm Gartner put just how bad into numbers.
Gartner’s study shows that bad data costs businesses 30 percent or more of their revenue. On average, the cost of poor quality data amounts to anywhere between $9.7 million and $14.2 million.
It doesn’t stop there. Bad data is expected to cost the US more than $3 trillion per year. Yikes.
What seems like a small problem: wrong numbers, mistaken entry, can grow over time. Unfortunately, most businesses don’t realize that the problem has to do with their data capture software.
Upgrade to a Smart(er) Solution & Stop Losing Money
Don’t worry. We have good news.
You can finally break free of the vicious cycle that supports the proliferation of bad data.
New technology and a smarter system can ensure your NetSuite or Intacct ERP stays clear of this critical problem.
Webiplex’s Smart Data Recognition (SDR) technology, part of the DocuPeak platform, leverages artificial intelligence and contextual awareness to seamlessly and accurately transfer incoming unstructured documents into accurate company data.
Here are some other reasons to love SDR:
- No Templates (Yes, seriously.)
- Quick Setup (Instantly works with all existing vendors in your system.)
- Extracts Data with No Manual Entry (Your AP team will love that.)
- AI & Contextual Awareness (New technologies that make for a great single solution.)
SDR is part of the overall DocuPeak platform, which means exception workflows and automated data entry are included in the capture automation process.
A solution that’s on top of your data, like SDR, is one of the first lines of defense against bad data and total business meltdown.
Get Started. Yes, It’s That Simple.
There’s a wealth of new tech out, and it’s designed to improve upon the foundation established by computerized data automation.
But DocuPeak ensures seamless (and stressless) data extraction with Smart Data Recognition. SDR’s technology allows your company to set up quickly, so you don’t have to worry about holding up a stop sign to oncoming document traffic.
When your data is being accurately collected, managed, and stored with technology smart enough to do it for you, you can say “bye-bye” to your business’s Achilles heel.
Upgrades should be exciting. Not stressful.
DocuPeak makes it easy (and exciting) with quick setup and seamless integration for your existing ERP solution. Start capturing, automating, and analyzing with DocuPeak’s Smart Document Recognition—no templates needed.
Optimize the way your business works by connecting with us today.