We are all exposed to false advertisement in some way, shape or form. Even as kids, our favorite celebrities gleamed the front of cereal boxes bragging about some “amazing product” that would perhaps make us better race car drivers. When Wheaties didn’t taste as good as Dale Earnhardt Jr. suggested or when you realized you still weren’t old enough to drive a car, you probably felt pretty betrayed after begging your mom to buy the so-called magical cereal.
That same feeling happens to a lot of companies when they start looking to move their organization to the digital space without the proper guide to find the solution they can really benefit from.
So what should you really look for when picking a data capture solution? What are the pros and cons of handling it in-house or outsourcing the work? What are some of the requirements your business should take into consideration and how can they be met by either of the options?
Let’s start at the beginning
A capture solution is simply a combination of different technologies and approaches that delivers accurate, on time information regardless of the original format. With these solutions, you can choose between investing in capture software (running it in-house), Capture-As-A-Service (outsourcing the processes) or a hybrid of both.
Can you handle the peaks, valleys and volumes?
If you decide to run your capture process in-house with capture software you also need to be equipped to handle extreme highs and lows of bulk document scanning and capture during peak seasons for your business. When the employee you hired to run these processes has to leave, who will take over and make sure nothing falls through the cracks? If you can handle this, then running it in-house may be a great option for you! If not, sending it out to another company who can manage the intake process can be a cost-effective option that ensures your solution doesn’t fail.
The Different Capture Technologies
Be on the lookout for misleading “error-free” claims. The industry standard accuracy rate for standalone advanced capture technology sits around 80%. Meaning, on average, you will see 200 defects in every batch of 1,000 documents – whether it’s from missing information, poor quality images, or records that have been lost altogether. For companies that rely on meeting intense liability standards or passing audit violations, this is make or break. Looking into the reality behind error claims and finding one that can actually meet the compliance expectations you are held to is very important.
Does your company plan to expand their solution into other departments? When you invest in capture software technology, you need to ensure you have enough support and bandwidth to expand and grow with your organization. If growth is a real possibility in the next few years, then sending that out to a group who can scale your solution may be a better choice.
Both capture software and Capture-As-A-Service have their pro’s and their con’s. See the below chart to compare your options.
After exploring each possibility and what it can do for your organization, choosing the right data capture solution can completely change your organization for the better. With quick ROI, fast processing times, and access to more accurate information, you can finally keep up with growing demands.
Still stuck on which solution to chose? Download this quiz for a quick assessment to see where you stand with capture. While it’s just a short guide, it can get you thinking on the right track.
You can also watch the complete webinar by click the image below!