With growing consumerization of apps, the ubiquitous nature of the cloud and mobile, and the Internet of Things, organizations are being confronted with rising volumes of applications and data. ‘Information Chaos’ is how AIIM refers to this phenomena that has IT scrambling to control mounting technology resources being implemented and knowledge workers seeking out ways to better find, and manage, expanding volumes of data.
To cope with managing this information, some organizations are looking to bring data capture, traditionally a back-office practice, to the front lines, when information is first received. These organizations are looking to capture information earlier in processes (as with remote deposit of checks or to support a Freedom of Information Act requests), in addition to at various points throughout, and at the end of, the information lifecycle to verify documents that can be discarded.
Capture, which used to be viewed as a scan-and-store activity for managing volumes of paper, is now also being used to better leverage information in more agile ways at opportune times in business transactions. In a 2014 study conducted by AIIM, 67% of companies surveyed feel that capture will “play a key role” in their future strategies. Organizations are increasingly looking to capture at points earlier in the process to better leverage data.
What’s driving this shift? Kevin Craine’s recent white paper Redefining Capture in the New Information Governance Paradigm points to several factors, including the following.
Freedom of Information Act – with mandatory disclosure procedures to help create an open, transparent government. In 2011, the government had over 540,000 FOIA requests. The ability to identify sensitive data automatically, earlier in the process, can help government agencies and others to better manage requests for information.
Legal Discovery – collecting the right data and amounts, imperative to building a case, is a growing challenge. Only 59% of government information workers said they believed their agencies were effective in deploying e-discovery capabilities, compared to 73% the year beforeDeloitte found.
Due Diligence – and ensuring the validity of new customers coming on board, as well as compliance with anti-money laundering and counter terrorism financing regulations that can bring about high penalties and fines for non-compliance. Capture technology can help financial institutions and others screen for signatures that match a black list, identify suspicious activity, identify at-risk customers.
Remote Deposit – with consumers seeking greater convenience and the passage of Check21, remote deposit, allowing users to scan checks and transmit the scanned images to a bank for deposit, as well as other evolving forms of payment, are growing in acceptance. Leading financial institutions like America First Credit Union are implementing capture of this information, sooner, at the teller, to streamline workflow, reduce processing times and costs, double down on fraud and offer individuals in this role the opportunity to provide better customer service.
What challenges could your organization overcome with greater access to information earlier in the process? These are just the tip of the iceberg. For more ideas, check out this white paper from industry expert, Kevin Craine, Redefining Capture in the New Information Governance Paradigm.
Greg Council is Vice President of Marketing and Product Management at Parascript at www.parascript.com. He can be reached at email@example.com#documentrecognition #documentclassification #DocumentScanning