The Pain:  Slow decision making

In business, there are few things more frustrating than waiting for approval on a project, particularly when it’s critical. You put enormous time and effort into getting something important done in record time, only to have it come to a grinding halt in the approval process. Unfortunately, decision makers have their hands tied because they lack other required information before an approval can be made.

These elements can contribute to the pain of
slow decision making:

• Erroneous data in workflow applications that influence decisions: Judgments can get impeded because of erroneous data in your workflow application. Having to research fact from fiction can significantly stall the decision-making process.

• Time-consuming manual data entry: Companies that process data manually from hundreds or thousands of documents a week must wait for operators to enter data into their ECM, ERP or other workflow application before they have access to it. Unfortunately, backlogs can prevent timely entry of data into these systems. Without access, neither the decision makers nor the projects can proceed. 

• Incomplete data extracted from documents: When partial data from documents get entered in a company’s workflow application, decision makers get an incomplete picture of the situation. This leads to further research and slower approval time.

• Lack of database information for reporting: Many companies do not properly link to a database of key information from which to cross-reference data for easy reporting and analysis. Without this easy access, supervisors must track down original documents and conduct manual research in order to make decisions.

• Slow and inefficient enterprise processes: Work processes throughout the enterprise that are slow, disjointed and inefficient make it difficult for supervisors to quickly gather the information they need, delaying necessary approvals.

To facilitate the decision-making process, you need a solution
with these capabilities:

• Accurate data entered into the workflow: An automated document and data capture solution can ensure that accurate data from your documents gets entered into your workflow application.

• Documents data gets processed automatically:  With an automated document and data solution, you virtually eliminate manual data entry. The solution automatically extracts the data off scanned document images, then submits the data and document images into your workflow application. The data you need can be accessible the same day the document arrives.

• All critical data gets extracted from your documents: With manual data entry, vital information off your documents sometimes gets overlooked. However, a data capture solution is designed to capture all the data you need off your documents automatically, quickly and efficiently.

• Database table lookups with instant access to information: A data capture solution can be configured to connect to your existing database for table lookups to compare and confirm valid data. It can then retrieve and populate data not located on the original documents. Decisions are made quicker when complete and valid data is easily accessible.

• Enterprise process improvement: Your business processes can get improved dramatically throughout the enterprise with an automated data capture solution. By speeding the input of data into a database or back-end system, management can instantly retrieve all the data needed to make informed, expedient decisions.

Learn how a financial services provider leverages an AnyDoc solution to provide accurate information for representatives to resolve credit disputes within a 3-day timeframe, eliminating the need for overtime and weekend shifts to provide quick resolutions.

AnyDoc Software products and solutions give your company the tools to improve its decision-making process.