How shared services can use big data
Finance shared services
Think of all the data produced by individuals, businesses, and internet every day.
It is estimated that 15 petabytes of new information are generated every day. This is a gigantic amount of data. To give that some context, it’s estimated that one petabyte is equal to 20 million filing cabinets full of text. IBM estimates that 90% of the data in the world today has been created in the last two years alone. This data is big data.
A significant portion of this data produced originates on paper, and some 80% of this information growth is unstructured data.
What can data do for you?
Good data, as we all know, helps us do our jobs better. When you have the figures to understand your business from all angles, companies can respond quickly to change and can understand their strengths and weaknesses.
What is enterprise capture?
Enterprise capture helps organizations leverage this information for better business results and more efficient operations. Enterprise capture speeds the processing of unstructured information that arrives in media such as paper, email, fax, PDF and XML.
Imagine if you could automatically group, understanding and extract business-critical information from insurance claims, invoices, loan applications, tax returns, shipping manifests, sales orders and other transactional documents.
Manually, this would be highly impractical.
Empowering your organization through enterprise capture
Enterprise capture exists to feed data to back-end systems at electronic speeds.
By consolidating multiple capture solutions into a single enterprise standard, enterprise capture can reduce the costs of managing infrastructure and vendors. In addition, capture can be integral to strategies for enterprise content management (ECM) and business process management (BPM).
IBM has released a white paper which explores the potential of enterprise capture and explains the elements of a typical system. Download a copy to read their results.
How can enterprise capture empower an organization?
Shared services organizations are generally already capturing documents through OCR or e-invoicing and email. However as Scott Blau, Datacap’s co-founder said, “Say follow-on documents come in via email to a group that is managing a fraud case. You could print them out and send them over to the department doing formal capture, but that’s clunky. Enterprise capture is calling the same capability you have in production capture into the case management system, and getting the same result. Being able to leverage existing technology greatly speeds time to market and lowers development and ownership costs.”
How are you capturing data in your business?
The white paper explores how you can capture data in your organisations and answeres key questions including the difference between capture and ECM and the capabilities you need to make enterprise capture successful.