Master Data Management

Thomas Senger (UK) - Why Data Capture is the Dark Horse of Opportunity for UK Businesses

UK businesses are fighting a battle against the influx of paper that floods into companies of all sizes on a daily basis. Paper isn't going anywhere in a hurry, so firms need to find a way to think smarter and manage the flow of information with a more proactive approach.

The way you handle your information could represent a ticking time bomb for your company. Every document you file carries legal, financial and practical implications for your business.

It is no longer feasible to ignore the issue of document management. Nowadays, with companies storing a vast amount of sensitive, confidential and complex information, the impact of damage or loss can have far-reaching implications for the business.

Anecdotal evidence suggests that many businesses retain a preference for paper documents and have a tendency to store everything indefinitely in order to protect themselves. But this can have the opposite effect. A failure to comply with the data retention disposal deadline could potentially expose a firm to legal action by former clients.

Furthermore, you could be wasting thousands of pounds and hours of time that could be better invested looking after your clients. Many firms fail to recognise the full cost of storing paper records in-house, including the loss of valuable office space and the manpower costs of stacking, retrieving and managing the information inventory.

It is not just the central office or HQ that can benefit from document capture. Remote staff working out of local offices or home can achieve similar efficiencies by capturing documents in the same way as their colleagues in head office. Rolling out this solution increases customer satisfaction by providing information when required, regardless of how that information was captured. Additionally, mistakes can be reduced by eliminating manual error-prone processes.

This is particularly beneficial the business as project-related documents, communications and processes can be facilitated and shared in real-time by international team. Furthermore, an automated information capture platform produces a secure audit trail reducing the risk of disputes and claims, thereby providing greater accountability and protection for all users.

Thomas Senger, vp of software and solutions, at Kofax


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