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Savings Associated with Data ExtractionObviously, this is determined on a case by case basis. You may want to call the Data Extraction Professional in your area for an overall review of your systems and procedures. However, there are some generalities about cost savings.
The more processes you automate and the more electronic data extraction reduces the need to re-type data into various systems, the quicker the payback for this solution. Others have enjoyed significant savings by speeding up the invoice process in order to take discounts. Others have commented that automatically cross checking purchase order pricing with the prices on the invoices can be an immediate cost savings.
An example of cost savings is product ordering. A purchase order is created and sent to the supplier. The supplier invoices the company and ships the goods. When the goods arrive, a bill of lading shows what is delivered. Then the data is entered into various systems such as Accounts Payable, Inventory Control, Job Costing, Manufacturing Costing.
Data Extraction Process. The purchase order is electronically conveyed to a work process basket. When the invoice comes in, it is scanned and that data is extracted and put in the work process basket associated with the purchase order. When the goods arrive, the bill of lading is also scanned and data extracted to put in the work process basket. Then the data can be cross verified to validate the proper pricing, quantities, model numbers, etc. The data can then be electronically conveyed to the accounts payable system, inventory control system, manufacturing system, etc.
Other Benefits of Data ExtractionBesides typical costs savings, which are important, there are other benefits which may be more important to a company or institution than cost savings. Those benefits revolve around implementing a "systems" or "process" approach to your entity. EMPLOYEE TRAINING: If the data is handled in a systematic and automatic basis based on a set of rules you set up, then training new people becomes much easier. You have a blue print of what is happening and there is much less chance that a particular manager or new employee will harm your business by changing processes.
GROWTH: Once the business processes are systematic and automated, the growth of a business becomes much more manageable. These systems are scalable. The idea of automating processes can be found in the biggest companies such as McDonalds, Coca Cola, etc. There are many books that promote having systematic business processes as the biggest single factor in allowing a company to grow.
Typical Motivation for Starting Data Extraction Process. Typical Data Extraction and Business Process Automation prospects have recently asked themselves more than one of the following questions. If you have been asking yourself and your staff these questions, then you are a normal end user of a business process automation system.Do you spend too much time re-entering data into various systems? Do some of your documents actually get lost? Do you sometimes overpay invoices versus the price you agreed to on your purchase order? Do you sometimes accept goods that are not "exactly" what you ordered? Do you wish you could take discounts on invoices, but can't process them fast enough?
Do you need more immediate access to files? Is the amount of time it takes to retrieve a file from the file room simply too long? Do you need instant access to the files? Is immediate customer service becoming extremely important?
Are you running out of space for the hard copy files? Are you looking at the costs of special filing systems, such as rolling files? Are you looking at the costs of acquiring more office space for file storage?
Do you feel a need to reduce your overall costs associated with storing, retrieving, refilling and the safety and security of your documents?
If you had a disaster such as a hurricane, flood or fire, are your current documents protected? |