Despite the ability of electronic forms systems to reduce information capture costs, traditional paper-based business processes have demonstrated surprising resilience. In fact, many organizations in the financial services and government sectors have discovered that their customers and constituents frequently revert to paper forms even when the organization has dedicated considerable time and effort to provide a seemingly more efficient E-Form alternative.
While paper forms are familiar to end users, processing them can be costly to your organization, both in overall inefficiency as well as the potential for expensive errors. This is especially true if your business requires high volumes of signed documents to meet regulatory or legal requirements. In most cases, signatures are placed on forms that have been filled in by hand or filled in online and then printed. In both of these scenarios, the processing of a form requires some type of Optical Character Recognition (OCR), which in the best case is 95% accurate. That means that 5% of these forms will need to be processed by hand.
Form end users often choose paper for a variety of important reasons, including:
- Form requires physical signature (in many situations, digital signature infrastructures are still not well established)
- Form requires paper attachment (e.g. receipts, supporting documentation)
- Form user wants to retain a signed hard copy record
- Form user prefers traditional paper to E-Form alternative
- Complicated form requires several sessions, including research for full completion
- Form fill-in requires consultation and/or review from external advisor
This persistence of paper workflows has forced organizations to maintain disparate processing systems, both paper and electronic, limiting enterprise-wide data capture efficiency and cost effectiveness. CDIT’s Electronic Forms Solutions bridge this gap by enabling organizations to simply, accurately, and efficiently extract content from ‘‘fill-and-print’’ paper-based forms with 100% accuracy with no human intervention. The result is that enterprises and government agencies can dramatically reduce their paper forms processing costs, while improving enterprise data access and service levels to their customers and constituents.
Cost Savings from CDIT Electronic Forms Solutions
- Employ a single solution for both paper forms and E-Forms applications
- Reduce labour by reducing data entry, validation and quality control clerks
- More quickly get key data into your system for action by employees
- Minimize on-site storage requirements
- Reduce maintenance of templates required when doing OCR for data extraction
- Reduce time required to get a new or updated form into your traditional Imaging System because no templates need to be designed
- Further automate additional forms and data collection without expanding your existing staff
- Leverage designated workflows—provides predefined workflow templates with robust and extensible baseline functionality, shortening your implementation time, and reducing deployment costs
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