Today, when the value of accurate data reigns supreme, the cost of inaccurate data has never been so high. Errors, omissions, or outdated information can lead to costly repercussions like wasted time searching for correct data or rectifying mistakes.
This can result in increased operational costs, reduced productivity, and potential legal and compliance issues due to the mishandling of sensitive information. Moreover, decisions based on faulty data can undermine business strategies, leading to missed opportunities and financial losses.
The Importance Of Data Accuracy Across Fields
Accurate data is the foundation for informed decision-making and efficient operations in any field of business. Across all sectors, the integrity of data is essential for maintaining trust, ensuring compliance, and achieving strategic objectives.
In finance, reliable data enables accurate risk assessments, regulatory compliance, and sound investment strategies, protecting against financial losses. In scientific research, data accuracy ensures the validity and reproducibility of findings, advancing knowledge and innovation. In healthcare, the accuracy of data can determine life or death! Precise patient records ensure proper diagnosis and treatment, reducing medical errors and improving patient outcomes.
Similarly, in the world of supply chain logistics, data accuracy provides a competitive edge. While the goal is to make the data entry and retrieval process as fast and error-free as possible, this is no easy task. While converting purchase orders into sales orders, there are countless opportunities for data entry and order processing to go amiss. Statistics on data entry reveal an average human error rate of 1%.
This means that when it comes to sales operations, a CSR tasked with processing 1000 orders is expected to get 10 of them incorrect. That translates to 10 out of every 1000 sales requiring investigation, mitigation and resolution – including a great deal of effort dealing with dissatisfied customers.
Another study of human error found that when performing spreadsheet-related data entry tasks, humans average an accuracy rate of around 95%. This error rate rises to virtually 100% when the complexity of the spreadsheet increases.
For these reasons, the hidden expenses of maintaining inaccurate data can far outweigh the investment needed for proper data management systems and practices.
Digitizing Documents with AI: The Future of Data Management
As high volumes of physical documents are enough to overwhelm most organizations, leveraging AI in the document digitization process is the only way forward to achieve maximum accuracy.
Typically, the accuracy rate for human data entry ranges from 96% to 99% while automated data entry boasts an accuracy rate of 99.959% to 99.99%. This means for 10,000 data entries, humans make between 100 and 400 errors while automated systems make between 1 and 4.1 errors. As these statistics prove, manual data entry clearly has its shortcomings. Luckily, automation has been shown to reduce the amount of manual data entry work by 80%!
AI automation enhances the entire document digitization process right from document enhancement and data capture, to document classification, workflow routing, and search and retrieval. Organizations across all fields like finance, healthcare, sales & manufacturing, and supply chain, among many others can benefit from converting physical documents into digital content using AI-powered solutions.
According to the Association for Intelligent Information Management (AIIM), AI can improve the accuracy of document digitization by 95%. It significantly improves upon the data capture accuracy provided by OCR and learns from user patterns and actions over time to continuously improve its accuracy.
Felix Solutions’ patented document intelligence tools leverage AI, ML, and NLP to extract data from unstructured documents with an impressive accuracy rate of 99%! Felix’s AI-based Document Digitization Solution helps businesses automate and streamline their document processing workflows, reducing errors, improving efficiency, and enhancing the overall accuracy.
The AI engine is equipped to process a high volume of documents per day while adhering to data compliance and rules. By doing so, it empowers organizations across industries to efficiently capture data from various documents, enabling seamless integration into core systems. Experience an unmatched accuracy in data management with Felix’s cutting-edge technology. Write to hello@felixsolutions.ai to check out the best of document digitization.