Businesses and offices in every industry are trying to cut costs amidst the recession that the nation is currently facing. Companies have resorted to a variety of tactics, from laying off employees to cutting benefits and reducing output. With the focus on minimizing cost, it is no surprise that technology that can perform effective and efficient work would be in demand. Such is the case for document capture technology, which as seen a marked increase in spending.
According to a study done by Harvey Spencer Associates, Inc., spending on document capture technology has increased by 2.1% to $1.9 billion. The same study predicts that by 2013, the market will reach $3 billion. As companies try to cut cost they have to start with their own internal processes. Tasks such as invoice processing and data entry have traditionally been performed manually and on paper. As such they are time consuming and costly. Document capture technology overcomes these limitations by automating the entire process. The software is able to accurately capture and extract data from forms so that they are processed electronically. With a reduced emphasis on human involvement and manual labor, businesses can begin to realize cost savings.
Although spending in other industries and departments has declined, document capture spending has increased and may continue to see sustained growth in the near future. Paper usage and manual labor is slow, costly, and can be wasteful at times. Document capture technology is a smart solution that will improve accessibility, efficiency, and productivity.