A recorded EMC Captiva Webcast with Brian Babineau at Enterprise Strategy Group (ESG) is now available on the EMC on demand site. Click here to check it out.
During the Webcast, Brian offered some great insight around the strategic value of information capture, and how companies are maximizing and accelerating the benefits. Based on research done by ESG, they found that reduction in operational costs and business process improvement, were the two most important considerations in justifying IT investments. Take that data point and we can see why companies are investing in advanced capture solutions given these types of solutions eliminate paper redundancies, automate the capture of information, enable intelligent routing of documents, eliminate processing errors, and enhance the level of service companies can provide.
Several points were covered in this Webcast including these three points which I found very useful.
1) Explore what capabilities exist- Today, capture offerings do more than simply “imaging” a document. Automated routing, document classification, and data extraction are part of mature capture solutions today.
2) Understand what is possible and maximize the benefits – There are common benefits that are derived from using capture like lower labor costs, elimination of data entry, and ability to audit and report on the process. But from these standard benefits comes strategic long-term value. For example:
- Lower labor costs results in the ability to re-deploy labor to improve processes in other line of business areas.
- Elimination of data entry enables businesses to provide more proactive customer service, consolidation of processing, and often a direct impact on revenue growth.
-Auditing and reporting provides long-term value in further refining process improvement and being able to substantiate the changes.
3) Accelerate the benefits – This ties into being able to take the investment in capture and leverage across many business areas. This relates to business flexibility around standardizing on a common enterprise capture platform that is capable of supporting multiple lines of business, and has the ability to create repeatable implementations.
Payback on your investment
I’ve written at length about the benefits and payback businesses typically achieve from an investment in capture. Businesses are looking for a payback in the shortest amount of time and some studies have shown that investments in capture often result in a payback within as little as 12 months. But why just settle for a payback? If we invest in a solution that can grow and expand into other areas our business, we have the potential of delivering a much bigger ROI.
Certainly there will be those immediate projects that will support and drive the initial investment, but at the same time we want to make sure the solution can grow and expand into other parts of the business.
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