Capture-as-a-Service: Document Capture and Analytics in the Cloud
By Stephen Boals
Continuous innovation in the cloud has advanced and disrupted many tried and true industries, and now document capture in the cloud is a reality. There is now a leader in the document capture and analytics space that is breaking traditional boundaries with not only being able to offer customers Cloud Services on Microsoft Azure or Amazon Web Services, but also providing modern, cutting-edge technology in the form of advanced document analytics and machine learning technology. This next generation software in the cloud is what we call Capture-as-a-Service (CaaS).
In fact, at last week's Microsoft's Inspire Partner Conference, Ephesoft was the first company to announce its CaaS program on Azure, an open, flexible, enterprise-grade cloud computing platform. The technology allows companies of all sizes the ability to capture, analyze, extract, classify, validate and export documents and data in the cloud, which improves efficiency, productivity, accuracy and reduces costs. As a testimony to Cloud Services, Gartner estimates that the annual cost of owning and managing software applications can be as much as four times the cost of the initial purchase.
One of the key components of CaaS technology is its patented document analytics and machine learning (ML) capabilities. As a subset of artificial intelligence, ML algorithms are self-learning, predictive models that learn as they consume content and interact with end users. Since ML enables technology platforms to become more knowledgeable over time, this means that any software investment becomes more valuable as the platform begins to operate without required human interaction and intervention, providing the ultimate in efficiency, known as the "Zero Touch" state.
It also means that businesses can gather more insight and data to gain a competitive advantage, especially in the cloud. For example, software that incorporates ML, like Ephesoft's advanced document capture and analytics technology, helps companies to strategically learn from data, creating efficiencies, process improvement and cost savings. Ephesoft's advanced document capture learns to recognize words, number sequences and other data to then classify the different types of documents for a company, saving countless manual hours of processing with human errors. Add ML into document capture software in the cloud and businesses can further optimize the multitude of benefits.
Organizations that have document heavy processes, namely entities within finance, mortgage, banking, insurance, government, education, intelligence and security industries, are often the best candidates to benefit from using a CaaS platform. Reducing manual processes with automated, ML technology has been proven to impact the bottom line. Why waste time on data entry, manual processes and costly overhead when all the tools needed are in the cloud?
Below are the core benefits for a Capture-as-a-Service platform:
- Time to Value: On-premise software implementations can be a long-term journey and require additional budget for hardware, IT resource time and long budget cycles for capital expenditure approvals. With a solution, such as the Ephesoft Transact Cloud, the time to value is minimized and the intelligent capture platform can be up and running in a fraction of the time.
- Cost of Ownership: Software as a Service (SaaS) reduces the overall solution cost of ownership by including support, and eliminating the need for hardware, backups, monitoring, dedicated administration and overall management. By including these costs in one recurring fee, complexity and overhead are reduced, and IT spend becomes more predictable.
- Competitiveness: No longer is intelligent document capture only for large organizations with an entire IT department onboard. Now, smaller organizations can have access to enterprise-class technology and glean all the advantages and efficiency to stay competitive, finding the ability to challenge their larger rivals.
- Access to Innovation: With SaaS + CaaS models, access to the leading-edge software is included. As vendors improve their processing engine, customers can immediately take advantage of the added efficiency. Subscriptions provide continuous value, and appreciates over time as more features and functionality are added.
- Scalability and Agility: Cloud platforms are built for maximum scalability and agility. The system is built to easily add more cores, features and processing power, depending on their requirements and needs. Clients can start small and grow with a flexible subscription model.
- Capture Anywhere: Ephesoft CaaS provides intelligent document capture anywhere, on any device. Users can automate document processes with a browser, a smart phone or a tablet. This allows today's distributed workforce to maximize and access the many benefits available in the cloud.
With each incremental application moved from on premise to the cloud, the above advantages are multiplied, and become a catalyst for cost savings, efficiency and collaboration. As a true driver for business process improvement, CaaS will be the perfect opportunity for organizations still tied to legacy, dated or on premise capture solutions to capitalize on this technology.
CaaS is new on the global horizon, and the demand for the service is already well exceeding expectations. As businesses realize the huge opportunities that unlocking unstructured data (any data that is not in a relational database) will bring, the upward trend will continue.
Are you ready to tap into the future with CaaS?