The Labour Shortage Is Likely Affecting Your Company. Software and Automation Can Help.
Recruiting and retaining employees is a growing concern for many businesses. Nearly two fifths of companies surveyed in 2022 reported difficulties in filling open roles.
To make matters worse, over one third of businesses reported difficulty in retaining trained employees.
As the cost of living rises, so must labor costs.
To make matters worse for firms, hiring and training employees entail additional high costs.
The entry level nature of data entry work, coupled with the issues listed above make this an area where many companies face difficulties hiring and retaining good employees.
New sets of circumstances require new ways of doing business.
Which is why many organizations are turning to software and artificial intelligence as a solution.
With the average hourly wage of data-entry clerks ranging from $15 all the way to $30 per hour, this costs can quickly balloon and affect your company’s bottom line.
Software based solutions like ours offer a cost-effective way to mitigate issues caused by the current labour shortage.
The main benefits of using intelligent document processing software vs human data entry clerks to process documents at scale include:
Increased Productivity
Increased Accuracy
Flexibility and Scalability
Improved Decision Making
Cost Reduction and Increased Profits
Increased Productivity
Employee fatigue is real, and costs businesses billions of dollars per year.
Even the best employee does not perform at their absolute best, 100% of the time.
Add to this the need for breaks, vacation, sick days and personal days, and you can easily see how a person’s productivity greatly fluctuates, while their compensation does not.
Software based systems like ours do not require breaks and never tire. They can work at full capacity, 24 hours per day, 7 days per week.
Not only do AI-powered document processing systems perform faster on a page by page basis, they can also work three times the hours of a regular employee, every day of the year.
Increased Accuracy
Humans make mistakes. It is part of our nature.
Although these mistakes are unavoidable, they can be very costly.
Inaccurate information makes it hard for leaders to make optimal data based decisions.
It can also cause issues for other departments internally, with compliance and even with customers.
One of the main benefits of implementing a software based document processing solution is it's near perfect accuracy.
Not only does software beat humans hands down in productivity, but it also processes those documents far more accurately.
Flexibility and Scalability
Data entry and document processing workflows often fluctuate based on many factors including seasonality.
Interviewing, hiring and training employees is expensive.
Letting go of these new employees is demoralizing.
AI Powered software doesn’t come with these issues.
By implementing flexible document processing and data extraction software, you greatly improve the flexibility and scalability of your company’s operations.
Improved Decision Making
Document processing backlogs are never good for business.
Not only can it have repercussions externally with customers and government agencies, but having access to accurate and timely data can make a huge difference to companies in competitive markets and industries.
Of course our intelligent document processing software will greatly improve the speed at which you can process documents.
Add in our workflow+ business rules automation as well as our business intelligence and advanced analytics features, and you will quickly see improved data decision making across your organization.
Cost Reduction and Increased Profits
Ultimately all of these benefits lead to cost reductions and increased profits.
By increasing the speed, output and accuracy of data entry and processing at their company, while simultaneously increasing the flexibility and scalability of this activity centre, our clients achieve average annual cost reductions $100,000+ annually.
This is after accounting for only direct, measurable costs such as labour, and supervision.