Document Digitization

Introduction

Our client is SMB bank that work for agricultural sector, funds projects and agribusiness. During a discussion with their management xLogia recognised the challenges our client was encountering. SMB financial institutions the bank was always under pressure to restructure operational cost to match the service standards of banking sector and facilities to the customer for better retention and competitiveness. The bank was maintaining a huge quantum of documents for compliance and auditability. The budget allocation to maintain documents was very high consuming the funds that could be used for customer serviceability. Most of the time the information or data was stored in the form of paper files or reports, which accumulated over the years, leading to data damage and loss. It was a cumbersome to obtain necessary papers when it's really required. For a business to operate effectively, secure access to information was a necessity. As the obsolete physical storage mechanism causing unnecessary burden on the resource and budget due to its storage space requirement and maintenance.

Challenges

• The repercussions of legacy mechanism were impacting the repute of the bank and they were legal burden causing unnecessary harassment of staff
• Business Impact 7.5% approx. of all documents get lost
• 3% of the remainder get misfiled, A typical worker was spending thirty minutes to two hours a day searching for documents, Paper filing systems grow 22% per year +
• Over 40% of the data utilized on the job is not readily accessible Average cost to find a misfiled document was high
• Average document is reproduced 19 times and Average cost to reproduce a lost document was consuming high financial resource
• Adversely impacting in delivering service levels demanded by the business

Solution

xLogia offered document digitization and Data Management solution to resolve the long pending challenges. Document digitization refers to a process wherein data from books, vouchers, ledgers, newspapers, paper documents, business cards, periodicals are digitized and converted into digital formats such as Text, HTML, XML, Access, Excel, Word, GIF, JPEG or TIFF, ASCII, RTF or delimited text files. xLogia extended the advantage of a single-source support to meet all the data management challenges that include the following:

Scanning and Indexing Services
By utilizing highly acclaimed Scanning and Indexing services, xLogia unshackles the bank from the hazards of maintaining all the business documents in hard copies. We converted and preserved voluminous data and images in digital format with well-defined index data to make retrievals of the documents quick and simple.

Data Analysis
xLogia provided a reliable and professional service that delivered data analysis requirements. By classifying, analysing, and preparing comparison and growth charts as per the customer's requirements.

Data Collection
xLogia offered data collection solutions that helped clients meet demanding challenges in this field.

Data Correction and Validation
By ensuring that the data in the database is valid and up to date. xLogia provided valuable services in the field of data validation and correction.

Data Mining
Data Mining had a critical role in Web intelligence as the current embodiment of the Internet cannot provide high quality, intelligent services. xLogia supported the Data mining requirements of a broad spectrum of user communities with diverse backgrounds, targets, and usage purposes. When so much of data is spread over in various sources, at times it was difficult to decide which data was correct and in line with a particular requirement. The required data was stored in-house servers and on cloud (backup), utilizing Data Mining capabilities.

Data Cleansing and Editing
xLogia provided Data Cleansing and Editing services to ensure that the databases - material files, product catalogue files, item information, and web pages - are current, accurate, complete, and in synchronization.

Smart Search
xLogia helped the client by designing the smart search (based on elastic search) with meta architecture to easy searchability of documents and information.

Data Entry
xLogia also provided comprehensive solutions to a diverse range of data entry requirements of clients who need to generate, extract, or transfer data from any source such as paper copies, online forms, web pages, books, and audio/ video media.

Benefits

• Reduced Cost - Save space cost by eliminating paper files, Transaction volume increases per employee in the 25-50% range, Storage and net floor-space reductions in the 70-90% range, Document retrieval time reduction in the 30-90% range, Reduces the operating costs of maintaining paper documents Imaging coupled with PC fax cards or PC network that reduces mailing and copying costs 50-90%.
• Document Security - No lost and misfiled documents. Multiple persons can access and view the same document at the same time it you're networked.
• Improved customer satisfaction - Easy and quick access to digitized document in seconds impacting customer service efficiency
• Going Green: Digitization can be a great step for a firm to contribute to environmental management and help protect the Earth’s biological treasures, such as trees

Conclusion

While working with leading banks, private organizations and government agencies, xLogia has developed a strong knowledge base and best breed technologies to overcome all the documentation challenges. xLogia’s digitization services, give institution’s control over the collection, managing your resources more effectively and saving your time while helping to safeguard irreplaceable data and originals

Keeping track of paper documents is a time-consuming task, but with xLogia’s document digitizing services, you can completely eliminate clutter, save your time and money while improving your organization’s output and efficiency.