Did you know that a report published in May 2018 forecasted dizzying growth for the global document capture software market? The report is indicative of the prowess of document and receipt scanner API technology and the impact that it can have in the future.
What does this mean? Document scanning software is destined to be the must-have tool for businesses of all descriptions in the forthcoming years. A report published by Market Research Report Search Engine (MRRSE) has stated that the document software market is destined to experience exponential growth from 2018 – 2026.
Yet another report released in May by Transparency Market Research sees ‘rising demand for big data and analytics fuelling growth in the document capture software market over the next decade.
With such glowing reports, it seems obvious that document OCR check software will become integral to commercial operations that world over. With that comes the responsibility of influence that leading data software vendors must promote.
Why Document Capture Software Is Important
Traditional office and data entry tasks are costly, time-consuming and inefficient. As the volume increases, so do does the financial and personal stress on people and businesses. This can lead to costly mistakes being made and deadlines not met.
Scanning paper-based documentation into digital files is not just a process of convenience, for many businesses, it’s one of necessity. Document scanner API technology can swiftly and easily extract pertinent information, saving businesses time and money.
Indeed, document capture technology has evolved from a true end-to-end paper process to centralized back-office scanning and from there to a model capture and cloud-based self-service model. This drastically reduces inefficiencies, enhancing core business activities. Not only that, OCR technology is evolving all the time with characters and special recognition becoming better and better with each passing month.
This allows businesses to gain valuable insights which result in better decision-making whilst consolidating information and securely share data with relevant parties in a secure online environment.
There are a few reasons why the document capture software market will surely play a larger role in commercial online activities in the years to come. These are as follows:
Multi-Sector Adoption
What’s great about document capture software is its seemingly limitless sector restrictions. You name it, retail, healthcare, finance and all manner of public sectors will immediately benefit from employing OCR software.
Processes can be streamlined, freeing up essential employee time allowing them to focus on the more important aspects of their individual roles. Costs can also be saved, allowing businesses to focus on investing in areas of their business that will promote sustained growth.
Content Management
The growing demand for document capture solutions to manage substantial volumes of commercial documentation, including invoices, receipts, reports and forms, and is only set to increase in the future.
With web-based security a top priority for many businesses, utilising new scanner API technology and the uploading files to the cloud allows businesses to securely store, maintain and access digital records in a systematic and efficient way. This facility is set to create immense document capture market potential in the coming years – with businesses increasingly demanding this degree of organizational security.
The Dominance of Cloud Computing
With the continued growth of cloud computing, it’s safe to assume that cloud-based services and solutions will experience similar growth. Document capture solutions are increasingly cloud-based, with new innovations reflecting this.
There are several reasons why cloud-based solutions are highly favoured by document capture technology. From scalability to interoperability and usability – and the prospect of operating a simplified IT infrastructure and management and having the opportunity of remote access from anywhere are just a handful of the reasons why OCR software and cloud computing enable greater participation, whilst catering to the core demands of businesses of all descriptions.
It seems almost inevitable that document capture software vendors will have a great deal of influence in the coming years. It simply reflects the progressive nature of businesses in the 21st century whilst catering to the demands of multiple sectors.
The lockdown won’t last forever so why not take the time to build solid foundations to give your business a springboard when normal business activity resumes? Why not invest in digital receipt reader technology?