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 Recognition Technology Transforms Data Entry, Improving Productivity

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bharath_ddd7



Number of posts : 842
Age : 31
Registration date : 2008-03-15

PostSubject: Recognition Technology Transforms Data Entry, Improving Productivity   Fri 28 Mar - 17:50

DMP is becoming the industry standard in back-office software, with installations in more than 125 customer locations (including 38 of the top 100 U.S. banks), which process over 240 million items/payments and in excess of 1.5 billion data entry keystrokes a year. DMP designs, develops, delivers, and supports item processing software that addresses the specific needs of bank operations and commercial remittance processing. DMP products specifically target return item processing and wholesale and retail lockbox processing.

Converting from manual data entry to automated Intelligent and Optical Character Recognition (ICR/OCR) software is fast becoming an issue in the banking and financial industry for those offering wholesale lockbox accounts and services. Approximately 34% of the industry is utilizing ICR-assisted, automated data entry software and is reaping benefits such as increases in productivity and decreases in labor costs. It is estimated the remaining 66% could improve their current platform with the right solution.

No matter which group one may fall into, the need to automate in an all around cost-effective manner is still an issue. The costs with manual keying are obvious, but even outsourcing to a vendor can take a lot of time and money for installation, training, and incorporation with the current lockbox processing system. Only a fraction of the industry knows that this obstacle can be overcome with a more integrative approach offered by Data Management Products (DMP).
DMp an innovator and leader in image-based processing systems, created Turbo DE with ICR to address the growing industry opportunities for improvement. Turbo DE incorporates ICR technology into the existing Data Entry module of DMP's integraPAYŽ product. The integraPAY Framework enables payment processing solutions for wholesale lockbox, retail lockbox, wholesale, credit card, check and list, and e-payments. The Turbo DE module streamlines the process of capturing information from scanned invoices and documents via Intelligent ICR, and provides automated solutions for payment and item processing.

Integration and Automation

Turbo DE with ICR is a tightly integrated module that lifts selected information from scanned documents and automatically populates data entry fields. Turbo DE is transaction-based, providing the ability to tie checks, stubs, lists, or invoices together for invoice balancing, quick re-association, or reference. This transaction association assists in producing module recognition rates in the 70-90% range, one of the best in the industry. Turbo DE allows for automated capture of data from scanned source documents such as invoices, EOB forms, checks, remittance stubs, etc. It automatically identifies specific zones on the document, then performs automated recognition of the data, associates it to predefined fields in the Data Entry module, and populates the data into the system without the need for an operator to key in the information. Once the data has been recognized, captured and verified, it is available for customer delivery through other integraPAY modules completing the integrated process. Turbo DE incorporates an intuitive "learning process" which remembers specific zones and invoice formats based on the check remitter name database.

Turbo DE has been installed at 17 sites. These sites process more than two million documents per month on the integraPAY platform. Implementation of Turbo DE and training is easy and typically completed within four days. Installation includes one time setup of information including field definitions, masking, auto-dupes, and other Data Entry rules. Specific Zones on a document are then rubber banded and associated with predefined data fields. These Zones are saved as templates in a per lockbox/remitter database for automated capture of information using ICR.

Productivity

Turbo DE's most evident benefit is the improvement in productivity within the data entry process. These significant increases are caused by improvements in both entry speed and accuracy. Uniform forms or tabular series of data have proven to be the best candidates for productivity gains. Turbo DE provides the operator with a recognition tool they can use to automatically collect data. "Drag and drop" zone identification can collect pages of columnar data with just a few keystrokes. Turbo DE remembers these zones and bases them on the invoice type and remitter name (MICR fields) from the check. As a re-occurring remitter submits payments on a re-occurring basis, Turbo DE will look at what was recognized historically to automatically plug the fields.

Industry standards for heads down data entry operators average 12,000 keystrokes per hour. The best transaction (financial based) data entry operators, with highly complex forms and data locations archive around 8,000 keystrokes per hour. Using ICR on tabular data or on uniform forms, such as with Turbo DE, the data collection rates can exceed 20,000 keystrokes per hour.

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