There is a common line of thinking when dealing with investors, upper level management and stakeholders: “paper is dead and so is the hardware, software and solutions that is associated with paper.” “As business undergoes “digital transformation” there will be no need for solutions dealing with documents.”
Is the world, as we know it, over? … yes, most likely. Is this true? … maybe partially. Is Capture destined to go the way of landline phones, film photography or the dinosaur? ...not even close for those that address the new market needs and respond!
Capture has been adapting to change since its inception as a software category. From film to digital, from a flat image to a file that could be classified, transformed and transported to appropriate business processes, Capture has been changing to enable business processes and eliminate key entry. RPA is essentially a technology that eliminates manual key entry to enable business processes and so we regard that as a part of capture and will be including it in the future. It is true that paper is in decline. The need for document scanners is also in decline, as there is less paper and more options for capturing a document with a MFP or mobile device. What has not changed is the need to be able to take data coming into an organization and transform those data into usable information. This need is spiraling upward due to the following three factors:
- Exponential increasing amounts of data
- Increasing demand for real-time information availability
- The technology is better integrated and more widely available to more effectively convert, understand, process and route information derived from a variety of media types (email, voice, PDF, image and much more.)
As business moves to more and more to a reliance on digital, the business document Capture will transform towards Capture 2.0 Services. These services are designed to make business processes work more efficiently and effectively. The WW market potential for Capture 2.0 services is over $30bn.
Organizations run on information to execute business processes, maintain compliance and strive to exceed customer expectations. Organizations that most efficiently utilize relevant information are able to serve their stakeholders more effectively and improve competitiveness. As previously stated, the volume of data available is increasing dramatically. Data is coming from a variety of sources and in a variety of formats that need to be understood. With data understanding, information can be routed to key relevant processes and people that utilize it according to business rules. Information may support ERP/accounting, collaborative content management, case management and compliance. Without the ability to transform needed data into information, organizations are at risk of not having critical business information available in a timely manner, and falling out of compliance. This can negatively impact efficiency, stakeholder satisfaction, competitiveness and P&L.
HSA is focused on Capture 2.0 Services that enable organizations to interpret and understand incoming multichannel data and thus transforming them into information. Multiple channel inputs can be paper or electronic. Input media can be on the form of images (document, photographic) voice, video, text messages (SMS/Chat/Social Media). Capture 2.0 technologies Services transform data contained in these media into information. Capture 2.0 technologies include: OCR/ICR, image recognition, object recognition, voice recognition, NLP, semantic understanding, sentiment analysis, and more.
Every tech company is on a different journey and all have different market experiences and capabilities, but as an industry there is a bright future for those that continually transform to Capture information needed to exceed new customer expectations.