With the advent of digitization, the business landscape is changing rapidly. Through document scanning and conversion, enterprises are looking to convert their important documents into digital format to meet the new challenges with streamlined documentation and critical business information at their fingertips. The healthcare and finance industries appear to lead this move to digitization, enjoying the benefits offered by the process.
As per the data given by a research firm IDC, the financial industry is leading in the process of digitization with an average of 25.4 million scanned documents per year in the US followed by the healthcare industry with an average of 22.2million scanned documents. Banks are also redefining themselves by digitizing their valuable documents and providing e-forms etc to retain and attract more clients. Digitizing of important documents saves time and money and improves the efficiency of the organization. For example, the Mexican Government saved an amount of US$ 1.27 billion per year from its total expenditure through digitization of payments.
Financial institutions have a variety of documents such as client records, loan and deposit documents, statements, remittances, checks, receipts and transaction records to be digitized for easy access and optimum use.
Healthcare providers would need to scan documents such as patient records, medical billing records, admission and registration forms, lab results, imaging records, referral forms, insurance claims and so on. In the present scenario, these records need to be incorporated into the patient EHR.
Every business organization, big or small needs to change the way they manage business documents and focus more on digitization. According to Edward Crowley, the CEO and president of Photizo Group, the North American market for the workflow digitization opportunity including document scanning showed an increase of 2 percent from $20.6 billion to $21 billion during the period 2013-2015 and the global market grew from $50 billion to $52 billion, showing an increased growth rate of 4 percent.
Growing Importance of Digital Service
Digitization of healthcare and financial documents is going to be a continuing trend. It helps to integrate important records into the digital system and improve the efficiency of the organization. With digitization, it is much easier and quicker to retrieve data and view digital images rather than the original paper records. This can reduce the time taken to respond to clients. With digitization and competent document management, financial and healthcare institutions can become more effective and productive while staying compliant with all applicable rules and regulations. It will help bring all paper-based processes and costs under control.
Outsourcing document scanning to a reliable document scanning and conversion company is a practical option when you have large volume documents to convert into the desired formats. Working with a document processing vendor would help businesses save time and money and concentrate on their core business activities.