As technology grows, particularly in business operations, automation is being considered by the majority of businesses in the world. They are starting to transition from manual to automated processes, specifically for document management tasks such as document extraction and invoice scanning. According to McKinsey, automation has the potential to increase productivity, GDP (Gross Domestic Product) growth in Indonesia, and higher income for workers and market opportunities. While many businesses in Indonesia still rely on manually handling invoices and documents, this might be due to the size of the business, as small businesses may think that automation is unnecessary because of the high cost.
This article will go deeper into document extraction and invoice scanning, as well as how automation has become the best solution for Indonesian businesses that want to boost efficiency.
Understanding Document Extraction
Document extraction is the process of collecting or extracting data contained in documents. Documents that businesses typically extract, such as invoices, receipts, bank statements, purchase orders, legal documents, and healthcare records. Manually extracting data from physical documents involves manually entering data from the papers into a business system or Excel sheet. If the data is digital, the manual method usually involves copying and pasting information one by one into the system.
The automation method entails capturing or uploading documents in a supported format, which are then quickly processed by OCR.
Understanding Invoice Scanning
Invoice scanning is the process that converts physical invoices into digital formats. With manual scanning, there are some methods, such as using scanners, printers, and smartphones. Automated scanning is reliable and uses advanced technology like OCR, which can scan invoices fast and precisely.
Challenges Faced by Indonesian Businesses
Some challenges in data extraction and invoice scanning that commonly faced in Indonesian businesses:
1. Local Regulations
Local regulations like e-Faktur, tax regulations, and OJK often have complex compliance requirements, frequent updates, and strict deadlines. This can be challenging for Indonesian businesses, especially when managing documents and invoices manually. Errors in data can result in compliance violations, which can lead to penalties.
2. Integration with Existing System
Businesses may have their own existing system that they regularly use, and integrating with existing systems might be complex. This becomes a dilemma for business, particularly when using automation tools, but the tools have limited support and are incompatible with any system.
3. Data Security
Invoices and other documents contain sensitive data; businesses must be cautious about security and privacy when dealing with document and invoice processing to avoid data leaks that can harm companies.
Fintelite: The Right Solutions for Document Extraction and Invoice Scanning for Indonesian Businesses
Document extraction and invoice scanning are crucial aspects of business activities. To maximize workflow efficiency and growth, Indonesian businesses must consider switching from manual to automation. Even for small businesses, using advanced technology can give much benefit to their productivity. Fintelite has emerged as the future of smart document management for all business sizes in Indonesia. Its powerful AI supports all types of documents and formats, making it easy for businesses to process documents. The accuracy level exceeds 90%, which reduces data extraction errors. Fintelite can also detect any potential fraud and guarantee security data, hence protecting businesses from losses and penalties.
