Retarus Press Release:
New Retarus Managed Capture Services facilitate smooth data interchange with business partners
Digital processing of business documents ensures efficient workflows
Munich, 22.05.2017 // Global information logistics experts, Retarus, has launched new Managed Capture Services, which allow business documents (received by fax or email) to be automatically captured as structured data. This provides companies with a robust functionality to process orders or invoices directly in the ERP system, without any manual efforts or expense for entering the data. The processes at the communication partners’ end do not need to be changed at all. By using this new cloud service, enterprises benefit from efficient processes, a fast cash flow and satisfied business partners.
Manually capturing data is not only time and cost intensive, but also prone to error. With Retarus Managed Capture Services complex ordering or billing processes can be automated to a large extent, which means no more complex paper-based processes. The services support all common interfaces, file types and application formats. This means that business partners can be connected without much effort and sector-specific requirements can be implemented with ease. These accelerated, digital workflows and the minimized error-rate resulting from them, reduce process costs by around 60 percent as compared to manual data entry.
Reduced costs and efforts due to Intelligent Document Recognition
All incoming documents are run through a powerful text recognition process (Intelligent Document Recognition or IDR), which is based on multiple OCR engines. In addition to capturing the text, it also records the structure and other components of the document. With the assistance of the catalogue and master data, which is stored in the system and continually synchronized, all documents can be checked for their content in minimum amount of time and are automatically assigned. The system also memorizes new layout structures and recognizes them with great precision when new data is received.
Error checks can also be carried out as an automated process with Retarus Managed Capture Services. Wrong item numbers or incorrect calculations, empty mandatory fields or similar details that cannot be assigned are marked with a blocking notice, making it immediately visible in the ERP system that manual post-processing is required. Retarus then automatically sends the original document to the employee responsible for the data as a PDF in which all fields that were not recognized or need to be checked are clearly highlighted. This ensures that manual post-processing is simplified considerably for the responsible staff, as they only have to check the missing information again. As an additional option, Retarus can also perform the manual post-processing, offering a recognition rate of 100 percent. Subsequently, the cloud service transfers all validated data to the ERP application in the required format, along with the original documents.
Efficient cooperation with business partners
“The integration of business partners, who for technical or economic reasons are not yet able to transmit their data in a structured manner, poses a real challenge for many companies that are looking to shift over to digital ordering and invoicing procedures”, explains Bernhard Hecker, Director Product Management at Retarus. “The Managed Capture Services offered by Retarus cover all input and processing channels. Incoming forms are transformed into structured data, irrespective of the original format. This enables customers and suppliers to continue using their existing communication channels to exchange data.”
Retarus offers enterprise-level cloud solutions for Messaging, Email Security, and Supply Chain Integration. At the highest service level, with top performance, security, compliance with data protection regulations, and global availability. Retarus' services are successfully used for cloudification and securing messaging and email infrastructures, as well as for the intelligent automation of business processes and workflows. Retarus, headquartered in Munich, was founded by Martin Hager in 1992 and has been owner managed ever since. The company employs around 500 people in 20 offices on four continents. Over 40 percent of the companies listed in the S&P Global 100 rely on Retarus. More information: www.retarus.com
About Digital Transformation in Insurance
This is the 2nd annual Digital Transformation in Insurance 2017 Conference, providing a toolkit for end-to-end operational adaptation to reach the digital-savvy future consumer. We’ve been organizing events for financial services internationally for over 15 years and our series includes the European Banking Forum and Asia Banking Forum, where the FS industry gathers in an impartial setting to discuss the key issues and share information to overcome common challenges. GlobalData, formerly known as Datamonitor, is a world leading specialist information provider serving the global financial services markets. The insurance arm of the group offers analysis on market dynamics, customer purchasing behavior and distribution strategies.