Why professional services should be looking to improve data capture and analysis
Data is crucial for professional services organizations, as it enables them to make informed decisions based on facts instead of assumptions. In addition, they can use this data to uncover patterns, trends, and insights that can inform strategy, marketing, and operational improvements. In today’s digital era, data can help personalize customer experiences, enhance products and services, and ensure competitiveness.
Gartner refers to dark data as “the information assets organizations collect, process, and store during regular business activities but generally fail to use for other purposes.”
This data can pose risks if not correctly captured, such as human error in re-entering data and missing valuable insights. To minimize these risks, professional services organizations should adopt process automation, including automated document generation and data capture tools.
Failure to capture data effectively
The consequences of ineffective data capture include the potential for human error if the information has to be re-keyed into other systems, such as a CRM or onboarding system. Not to mention the loss of valuable insights if the data cannot be analyzed.
For instance, when a Supplier Questionnaire is used to gather information about new vendors, it is often sent in an MS Word document and filed after completion, making it challenging to analyze the data from multiple vendors efficiently. In addition, the manual process of reading each document and re-entering the information into a spreadsheet is time-consuming and prone to error. Capturing the data at the time of engagement would help prevent these issues.
The same applies to Request for Proposals (RFPs), Onboarding and hiring documentation, Requests for Information (RFI), Legal Support Requests, Compliance Forms and Infosec Training, to name a few.
Turning your documents from passive mode into active mode
You can activate your company’s standard MS Word documents by transforming them into active applications. All you need to do is tag the variable data fields within the document and create a web form using a no-code wizard. The form captures all the relevant information and automatically populates the document — no more manual data entry with potential errors. You can then download the data in a spreadsheet for analysis or use APIs to integrate with other systems and transfer the information for quicker, more informed decision-making. All of this is possible today when using Kim Document.
In summary, disregarded information in documents can cause harm to companies if not appropriately managed. This includes the possibility of mistakes during manual data entry and overlooking valuable information that could aid in creating effective plans and strategies. To reduce these dangers, companies should adopt an automation strategy incorporating technology to simplify document generation and data collection.
Book a Demo with us and discover how Kim Document can help improve your document generation and data-capture workflow.