The Sea Change

The recent advances in cloud computing and artificial intelligence are creating an opportunity for organizations to upgrade their information processing, while reducing their overall cost.

This isn’t just an excellent way to increase profit, but also a key strategy in remaining competitive against both larger players as well as nimble new upstarts.

FormKiQ is leading the way with our event-driven document and information management platform. By deploying FormKiQ directly into an AWS account under the organization’s control, it’s possible to reduce or eliminate manual processes, increase accuracy, and expand on information processing capabilities.

This is a major improvement over what was previously available for information processing.

The Costs of Manual Data Entry and Limitations of Basic Import Tools

For most organizations, processing a steady stream of both digital and physical documents is a daily reality. However, the traditional methods used to handle this influx—manual data entry and basic import tools—often fall short.

Manual Data Entry Challenges:

• Errors and Inconsistencies: Human error is a significant risk with manual data entry, leading to inaccuracies that can affect everything from financial reporting to customer relations.
• Inefficiency: Manual processing is time-consuming, diverting resources from more strategic tasks and slowing overall response times.
• High Costs: The labor-intensive nature of manual data entry not only spikes payroll expenses but also incurs additional costs from correcting errors and inefficiencies.
• Scalability Issues: As business volumes grow, the inefficiency of manual data entry becomes increasingly untenable, hindering potential growth due to its limited scalability.

Limitations of Basic Import Tools:

• Restricted Functionality Most basic tools only allow for simple uploading and storage of documents without supporting advanced data processing, which is critical for extracting actionable insights.
• Minimal Data Extraction: While some tools offer rudimentary OCR capabilities, they lack the sophisticated algorithms needed for deeper data interpretation essential for accurate decision-making.
• Integration Challenges: These tools often operate in isolation with limited ability to seamlessly integrate with other core business systems, restricting the flow of data across the enterprise.
• Limited Validation and Flexibility: Basic import tools frequently lack robust validation features to ensure data integrity and offer little flexibility to adapt to changing business requirements, making them less effective as organizations evolve.

Our Information Processing Innovations

At FormKiQ, our approach to enhancing import tools involves increasing the flexibility and customization available in import workflows and specific actions. By employing a combination of rules-based processing and cost-effective large language models (AI), we significantly reduce the need for manual intervention.

Utilizing well-established services such as Amazon Textract and Amazon Bedrock, coupled with sophisticated intelligent document processing algorithms and robust rule-handling capabilities, FormKiQ offers a more dependable and efficient method for document and data intake, achieving a higher degree of automation.

Moreover, the data extracted from these documents can be converted into formats suitable for integration with enterprise software applications like SAP, NetSuite, and Salesforce. The documents are systematically categorized and stored within an organization’s Amazon account, making them readily available for auditing, reporting, or later retrieval.

These processes are managed via the FormKiQ API and through the use of FormKiQ’s Rulesets and Workflows. This system allows incoming documents to be assessed and organized by applying a classification schema, generating attributes such as tags and metadata, and determining the necessary actions for each document.

This not only reduces the manual workload and associated costs but also lowers core processing costs due to the scalable and adaptable architecture of FormKiQ, which aligns with the AWS Well-Architected Framework.

Furthermore, FormKiQ’s adaptable multi-step document processing system enhances cost-efficiency; it initially handles the extraction of document attributes through programmatic and rules-based processing. Documents requiring more detailed processing are then directed to specific AI-driven extraction steps as needed. Any documents with issues that require manual review, such as incomplete data, are routed to a queue for further inspection.

These advancements enable FormKiQ to offer enhanced processing capabilities that adapt and scale with an organization’s demands, thereby minimizing manual involvement and reducing the total cost of ownership.

FormKiQ’s Advantage at Work

As of May 2024, we provide these functionalities across various industries, including HR, education, and retail. The adaptability of FormKiQ’s information processing allows any sector to quickly and efficiently utilize this technology.

If you have a use case that could benefit from FormKiQ’s flexible information processing, please reach out. We can go over your requirements and create and demo a detailed plan that meets the needs of your organization.