Accelerating financial document digitization with accurate transcription
A financial services company (FSC) turned to CloudFactory to manage the volume of receipts, business cards, and other documents flowing into its system. The CloudFactory team transcribes documents that are not able to be handled by the company’s proprietary OCR technology.
Finance
Texas, USA
51-100
99%
Transcription Accuracy
150K+
Documents Processed Monthly
50%
Reduction in Turnaround Time
For over a decade, FSC has been keeping people organized by turning paper clutter into organized digital data. With more than 500,000 accounts in over 100 countries, the company streamlines accounting, bookkeeping, and tax preparation in order to save people time and money.
FSC uses CloudFactory to handle the sheer volume of documents flowing into its system, as well as to provide a springboard for the forward-thinking firm’s growth and success.
There was a time when making users’ lives easier was costing FSC too much time, money, and hassle. After all, it’s no surprise that companies that deal in high volumes of semi-structured documents (receipts, invoices, and the like) face an ongoing challenge: how to capture and extract accurate data in the most cost-efficient and scalable manner possible.
According to FSC’s director of operations, a growing user base compounded that challenge. The company doubled the few million documents processed the previous year and they predicted similar growth the following year with the help of CloudFactory.
To handle this ever-increasing volume, the operations team needed a solution that could keep the cost of processing each document under a certain price point without compromising the speed or quality of service. And combining optical recognition (OCR) technology with more operations staff wouldn’t do the trick. This option, as everyone quickly recognized, involved development and operations costs that were simply too expensive to scale.
FSC had reached a critical juncture, and its director of operations says that his team was asking itself a tough question: “How can we grow by doubling the amount of receipts processed each year without having to double our operations staff at the same time?”
CloudFactory offers a great price in several ways. They lower our overhead costs and offer on-demand pricing. CloudFactory also saves us a lot in development costs because now we don’t have to build tools to improve the capture process.
FSC Director of Operations
To solve this processing bottleneck, the director decided that the company should turn to the cloud. He considered five providers until determining that CloudFactory provided the best cloud-based solution, citing the following reasons for the decision.
The manual side of document operations remains a critical part of FSC’s business, but the director says he no longer worries about it because of CloudFactory.
The company can also better forecast operational costs, which allows it to focus time and resources on improving important metrics and pursuing activities that fuel growth. For instance, the operations team has already significantly decreased its customer cancellation rate and improved its margins.
And when FSC recently expanded to a new international market, it was able to roll-out a new offering and new features without any delays thanks to the cooperation and support from CloudFactory.
“We no longer think or worry about the manual side of the document operations— even though it’s a critical part of the business. CloudFactory has given us the ability to grow and scale without any operational constraints,” said the director.
Note: This client/company requested to remain confidential; therefore real names were not used.
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