GDPR Regulations and the Importance of Data Capture
Have you ever wondered what happens to your data you left behind when you apply for a bank loan? How trustworthy is the bank in keeping your private data safe?
To regulate and assure the data security, the European Union has established the General Data Protection Regulation (GDPR). This massive step of data privacy legislation guarantees the ownership of consumer data to the individual customer. This new regulation has a significant implication on the enterprises.
But first things first. Before complying to the regulation laws, you should rightly capture your customer data and manage them.
GDPR and the significance of data security
A Data security breach is an immediate threat to the well-off as well as the growing enterprises. It is proven time, and again that losing track of the data is the primary cause of data loss or data theft. How? Accounting firm PwC has found that 51% of organizations have an accurate inventory of personal data. That’s good, but it also means that the remaining 49% of organizations do not even have the formal record of the private information they receive. The lack of privacy policies and procedures are so severe that GDPR would fine 20 million Euros for companies that fail to comply with this data transparency law.
So, there emerges the first step. Regulate and keep track of your data. But is it even possible to navigate the large volumes of data a company receives and collect them coherently? Yes, it is possible with data capture. Capturing and keeping track of the incoming consumer data will ultimately produce a proper inventory.
Manual data entry: Even companies with decades of experience in document management, capture their data manually. But is it an efficient way to capture the data? For instance, to maintain a real-time inventory in a pharmacy, data in the incoming invoices needs to be extracted and stored in real-time, too. But the traditional manual data entry consumes a heavy amount of time.
Now, Kaptiche automates this manual data entry. Even 1000s of digital documents can be captured within in a matter of minutes! With Kaptiche, you can render your digital data into a searchable and editable format. So all your business intelligence is at the palm of your hands, and you can access the extracted data easily – allowing you to gain the insights real-time.
Data classification and indexing: Data classification is another necessity for an active inventory. Kaptiche captures and classifies your data and brings a similar data pool under a single umbrella. For example, if you are an intelligence agency, your client’s identity data are indexed along with his National Identification Number so that you can ensure taxation and government benefits.
Error-free and cost-effective: Yet another major hindrance to the GDPR compliance is the inaccurate data records. Your security ecosystem would be a misfire if the data is entered wrongly. If this first phase is a failure, the entire efforts are collapsed. But manual data entry inevitably leads to these human-made errors, which results in customer mistrust. But Kaptiche extracts your data so accurately that you can have a perfect and error-free business intelligence.
Besides, the prevention of such errors will save your pocket. In addition to time consumption, error correction requires more and more of your human resource and it is, apparently, quite expensive. Kaptiche extracts your data without human intervention, and you can have a cost-efficient workplace.
Multi-channel data entry: GDPR also prohibits using and processing the customer data without their consent. For the data security is expected to be maintained to such an extent. But data breaches are still a substantial risk. Business-sensitive data that are scattered across various disparate databases will lose its connective thread. Sometimes these documents left unnoticed in certain folders or fax mail and exposed to unauthorized entities.
But to protect your data, Kaptiche does the complete sweep of data extraction – from any document and from any source. With Kaptiche, you can process the digital documents coming from several sources such as emails, mobile devices, and network scanners. No data will lie around unrecognized. Although these data are coming in multiple formats and from multiple channels, they can be safely extracted and stored centrally. You can, in turn, encrypt these data to protect your business information.
Connect with us today and let’s talk about how intelligent data capture suite would transform and renovate your business by bringing forth your operational excellence.