How Data Capture Sets the Stage for Data Analysis

Joe is working on a financial investigation. He has hundreds of paper and PDF bank statements, bills, and records to investigate, but only a month to do so. Not to mention three other projects going at the same time. Sound familiar?

So Joe sends those documents off to his trusted data entry clerk to be keyed into an investigation friendly format, and weeks later he finally receives his data via an Excel file. Now there’s already two major problems with this process:

  1. Joe has to trust that every piece of data has been accurately recorded
  2. Joe has lost a week or more of investigation time

Now Joe’s scrambling to dive into the Excel file and locate the key data indicators for the case – sacrificing the quality of the investigation as well as the quality of his additional projects in his race against the clock.

We know from this scenario that the greatest factors to set the stage for an efficient investigation are TIME and ACCURACY. Your investigation starts there. The faster you can capture and organize your data into an easy to read – 100% accurate file, the more time you have to conduct an in depth thorough investigation for every case.

Data capture software will eliminate these investigation hurdles and prepare your data for the ultimate data analysis.

Start here….

Step 1 Document Types

Don’t limit yourself. Find a data capture software that can pull data from any computer generated document, like bank statements, bills, invoices, phone records, highway passes and more.

Step 2 Speed Test

Ensure your software can capture transactions at 1 -5 seconds per page, allowing for optimal time savings no matter how many statements need processed.

Step 3 Transaction Types

Most data entry softwares are limited by the type of data they can capture. Make sure the software you choose is able to recognize the TYPE of data you would like to capture, from standard fields like the Amount, Date and Check Number to custom fields like the City and State of each transaction.

Step 4 Accuracy Checks

Accuracy is key. What good does a data entry software serve if you can’t guarantee the data is 100% accurate? Look for specialized features within the data capture software to ensure all data can be captured fully and accurately.

Step 5 The Final Export

Check the final outcome! Review the data capture’s full and final exported data file to make sure the data is clean, organized and easy to continue with the investigation.

Step 6 Data Analysis

The right data capture software will set YOU up for success. Look for a data capture software that partners with data analytics softwares, like Microsoft’s Power BI. Enhance your final exported data file with visual reports and graphics, leveraging every investigation with fast, easy to understand data analysis.

 

Smart data capture software can be the changing force of your entire investigation process. Learn more about how ScanWriter and Power BI have partnered to bring you a streamlined data capture and analysis process.

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