Suppose your organization manages over 500 utility bills a month and is still manually or semi-manually managing invoice processing or collecting data from bills. In that case, you should be looking into automated data extraction of your bills, also called parsing. You’ll thank us later.
Automated utility data extraction, also called utility bill parsing, is a time and cost-effective solution that extracts data from utility invoices in real-time. It eradicates errors incurred with manual data entry or semi-manual processes, and it’s easy to audit. The right solution partner can also provide you with rigorous data validated too!
Can parsing cut down on duplicate data?
Yes! Manual data entry is prone to errors and duplication. In addition to saving departments time and resources, the use of utility bill parsing can prevent data duplication and reduce errors. The effects can be far-reaching, and the benefits can make significant improvements to a business’s bottom line. Companies may not even realize the financial impact that duplicate data can cause. According to Data Warehouse, data quality problems cost U.S. businesses more than $600 billion every year.
How is data parsing a cross-departmental tool?
Well, for finance teams, data parsing can yield ample cost-saving opportunities. Such benefits include reducing administration overheads, and improving data integrity and quality, resulting in better, more accurate budgeting and forecasting.
Sustainability teams can use parsing to extract and validate mass data into usable formats. The data can track the success or failure of sustainable projects by noting the effects on energy, water, and gas usage.
Peter Drucker introduced the concept that you “can’t manage something if you can’t measure it.” And as the U.S. Department of Transportation states, ‘Measuring sustainability can help with tracking and assessing progress, encouraging broad participation by stakeholders, evaluating sustainability tradeoffs, meeting or anticipating new requirements, finding programmatic barriers, rewarding excellence, and communicating benefits and goals.
Manual or semi-manual data management is risky. When the number of data sets grows above 500 bills a month, compliant initiatives and reporting are a risk that you will not be able to continue to ignore.
Should digital transformation roles be considering Utility Bill Parsing?
If your company deals with large sets of utility data, you need to be across this technology.
Utility Bill Parsing helps with the structure and integrity of data, extracts and collates it all in a uniform usable format, making it easy to use to deliver valuable insights and consistent reporting.
From utility bills to mobile check deposits, parsing technology has already become mainstream.
Automated data extraction can be used in various creative applications, such as driving down cost to serve, improving customer experiences, boosting data accuracy, and removing errors. If your organization is struggling to keep up with your utility bills or struggle with data quality,