Also, the e-governance model is not so strong and hence to ensure compliance and to avoid unnecessary litigation with the various government legislations across countries, companies main overcautious in their approach leading to “death by paper Most Back-end systems are fairly automated and where the transactions are electronically processed the STEP rates are Increasing day to day. While there Is a focus on STEP and targets set to minimize paper usage there Is still considerable amount of manual work in terms of form filling, Applications for Mutual Funds, Telecoms, Credit Cards etc…
Manual Processing of Application Forms from multiple Customers is a laborious/time- consuming and highs process. Even though the OCCUR technology has been in vogue he accuracy rates of conversion of manual handwritten Information to text are extremely low and hence Industry acceptance has been low as it adds to the risk and complexity of the transactions. These are confidential information and cannot be shredded publicly or stored without proper controls / documentation.
The Companies these days have a dual blow hit on the bottom lines – archival of soft copies and archival of the papers as most auditors world wide continue to remain paper based and it adds as a “comfort” to the Top Management. There is a significant Operational Risk for any manual function right from reanimating the paper to the execution of the operation. Several errors occur while reproducing the information from paper to system. Generally the errors seem as Common Sense in hindsight but with the huge volumes and extremely stringent cut- offs human lapses are bound to happen.
More the number of fields, operation required – greater the probability of errors to occur. It has been seen that multiple levels of control (Maker, Checker, Authorizer etc… ) are still not sufficient to capture such errors. Simple Illustration This is a simple redemption form which is generally manually submitted to: Tat’s front office 0 Back office of the TA 0 Settlements team 0 Payments team Found Accounting team – The Application is generally printed tallest times by different teams. Duplication of data fields across various teams – There are tallest 2 checklists printed for each form – Minimum of 12 to 15 data fields are to be input in the system manually by looking at the form About (Image To Data) “IT’D” Tool IT’D Tool is an Application/Utility for processing of Images (. PDF, Jpg, Jeep) / scanned images and converting them to data. The data converted is stored in database which can be integrated to the Transaction Processing system.
Algorithms to scan the Application Form Image to ASCII Format Representation which is further processed in Java for normal/plain text conversion and subsequently stored into the Database (Oracle/ MYSELF) IT’D provisions global configuration settings to externalities the dependencies involved in processing and storing the Application Form Data Proposed Model Define Analyze Analyses Content Required Fields a. Standardization Forms Identification of b. Fields Definition Fields computerized text with I’. Fields with Manual Text iii.
Barrowed / OCCUR fields Identifying which information / fields are elevate for processing Extract Automate Content Extraction Process Automation a. Extract the requisite fields in text / editable data format using “IT’D Tool” developed by NICE b. Determining how much the text is computerized / manual c. Identifying fields which have to remain as images only for cross-verification e. G. Signature b. Since accuracy cannot be 100% guaranteed the process SHOULD continue to follow the Maker / Checker process a. Convert data extracted to XML for c.v. for upload purposes b.
Interface to be created for Integration with Transaction Processing System c. Workflow to be designed based on the success percentage of data conversion d. Logical Access Controls validated Overview of Architecture Application Form Scanning Imaginative Engine Send Processed Form Data to DB Store Scanned Enterprise Architecture Integration (EAI) Automatic Integration Capability with any other legacy systems External Systems / Databases oracle/MYSELF Benefits Productivity: We expect the product to deliver results with over 80% accuracy.
This would mean a significant cycle time reduction and the company should be able to reduce manpower by tallest 40% in the first year of implementation Risk Management: Without dilution of controls the manual intervention is reduced by over 80%. The team will be provided with a dashboard of exceptions which will highlight potential areas of errors. “Management by Exception” Scalability: Increased volumes do not correspond to increase in man-power cost.
On-boarding of any new volumes / client would be a cake walk Client Delight: With lower manual intervention TAT would improve significantly thereby significantly improving the Timeliness and delighting the client with “Early to Market” reports Go Green: The entire process including Checklists can be based in the system hereby doing away with print-outs and their associated costs / maintenance issues.
We would be contributing our bit to protect the environment Placement Services Statutory Compliance COMA, MOM Executive Education, CA Flexi-staffing Payroll Processing Soft Skills, Personality Development Trainings Start up Hiring Organizational Structuring Manufacturing Top Line Improvement Project Report / Funding Risk Based Internal Audit Credentials Verification Finance, Risk Management and Audits Programs for Educational Institute Statistical Process
Control Advisory Software Marketing Software Support Accounting Services Funding & Business Plans Compliance Monitoring Software Development Indirect Taxation & International Non-Resident Taxation Application Development Software Maintenance Networking Support Identifying the Type of Registration Registration across various Acts Management and Legal Consultancy Functional Testing Non-functional Testing Core Services Performance Engineering Corporate Synopsis Our Organizational behavior and Management Strategy to achieve our Vision Focused Actions
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