Technology is a key lever, and its penetration in operations can prove to be a decisive factor for an organization’s strategic success. Accurately capturing data, inputting it to appropriate tables, keeping the data integrated in a database, and employing robust security measures; all these aspects can be handled efficiently by combining various technologies.
Technologies revolutionizing document processing for real estate companies
Here are four of the technologies that have transformed document processing in real estate, empowering realtors to optimize their time and cost:
- Artificial intelligence:
AI converts traditional time consuming and highly cost-intensive document processing into intelligent document processing. Various machine learning-based recognition technologies such as Optical Character Recognition (OCR), Intelligent Character Recognition (ICR), Optical Mark Recognition (OMR), and Intelligent Document Recognition (IDR) are leveraged to capture data from documents accurately.
Automated document capture reduces chances of error by 52%, and cut costs incurred in manual processing by 35%
- Digital signature enables processing of contracts through remote verification mechanism.
- Natural Language Processing (NLP) helps in comprehension of data from unstructured texts.
- Chatbots streamline document searching, and facilitate easy uploading of documents.
AI helps in correct classification of document based on the document type. It extracts required piece of data from the document and places in correct format at the right location.
- Big data:
Intelligent information management is another crucial feature of efficient document processing. A high volume of transactions, diversity of document types containing structured and unstructured data, and requirement of high-speed data capturing mechanisms make big data an ideal solution to facilitate intelligent information management (IIM). One of the biggest benefits of IIM is that it gives seamless opportunities to realtors to leverage analytics and machine learning.
A highly effective solution, Blockchain helps in ensuring secured flow of sensitive real estate information. Blockchain based methods bring in strong features to help real estate companies to accurately verify the document location and obtain details like when the document was last modified. It also helps in detecting if any sort of unauthorized attempts were made to manipulate documents. In a way, the technology brings in transparency to entire document processing.
- Cloud computing:
This technology gives a complete paperless form to document processing. The notable feature of cloud is that it can be used by real estate companies as Infrastructure-as-a-service (IAAS), Platform-as-a-service (PAAS), or Software-as-a-service (SAAS). The company seeking to deploy cloud services need not bother about storage space, as it is provided by a third-party vendor. The documents stored in a central location, accompanied with metadata, are secured through digital signatures that ensure authorship, authenticity and veracity of content.
6 benefits of technology-enabled document processing to the real estate industry
Real estate companies must invest efforts to bring in right set of technologies, and have a plan to interpose them at correct interfaces. Real estate companies can rope in technology-based document processing to avail:
- Improved efficiency: Tech-based solutions enable in reducing errors in data capture, and significantly improve data verification and data validation mechanisms. When quality of data improves, efficient audit trails are created, which, at each stage ensures that data is intact and available in the right form. Further, effective version control gives access to complete history and modifications made to documents.
- Increased transparency: With electronic systems, records are digitized and made transparent. At important interfaces, there’s one common window to manage records that gives equal access to stakeholders. The systems facilitate easy approval of documents and certificates, not keeping them constrained to human authority.
- Enhanced security: Security of transactions, documents, and records is a key concern for realtors. Employing advanced cyber-security features empowers realtors to give access only to authorized people. This keeps the sensitive data from falling prey to fraudulent practices.
- Data governance: Technology gives data governance a transparent characteristic, because security protocols are introduced at each level – document, record, employee, or department level. With these features in place, compliance with data protection regulatory norms becomes easy.
- Strong collaboration and compliance: Having technological processing mechanisms facilitating the collaboration among geographically dispersed teams allows secured sharing of information. Realtors can overcome the restrictions associated with hardcopy documents. Having central repository of documents and data helps to overcome geographical barriers.
- Seamless integration: Effective digital connectivity with vendors is a key component of a highly efficient document processing solution. Designated customers can connect with the company’s systems through mobile applications to access data. Streamlined connection with important stakeholders increases confidence among them and fosters a strong, long-term professional relationship.
Real estate companies trying to overhaul their value chains must focus on introducing fast, and dynamic document processing. This shall be possible by introducing a mix of appropriate technologies that guarantee optimization and creates a scope for revenue generation. The possible ramifications caused by ad-hoc activities in manual processing can be eliminated by technological improvements.
Chirag Shivalker is a digital content head at Hi-Tech BPO, a company thriving in the industry for more than two decades. He regularly writes about importance of data management and the changing landscape of the business process management industry.