Do you know that around 67% of business owners think they need to be more digitized? If you are one of them, this article might peak your interest.
The digital revolution has changed how businesses operate, and finance firms are no exception. There are now a variety of technologies that allow financial organizations to move away from paper-based systems and into the future. PDF technologies, in particular, have been instrumental in helping finance firms make this transition.
This blog post will explore some of these technologies and how they can benefit your business. If you want to go paperless and stay one step ahead of your competitors, keep reading!
List the 6 PDF Technologies/tools:
PDF technologies have certainly come a long way in recent years, offering us all several digital conveniences that we take for granted. From text recognition to data extraction and long-term document preservation, here are 6 PDF technologies that can increase your efficiency and save you time.
1. Text Recognition
Bringing optical character recognition into your workflow means that reading long strings of numbers or complicated web pages is no longer an obstacle. Whether it’s tracking wages, expenses, or payments, having financial information at your fingertips has never been simpler.
OCR can transform your scanned PDFs into searchable documents. This technology cleverly extracts text from an image with just a few clicks. It converts it into machine-readable text, allowing you to find what you’re looking for without skimming through it tediously. OCR comes in handy if you need to locate specific items within a document, such as a receipt, invoice, or contract.
2. Data Extraction
Data extraction is an essential part of many industries. It’s especially important in the finance industry, where accuracy and precision are of the utmost importance. Finding the perfect PDF data extraction tool can help streamline processes and ensure no mistakes are made when extracting data. Companies using this technology can automatically transform unstructured PDF files into structured formats such as Excel spreadsheets or XML files without any manual input requirement.
3. Long-term Document Preservation
The ISO-standardized version of the PDF, known as Portable Document Format Archival, can help you keep your sensitive financial data secure when stored for long periods. It’s a great way to archive electronic documents and store them safely while also making sure they stay as accessible as possible far into the future.
Unlike regular PDFs, PDF/As have certain restrictions that make them self-contained and preserve the original formatting and display of the file regardless of how much time passes. That way, you can guarantee your document stays safe and secure no matter what technological advancements are made.
4. Form Filling
Working in finance can be complex and time-consuming, with a lot of paperwork and forms. But with PDF forms technology, the process is simpler and more accessible. With its ability to let colleagues collaborate instantly on financial plans and tax forms, PDF eliminates the need to print documents out or spend countless hours trying to find what you need in a file cabinet.
You have all the same level of precision you would expect but without any limitations that come with traditional forms on paper, like time spent shuffling between offices or waiting on the printer. Now you have a fast, efficient, and secure way to share financial forms quickly with no chances of mistakes or miscommunication.
5. E-signing
In the finance and banking world, PDF documents have become the go-to choice when it comes to signing contracts. Instead of having to print out the paperwork and manually sign it, electronic signatures make it easy to complete agreements quickly and conveniently. Plus, it’s much harder for someone to tamper with an electronic signature’s data than with a paper contract – making that extra layer of security useful when managing finances and handling sensitive information.
6. Data Protection
PDF offers several options for protecting sensitive data from unauthorized access or misuse. These solutions include advanced encryption algorithms, identity verification protocols, access control measures, and other security measures that ensure only authorized personnel have access to confidential data stored on servers or cloud storage systems maintained by financial firms. Whether you’re looking for encryption techniques such as password protection or watermarking tools, you can ensure information stays confidential by using PDF files.
Conclusion
The financial services industry is rapidly changing due to digitization efforts to make operations faster, more efficient, securer, and cost-effective. To succeed in this new digital world order, PDF technologies such as text recognition software, data extraction tools, long-term document preservation, form filling, e-signing, and data protection solutions are important in helping finance companies become digital organizations.
By leveraging these solutions, businesses can improve efficiency and reduce costs associated with manual document processing tasks, thus providing greater value for their clients.