Managing official papers and important documents is a cumbersome task for individuals and companies. In a situation like this, we wish paper documents also had a 'Ctrl+F' to find things.
Started by Nikhil Yathiraj, Tejan Timblo and Rohan Timblo, Docuvity solves the problem by digitizing and storing your documents. In the most basic sense, individuals and organizations can use Docuvity for storage and retrieval purposes. Docuvity identifies the workflow in the organization and accordingly sets up a digitizing workstation in the office premises.
The team sits with the client and gets an understanding of all the documents which need to be digitised and the metadata fields which are required for entry. The team saves the data either on cloud or with the host company. The aim is to reduce paper and document search to a few clicks instead of going through multiple files and saving time in the process.
The company has a two-fold revenue model primarily based on where it is deployed and the number of documents which have to digitized. Nikhil says,
"The Docuvity software has two modes of deployment On-r (i.e. in you server room in your office) and cloud. On-premise works under the standard user license fees and AMC. This involves additional Capex such as provisioning of a server and set up cost that are not essentially monetary costs but also time and effort. Cloud is the most efficient and cost effective model, it require low Capex and no worries of maintenance and updates. This works under industry standard recurring annual license fees.
The digitization service works primarily on per page cost that involves a complex process of scanning, file naming and metadata entry. I say complex because of scale. Digitizing 1000 documents can be a straight forward task but when you are digitizing lakhs of documents, a process driven approach is necessary so that each and every page is accounted for and digitized to satisfy our high standards."
They have also launched a software 'T-connect' which integrates with Tally accounting software, as generally the finance department is the one where some of the most critical data is generated and kept. At present, the company claims to grow at the rate of 35% year on year and is looking at small and medium business as their prime market for growth.
There are a few competitors in this field and digitization being a niche market has a lot of potential as a B2B business. There is a huge demand for services like Docuvity in every organization which may also lead to creation of more startups in this space.