How is Intelligent Document Processing (IDP) an Integral Part of Digital Transformation?
The evolving customer expectations, growing market competition, and compliance pressures are key factors driving business leaders to embrace more efficient business strategies and practices. If there ever was a time to adopt new technologies and leverage advanced capabilities, the time is now.
Businesses that embrace new digital technologies to focus on lowering operational costs, boosting internal efficiency and productivity, serving customers better, and offering new personalized products and services are the ones who are likely to survive in a dynamic market.
Despite the digital revolution, some companies still work with physical documents. These companies rely heavily on data, and the biggest challenge they face is not the lack of data but learning to utilize this data smartly. Handling large volumes of data from countless documents is a challenge for the human task force.
Manual Data Processing — Lengthy, Inaccurate, and Expensive
1.Lengthy: For example, consider the invoice processing process at a large company. Large companies deal with several hundred suppliers, who in turn generate hundreds or thousands of invoices. These invoices will undergo a lengthy process that includes Manual Verification
- Manual Verification
- Manual Interpretation
- Manual Data Extraction
- Manual Input to System
The relevant department can initiate the payment process only when all these steps are complete. Given the sheer volume of invoices, imagine the amount of time it would take to complete the process?
2.Inaccurate: The entire workflow involves multiple layers, such as approvals, budgets, payment authorization, and invoice clearance by the accounting department before proceeding to the next stage. Think of how many humans are involved in this process.
Is there a risk of human error resulting in inaccurate results? Definitely! Especially while handing hundreds or thousands of invoices.
3.Expensive: When you consider the whole process, the number of people involved, and the time taken to complete the task, you can easily deduce that it will cost a lot. Any business that takes a long time to produce results that might not be accurate would have to invest a lot of money to sustain that business.
On the other hand, think about the productivity improvement when such processes and systems are automated?
IDP — Enabling AI Document Management & Automation
Document processing is an intensive process. Delays while extracting data lead to further delays affecting multiple operations in an organization. We are in the digital era, and enterprises should look at advanced technology to streamline the entire document processing.
Here is where ‘Intelligent Document Processing’ emerges. Advances in Artificial Intelligence (AI) and Machine Learning (ML) have made it possible today to scan, read, analyze, and capture relevant information from various documents in multiple formats. The main benefit of IDP lies in its capability of validating AI-enabled document management and automation.
Intelligent Document Processing — Integral Part of Digital Transformation
Intelligent Document Processing is a form of Intelligent Automation (IA) where technologies, such as Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), and Optical Character Recognition (OCR), are utilized. These technologies enable the document processing system to speed up, reduce errors, and dependency on human intervention.
IDP works wonders in companies that receive high volumes of data (structured & unstructured) across orders, invoices, customer communication, and other documents. The emergence of Intelligent Automation offers business leaders a solution to manual data processing.
Intelligent Document Processing takes less time to process large volumes of data, delivers accurate results, and reduces the overall costs for companies across industries. Businesses can use insights from IDP to devise their future strategies and deliver products and services quickly, enhancing customer experience.
Neutrinos — Intelligent Document Processing (IDP)
Neutrinos’ Intelligent Document Processing (IDP) solution leverages AI, Natural Language Processing (NLP), Optical Character Recognition (OCR), and Machine Learning (ML) capabilities to automatically classify, categorize and extract data from different types of document formats. The next article will explain in detail Neutrinos’ Low-Code IDP.
Are you looking to transform your business with intelligent document processing?