In our earlier blog posts on Intelligent Document Processing [IDP], we had written about what IDP is and how it can transform the business of Insurance. In this post, we shall take you through the significance of integration in IDP and the value it adds to the solution.
Across the globe, and businesses, data is a key element, and most businesses deal with large volumes of data, which are of different formats. Unlike earlier, today, data is a valuable asset to businesses, both internally and externally.
From the documents provided by customers, relevant data is captured, and this includes the data from interactions across digital platforms prevalent today. Turning these data points into valuable insights requires data analytics programs that can easily capture, store, analyze, display and report on information from myriad sources.
Challenges with human-driven processes:
Companies have also understood that data obtained from customers can be leveraged into new revenue streams. However, there are a few companies [including insurance enterprises] that continue to use manual data entry which is crippling their [claims] processes right from the get-go. Few other hurdles with this system are undue delays in closing out requests, additional costs, high employee turnover, and accuracy levels faltering.
The most common system used by companies in the legacy OCR system can read documents, capture, transform, and export data into the business systems. The flip side to this is that it involves a high cost in implementing the solution — an investment that does not always yield high returns. Moreover, it requires time, effort, and resources to set a process in place — create templates and rules, include exceptions every time there is a change in the rule or the template so that the OCR system can function seamlessly.
Role of integration
Once you have all the tools necessary to capture data from the document efficiently and cost-effectively, all that data is worthless until you integrate it into your business systems.
The data that has been captured needs to be transformed using business rules validations, regex rules, and fuzzy logic. All of this can be achieved with ease without relying on the IT department. If these are not set in place, the data gathered adds no value to the business. While the world markets are grappling with industry pressures and evolving customer demands, it is essential to create integrated systems that will help improve efficiency, identify and capitalize on opportunities, and boost overall business growth.
Intelligent Document Processing is all about capturing relevant data from different documents [ irrespective of their format- image in TIFF, PNG, or JPEG scanned documents or PDFs]. IDP solutions help transform unstructured and semi-structured information into usable data, especially since 80% of all business data is in unstructured formats such as emails, business documents, images, and PDF documents.
As discussed earlier, there’s more to data extraction and integration than just capturing the key values from one document onto another. A reliable data integration system will help the company leverage the data pouring into the system from across sources on a daily basis.
Let’s start with the yin of digital transformation, application integration — used to connect different applications and is performed in (near) real-time to complete a business process or real-time data integration.
In a digitally transformed business, there lies a compelling need for on-premise and cloud applications to work in harmony with each other. Application integration is the force needed to bring forth seamless data orchestration and interoperability that is required to generate real-time insights.
On the other hand, the yang of digital transformation is data integration — used to load or replicate new data from heterogeneous data sources into a central repository such as a data warehouse. Data integration offers a unified view of the entire business for both analytics and reporting. Data analytics includes data mining, self-service analytics, predictive analytics, and dashboards.
By 2025, International Data Corporation [IDC] estimates the worldwide data volume to grow beyond 175 zettabytes. Most of this data will be emails, PDFs, text messages, and scanned documents — visualize the volume of data in emails. Staggering, isn’t it?
Therefore, for businesses to achieve the digital transformation they need both data and application integration. At the end of the day, it makes sense to have both these tools as part of one platform to help organizations achieve their goals.
Bridging the gap between extraction and integration:
Built on a low-code platform, the Neutrinos’ advanced Intelligent Document Processing solution provides high flexibility in terms of usability, scalability, and robust integration capabilities. Users can seamlessly define customer journeys and create, configure and deploy stateful workflows to increase the straight-through processing (STP).
The entire IDP journey begins with the smart capture of data from varied sources. With the low-code development platform, business users can build a mobile app or initiate the process through a web link for browser-based capture.
Once all necessary documents have been collated, the IDP solution auto categories and classifies them based on the labels pre-defined by the business user. Neutrinos IDP uses a home-grown AI-service to automatically and accurately classify these documents based on the context.
From there, the relevant information is extracted and subsequently transformed using a business rule engine. All through this stage, the business users can define and implement various validation rules based on the process workflow.
The final output is a fully transformed and leak-proof data file that is ready to be incorporated into the other downstream apps such as CRM or ERP or even a legacy mainframe for that matter. Neutrinos' low-code platform provides users with pre-built application and data connectors to integrate with common databases, applications, and other systems of record.
It also provides integrated development tools for users to create their own reusable integration connectors to implement integrations faster. All in all, Neutrinos IDP solution reduces manual entry and reentry, allows for better storage with robust integration and searching and analysis of unstructured data, and accelerates processes.
Integrating Intelligent Document Processing within the business systems will enable business users to automate processes. Having all systems integrated into one platform, businesses will be able to see all pieces of the puzzle fall into place, and the entire journey becomes seamless.
To know more about IDP, visit our webpage