In the previous blog, we discussed how Intelligent Document Processing (IDP) is an integral part of digital transformation. IDP cuts down costs, time, and errors in processing data. We also discussed that IDP enables AI Document Management and Automation by leveraging Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), and Optical Character Recognition (OCR).
In this blog, we will discuss how you can transform your business for the better with IDP.
First, let’s consider some business data processing statistics.
- More than 80% of data within any company is unstructured and locked in documents.
- Around 90% of data from unstructured documents are processed manually.
- The average age of an administration system is 15- 20 years.
- A document-based process can increase efficiency savings by 30% with automation.
- Around 56% of CIOs state that a central business issue is to improve operational efficiencies.
The Everest Group predicts that by the end of 2021, the IDP market will hit the USD 1.1 billion mark.
Intelligent Document Process — A Must for Enterprises
The business world is heading towards Intelligent Document Processing as it is the future of automation. IDP enables businesses to smart capture, extract, and process data from a wide range of documents across multiple formats.
IDP utilizes AI-based technologies, such as ML, Deep Learning, NLP, and Computer Vision, to recognize, classify and extract relevant data, and further validate the extracted data using automated services and rules.
Intelligent automation empowers enterprises to face the challenge of manual data processing. Apart from IDP, business owners can now continue using various digital interfaces to enhance and deliver customer-centric experiences.
Intelligent Document Processing — Features & Advantages
Most enterprises work with documents in different formats, such as hand-signed documents, scanned copies, emails, text messages, notes, photocopies, and PDFs. Extracting relevant data from large volumes of documents manually does not provide accurate results due to human error and other issues.
IDP, advanced compared to Robotic Process Automation, can process data and automate the entire process.
IDP — What can it do?
Capture: Smart capture of images and documents
Recognize: Conversion of images and PDF into text
Classify: Classify documents into various categories
Extract: Extract relevant data
Integrate: Integrate the extracted data with systems
IDP — Advantages
- Easy setup and deployment
- Extraction of data from different formats
- Seamless integration with existing apps and systems
Intelligent Document Processing — Benefits to Enterprises
- Efficiency: IDP increases process and operations efficiency by automation and rapid delivery of information.
- Quality: IDP boosts the quality of offered services through advanced technology.
- Accuracy: IDP minimizes human intervention to increase accurate results.
- Agility: IDP enables quick processing of documents and update changes.
- Scalability: IDP can be used across all application processes and business units.
- Costs: IDP reduces costs in operations by 40% to 60%.
- Customer Experience: IDP empowers enterprises to focus on customer-centric products and services.
Intelligent Document Processing –Uses across Industries and Processes
1. Banking & Financial Services
· Account Opening
· Bank Statements
· Loan Applications
· Policy Purchase
· Claims Submissions
· Patient Records
· Patient Onboarding
· Physician Referrals
4. Human Resources
· Employee Records
· Employee Onboarding
· Salary Records
· Purchase Orders
· Bills & Invoices
· Payment Records
· Sales Orders
· QA Records
· Change Requests
7. Supply Chain
· Delivery Receipts
· Order Scheduling & Tracking
· Payment Bills
· Citizen Records
· Immigration Applications
· Education Applications
Intelligent Document Processing — Business Transformation
The various features, benefits, and uses of IDP discussed above provide evidence that it is vital for enterprises across all industries. Businesses can accelerate digital transformation through AI Document Processing and Management.
Transform your business with Neutrinos.