How Can Intelligent Document Processing (IDP) Help Organizations Succeed?
Intelligent Document Processing (IDP) converts manual forms and analog data into a digital format to integrate these documents into day-to-day business processes. This technology exists to help organizations like yours save time, save money, and to reduce errors in processing while digitizing documents. IDP is a viable way for companies to increase the capacity of their existing workforce, enabling them to handle more without increasing headcount. As just about every organization has a mandate today to do more with less – IDP is a critical technology needed for organizations to thrive.
Although IDP might sound like the latest innovation in the AI technology space, the IDP industry has evolved over the last 30 years. In the early days, it used optical character recognition (OCR) solutions to convert letters and characters in the images to machine-encoded text. Today’s next-generation solutions can interpret natural language, incorporate computer vision, and advance machine learning. The next-generation IDP solutions ‘play nice’ and integrate with the entire stack of enterprise applications.
The benefits of intelligent document processing technology are almost endless:
- Reduce costs
- Increase productivity
- Improve security
- Save time
- Eliminate manual processes
- Automate repetitive tasks
- Create custom workflows
- Streamline business processes
- And more!
In this article we will focus on a few benefits in detail.
Five Ways Intelligent Document Processing Technology Helps Businesses Succeed
1. Automate document processing tasks
Intelligent document processing technology automates many business processes, including scanning, OCR (optical character recognition), indexing, tagging, and data extraction. These technologies help companies save time and money while increasing productivity.
2. Improve customer service
The use of intelligent document processing technology enables companies to provide faster, more accurate responses to customers. When scanned, documents are automatically indexed and tagged, making them searchable and accessible. Companies can then respond to customer inquiries without manually reviewing each document.
3. Reduce costs
With intelligent document processing technology, companies can reduce their paper-based operations and eliminate the need for manual labor. In addition, the use of intelligent document processing reduces the amount of time spent on repetitive tasks, resulting in increased efficiency.
4. Increase security
When documents are scanned using intelligent document processing technology, they are stored securely in digital format. They remain encrypted in your systems of record, and are backed up and protected from natural disasters, and keeping unwanted eyes out. This ensures that sensitive information remains confidential.
5. Optimize workflow
Intelligent document processing software makes it easier to manage workflows and takes frees humans of mundane tasks copying and entering information from business documents and forms. By integrating with existing systems, smart document processing technology increases the speed at which documents and data are processed to streamline your business operations. This means no more process frictions or errors in your data understanding.
Intelligent Document Processing Improves Outcomes Regardless of the Industry You Work
Financial Services: trade finance, mortgage loan processing, KYC compliance, onboarding
Insurance: claims management, policy administration, underwriting
Supply Chain: accounts payable, invoice processing, email understanding
Logistics: route optimization, shipment tracking, back-office processes, bills of lading
Healthcare: patient registration, billing and revenue cycle management, patient inquiry
Do you want to deploy Intelligent Document Processing where you work?
With SingularityAI you can train and create your models without needing to be an OCR or machine learning expert. You can quickly adapt to new documents or document changes and scale automation within your team. It’s time that organizations can quickly transform documents and unlock their semi and unstructured data that is still trapped in analog because they’re still using classic IDP solutions. The platform is here. Are you ready?
If you’re ready to accelerate digital transformation and change the way you automate document processes with next-generation IDP, let’s work together.