Advantages of Intelligent Document Processing Software:
As the name suggests, intelligent document processing data streamlines document processing activities and captures specific data. Irrespective of the nature of the document to be processed, long-form or electronic, structured or unstructured, the objective is to extract information. Information is the critical aspect of an organization’s smooth workflow and certainly needs to be well organized. Hence, intelligent document processing software captures data, and these solutions are paramount to an organization’s success. The emergence of technologies like IDP(Intelligent Data Processing) came into existence, and now it’s inevitable as the adaption of this technology is proven to be a game-changer for plenty of organizations.
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Areas where intelligent document processing is used, are as follows:
Intelligent document processing software has plenty of benefits; it is always advisable to evaluate and understand how IDP can be further used in day to day business to streamline critical business functions.
1. Banking organizations:
Whether credit card applications or paying in a cheque, banking organizations in a day-to-day business process a lot of documents. This industry and its operations rely heavily on intelligent document processing to automate these tasks and make them error-free. It is very much evitable for banking companies to use intelligent document processing for the following purposes:
- It will play a crucial role in managing personal finance
- Financial applications deals will be easy
- Credit disbursement will be sorted
- Updating and maintaining financial records will be easy
2. Financial services :
As finance organizations and the accounting industry deals with a large amount of data, where most of it is sensitive here too intelligent document processing solutions helps with performing daily tasks; they are mentioned below:
- Invoice payments
- Management of expenses
- Filling out of tax returns
- Payroll management
3. Medical institutions
For obvious reasons, accurate on time, quick document processing is crucial for the medical industry. Intelligent document processing makes it easy even in this industry. These tools are known to help healthcare professionals, i.e., nurses, doctors, and also helps to manage administrative tasks that include the following:
- Updating digitized medical records
- Accessing records and patients notes
- Dealing with patient registrations on day to day basis
- Segregating and managing prescriptions
- Standardizing the medical database for future use
Few more industries where intelligent document processing can be incorporated are humanities, recruitment, HR and insurance companies; even these industries can use solutions in some or other way.
The benefits of intelligent document processing automation are listed below:
1. More effectiveness and efficiency: :
One of the key benefits of intelligent document processing is these tools reduce the role and need of labour-intensive tasks and human intervention in plenty of document-centric day to day operations. Only when there is an issue with data, a person for real will be required. Data problems cant be fixed with IDP solutions. The IDP solutions take seconds to sort, convert, and index data, including even unstructured documents. They are known to help and make these essential business functions run a lot more effectively. The level of automation that one can get from intelligent document processing solutions were proven to increase the overall efficiency of the daily workflow in many businesses.
2. Save money:
Every business focuses on cost-cutting to keep a tight budget. Intelligent document processing can helps to see savings almost instantly. Smart Document Processing solutions reduce processing times, directly related to cost-cutting and facilitating hiring as many employees. Also, these tools can help to save on various other operational costs.
3. Less of human error:
Human errors are inevitable, especially when dealig with input of large volumes of data in a short period. These are known to have a number of damaging consequences for all scale of business, particularly in the age of GDPR. Interestingly, IDP solutions eliminate the need for data entry or manual work; apart from dealing with any issues, this can massively reduce the risk of human error in the long run. Thus is implies, it is not only less time consuming to organize data but also leads to more quality and accurate information.
4. Simple compliance and data security:
Intelligent document processing solutions qualify for automating plenty of tasks and reduce the risk of human error; this indirectly means they help businesses by nature to be more compliant. This aspect is very important in today’s digital world, where entities are increasingly concerned about the safety of data usage. It makes compliance much simpler because these solutions are known to leave a digital trail. These trails can then be further used while auditing and also for compliance with data protection regulations.
Examples of Intelligent Document Processing:
- Automating Invoice Processing in the Manufacturing Industry
- Automating Customer Onboarding in the Insurance Industry
- Automating Exchange Bonus Claims in the Automotive Industry
Ideally, the key points to consider before deploying an intelligent document processing software are; understanding the kind of technology required to extract the necessary data from the document. Here the type of data one is looking at matters. Structured data would need less advanced technology, whereas partially structured or unstructured data would require more organized and sophisticated technology.