<div>Manufacturing plays a pivotal role across industry verticals. It is an  industry that caters to the requirements of other industries by providing them with finished products. Yet, there are recurring issues which the industry is still trying to solve. </div></br>

<div>One such issue is the processing, storage, and maintenance of documents in a manufacturing company. It is an inevitable task that needs due completion everytime there are changes within the system. Therefore, deploying an intelligent document automation solution can be of  immense help for manufacturing organizations aiming at optimizing and automating their paper work, considering the fact that companies in the manufacturing industry face frequent changes in the documents that they come across in their day to day business. </div></br>

<div>Before leading to the solution, let's learn about the different documents used in a manufacturing department, other associated document intensive departments, document automation benefits, and more…</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Documents Utilized by Manufacturing Department</h2></br>

<h3>Bills of Material</h3></br>

<div>Bills of Material or BOM is an important document central to the process of production in manufacturing for design, operation, and more. It is a list of raw materials, instructions, components, etc. used by the production team to either create a new product or make changes to it. Often created in a hierarchical manner that starts  from finished products, it goes on to cover other critical information such as  components, raw materials, instructions, etc.</div></br>

<div>A BOM might also contain the prices of the components and raw materials required to create the product. This data is recorded and distributed among the team to have a better understanding of the final product. Also, it is important to record and store the data for future references. Since this process is carried out manually in multiple organizations, it can be time consuming, considering the frequent changes that occur in the components of BOM. To mitigate this problem, an automation solution like an IDP platform can be used as it can be leveraged by manufacturing companies to extract data  from countless  BOM’s in a structured manner each and every time a change is made in the document in the ERP system. </div></br>


<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Raw Material Specifications</h3></br>

<div>It is an elaborate document on the raw material requirement of a product. Depending upon the industry such as electronics, pharmaceutical, fooding, automobile, etc. This document can either be too short or too long and mentions all the raw materials along with the precise quantity they are used in.</div></br>

<div>If prepared manually, it could be a cumbersome process for the employees  to uncover business critical data that lies locked within this important document. Hence, taking advantage of an IDP platform can help them unlock the required information in just a few minutes along with aiding them to store the information in a central database. The information so gathered can also be shared amongst the team members at the click of a button. </div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Standard Operating Procedures (SOP)</h3></br>

<img class='blog-images' src='https://amygb-web-static.s3.ap-south-1.amazonaws.com/623989f0-d5f3-11ec-870f-bdaf79645b3a_form-01.png' alt=’Standard Operating Procedure in Manufacturing’ />


<div>A standard operating procedure guides the workers to perform routine operations so that the end product can be realized. To do this, the document is divided into various sections such as purpose, objective, regulatory basis, references, responsibility, etc. These entries are filled with data that is central to the entire process of manufacturing, therefore, it is stored and maintained. Using an IDP, it is possible to extract important data for useful entries such as purpose, objective,  regulatory basis, etc. from multiple SOPs without any manual intervention. The extracted data would be without any human induced error. Also an IDP would aid easy storage to the infrastructure’s DMS without any issues.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Master Batch Records</h3></br>

<img class='blog-images' src='	https://amygb-web-static.s3.ap-south-1.amazonaws.com/713ff970-d5f3-11ec-870f-bdaf79645b3a_bill-02.png' alt=’Master Batch Records’ />

<div>A master batch record comprises the list of total raw material requirements, and step by step instructions for creating a single batch. These are constantly updated and the amends are made by mutual consent of the related parties. Just like every document above, these are also recorded and maintained. To make this process simpler, one can take advantage of an IDP platform that can easily extract data for multiple fields. It can provide sorted data that can be worked upon without any errors.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Other Departments in Manufacturing - In Dire Need of Document Automation</h2></br>

<div>Manufacturing has multiple departments, each catering to a particular set of responsibilities. All of these departments have their own workflows, and different documents to process. With the added weight of today’s increasing documents and the task of document processing, there is an imminent need for a document processing automation solution. A few departments that come under the ambit of manufacturing industry includes-</div></br>

<ul>
<li>Engineering & Research Development</li>
<li>New Products Development</li>
<li>Quality Department</li>
<li>Maintenance Department</li>
<li>Marketing Department</li>
<li>Human Resources Development</li>
<li>Manufacturing Systems Engineering</li>
<li>Personnel Department</li>
<li>Finance Department</li>
</ul></br>

<div>Starting from purchase orders to financial ledgers and reports, there are tons of documents that are dealt with manually. This manual process often puts a lot of stress on the bandwidth of the teams associated. Instead of fulfilling their core operations, they are often stuck with manually processing documents and performing primarily two tasks i.e. data extraction and data verification.</div></br>

<div>With an IDP platform, the task of extracting data and verifying is simplified ten fold and automated to give final processed output. An IDP can process unstructured documents in bulk and complete tasks such as data extraction and data verification without any manual intervention.</div></br>

<div>The operator simply needs to provide the batch of the documents along with the corresponding source of truth. It is also possible to extract custom data from each of these document batches without any coding skills. The processed data provided by an IDP is uniform, sorted, and segregated. Also, the platform offers continuous feedback learning and human in the loop. It allows the platform to handle exceptions while document processing and learn & evolve with each case.</div></br>

<div>With an IDP, it is possible to process thousands of unstructured documents in a single go making it an effective upgrade for the manufacturing industry.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Advantages of Upgrading Document Processing in Manufacturing</h2></br>

<div>Document processing traditionally has been carried out either manually or using an OCR. Although, there are multiple advantages to upgrade document processing via an intelligent document processing platform. These are:</div></br>

<div><b>Faster Processing: </b>In terms of processing, these automation solutions are exponentially faster than manual processing. Also, they are not limited by a template or the type of data unlike an OCR. Instead upon deploying an IDP within the existing infrastructure, it is easy to see the immediate surge in the speed of document processing.</div></br>

<div><b>Bulk Processing:</b> The task of document processing can be a much simpler ordeal. Yet, the sheer numbers of documents that are generated and processed today for extraction and verification makes it much more difficult. With an IDP, it is possible to feed huge batches of documents with hundreds, thousands, and even millions of documents. An IDP will process all this data and give out verified information without any problem.</div></br>

<div><b>Zero Errors: </b>These IDP platforms are free of any human induced errors. It happens because the data extraction and verification part of the process is completely automated by the system. The platform doesn’t require any human intervention to complete this operation, thereby, providing information with no errors.</div></br>

<div><b>Unstructured Documents: </b>A much bigger problem faced while processing documents is the variation in format, structures, fonts, etc. This is one big reason why traditional OCR had limited document processing capabilities. With an IDP, it is possible to process almost any kind of document regardless of its source. </div></br>

<div><b>Handwritten Documents:</b> Handwritten documents and data are still a big part of the entire documentation process. There are multiple entries that are made into documents that are handwritten which was almost impossible to process with great accuracy previously. On the other hand, an IDP uses an image optimization engine that pre-processes any document fed to the system for providing the highest accuracy.</div></br>

<div><b>Accuracy:</b> IDP platforms are developed to make sure there are no errors. Any time, there is an exception the platform is unable to determine, it raises a flag to the operator to mitigate it manually. Once mitigated, the platform learns it and never demands a resolution for the same problem in the future, thereby, reaching higher accuracy autonomously and sustaining it.</div></br>

<div><b>Higher Transparency: </b>The data extracted from an IDP is processed into information i.e. sorted, segregated, and categorized. It makes it much easier to search any information for which the existing teams had to go through multiple folders of documents.</div></br>

<div><b>Digitization: </b>The world is moving towards the digitization bandwagon. It is because the data is much easier to store and find. An IDP essentially aids digitization of data since the final output generated is in formats like excel, CSV, etc. This data can be directly stored on the cloud or can be fed into a DMS system.</div></br>

<div><b>Cost Optimization: </b>Document processing is an inherently cost intensive process considering it requires manual labor and hours of hard work. With an IDP onboard, this cost is blown to smithereens and the teams are freed from the overburden of document processing.</div></br>


<h2 class='heading2 blog-unitHeading semiBold'>VisionERA - Intelligent Document Processing for Manufacturing</h2></br>

<div><b><a href="https://www.amygb.ai/idp-platform/">VisionERA</a></b> is the latest intelligent document processing platform available in the market. It possesses all the features of an IDP such as data extraction, data verification, unstructured document processing, etc.</div></br>

<div>Developed using proprietary technologies such artificial intelligence, machine learning, natural language processing, and computer vision, it is an OS independent solution which can be deployed on cloud as well. Its continuous feedback loop mechanism helps it constantly learn and evolve. Also, the platform doesn’t require any samples to begin with.</div></br>

<div>VisionERA can be deployed in any existing infrastructure because of its plug-n-play feature and seamless integration with different environments. It is backed by the human-AI alliance approach making it a perfect solution for anyone with zero coding experience. The platform allows custom DIY workflows which makes it an industry and use case agnostic solution. VisionERA can be utilized anywhere that requires heavy document processing and it can be easily molded as per the requirements.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Final Words</h2></br>

<div>Document automation in manufacturing is generally associated with accounts payable. Yet, there are multiple other departments that generate ample amounts of documents that need processing. An IDP platform is a perfect solution for any documentation that requires data extraction and verification of unstructured documents in bulk. It serves as a mediator between raw documents data and processed information useful for different purposes such as production, reporting, accounting, maintenance, etc.</div></br>

<div>Want to know more about VisionERA? Click on the CTA below to schedule a demo with us!</div></br>

From manufacturing department to R&D, finance, quality control, etc. A manufacturing company is an amalgamation of different departments working in unison. The bigger challenge today is to automate the process and make it faster to reduce TAT (turnaround time) as much as possible. To mitigate this problem, we will uncover the benefits of using an intelligent document processing platform in manufacturing.

Upgrading Document Processing for Manufacturing Department - in a Manufacturing Company and More

<div>As stated in a report by <a href="https://www.freddiemac.com/research/forecast/20220418-quarterly-forecast-purchase-market-will-remain-solid-even-mortgage-rates-rise#:~:text=Given%20house%20price%20growth%20and,to%20%242.2%20trillion%20in%202023." rel="nofollow"><b>FreddieMac</b></a>, the U.S. mortgage market is expected to close at $2.1 trillion in the year 2022. Adding to it, the demands will be rising despite geopolitical turmoil and post Covid-19 economic slowdown.</div></br>

<div>On the contrary, the banks providing mortgage loans to the applicant will stay under constant stress due to the huge volume of document processing manually. With massive documentation requirements, the industry is constantly trying to optimize the processes for verification checks to approvals and make them faster. </div></br>

<div>The hindering issue are the traditional ways of document processing which are incompetent as per today’s requirement keeping customer service/experience into mind. To bridge this, the mortgage industry is focusing on finding a mortgage document automation solution. A solution that can optimize their document process and help them with faster mortgage approvals.</div></br>

<div>To further explain and keep things in perspective, let’s start by learning how mortgage works and further lead to the challenges, and the proposed solution.</div></br>


<h2 class='heading2 blog-unitHeading semiBold'>How does Mortgage Work?</h2></br>

<div>Mortgage is derived from two old French words i.e. “mort” which means dead and “gage” which means pledge. So, a mortgage is kind of a pledge that dies once the loan is repaid from the borrower to the lender. </div></br>

<div>Mortgage is usually used for applying for real estate where the collateral is the property purchased by the borrower itself. By taking a mortgage loan, the borrower loans a sum of money to purchase any real estate from the lender and is contractually obligated to repay within a certain period with a fixed or floating interest rate. In this, the title of the property is in the name of the lender until the completion of the loan (hence the pledge). If the requirements are met and the loan is paid, the title is transferred to the borrower otherwise the lender can choose to recover money in whatever ways they feel is ideal.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Types of Mortgage Loan</h2></br>

<div>Primarily there are 5 different types of mortgage loans an applicant can choose from. These are:</div></br>

<ul>
<li><b>Standard Loan: </b>Standard loans are provided in two ways i.e. conformational and non-conformational. Conforming loans have a set standard fixed by FHFA (Federal Housing Finance Agency) which includes credit, debt, and loan amount. A conformational loan can’t exceed the set limit and is ideal for purchasing small properties. On the other hand, non-conformational loans are ideal for purchasing huge properties simply because they are not regulated by FHFA. Standard loans are ideal for people with subpar credit scores or who have faced any financial setback in the past. The loaning time for a standard loan can be up to 30 years.</li>
<li><b>Jumbo Loan:</b> These loans are provided for areas that are on the expensive side such as Los Angeles, New York, San Francisco, etc. These are ideal for huge loans.</li>
<li><b>Loan Insured by Government:</b> Divided into three categories i.e. FHA (Federal Housing Agency), USDA (the U.S Department of Agriculture), and VA (the U.S. Department of Veteran Affairs) are loans provided to people with poor credit scores. These loans require less down payment and are ideal for someone who doesn’t clear for a standard loan.</li>
<li><b>Fixed-rate Mortgage: </b>These offer fixed interest rates throughout the entire mortgage time period.</li>
<li><b>Floating-rate Mortgage:</b> These offer floating rates depending upon the market. The interest rates in this type of mortgage loan can go both up and down.</li>
</ul></br>

<div>Each of these mortgage types can have varied documentation requirements. With so much diversity, the process of documentation also becomes tricky considering the data processed is unstructured in nature. However with a mortgage document automation solution, each of these mortgage types can be catered to easily. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Documentation Required for a Mortgage Loan</h2></br>

<div>Tons of paperwork are required before a mortgage loan is finally authorized. Below are the documents required for applying for a mortgage loan in the USA:</div></br>
<ul>
<li>Bank statements and other assets</li>
<li>Tax returns</li>
<li>Credit history</li>
<li>Proof of income</li>
<li>Renting history</li>
<li>Gift letters</li>
<li>Photo ID</li>
</ul></br>

<h2 class='heading2 blog-unitHeading semiBold'>Mortgage Loan Processing Steps</h2></br>

<div>Multiple steps go in before approving a mortgage application. To get a better understanding of the same, below are the steps mentioned for mortgage loan processing:</div>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Getting Pre-Approvals</h3></br>

<div>It is a quick step that requires a pre-approval document. This document is based on a three-bureau credit report also known as tri-merge. </div></br>

<div>The document shows the credit record and the credit history reported by a third party. It is important because it allows the bank to foresee the permissible amount of loan it can lend. Also, it helps the bank to decide the interest within a range.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Mortgage Application</h3></br>

<div>This stage focuses on the sources of income, the amount of income, income source, child support, current properties, address, bankruptcies, foreclosures, etc. The process of verification requires multiple documents. It is a time-intensive step and requires thorough background checks. Also, the credit history of the applicant is considered the most important factor before releasing a loan.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Processing of Loan</h3>

<div>During this step if the bank provides approval for the loan, the borrower will receive a loan estimate valid for 10 days. On the contrary, one can expect a rejection within 3 business days of the loan application. </div></br>

<div>Upon accepting the loan estimate, the bank will start to go through the information provided by the applicant if not done previously. These can include:</div></br>
<ul>
<li>Demanding a credit report if not done previously during pre-approval.</li>
<li>Inspection of the property and appraisal.</li>
<li>Verification of employment and deposits made in the bank.</li>
<li>Verification of title.</li>
</ul></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Underwriting Process</h3>

<div>This is the process that essentially decides whether the applicant will receive a loan or not. In this step, underwriters would thoroughly review the application and demand for appraisal. Appraisals are simply the valuation of the property. The purpose of the step is to identify if the provided loan would be enough to purchase the property. Once everything is checked, the interest rates would be locked over for which the loan would be approved for the applicant.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Closing the Deal</h3>

<div>This is the final step of the entire ordeal. At this stage, the applicant will be called to sign huge piles of paperwork related to the mortgage. The most important document during this process is the closing disclosure form. It displays the original cost of the property and the final cost of the property after complete loan repayment.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Challenges in Document Processing for Mortgage Loan</h2></br>

<div>Considering the surge in mortgage loan applications, there are certain challenges the mortgage industry faces quite often while processing loans. These are:</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Faster Processing Demands by Customers</h3></br>

<div>Mortgage has been relying on primarily three methods for processing documents i.e. manual keying, OCRs, and outsourcing. The initial two don’t qualify for today’s requirements considering the TAT (turnaround time) in manual keying, and the limitations of an OCR with unstructured data. Adding to it, outsourcing seems like a reasonable solution but can be quite expensive and doesn’t provide any direct control. New-age solutions like intelligent document processing are highly efficient in processing unstructured documents for data extraction and verification. Also, they are capable of running without any manual intervention and are quite cost-intensive in comparison to outsourcing.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Qualifying the Applicants</h3></br>

<div>The process of qualifying the application happens at the stage of underwriting. It requires thorough verification of a resource which is ideally a time-intensive process. Although with the help of an IDP, it is possible to cross-verify documents in batches to make the work faster.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Scalability for Work</h3></br>

<div>Mortgage industry has been continuously progressing giving out more paperwork to process. To deal with the problem, the industry requires a scalable document processing solution that can fit the requirements of changing demands. An IDP is a scalable solution capable of processing hundreds, thousands, and millions of documents in a single go with zero manual intervention.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Incapability to Focus on Core Operations</h3></br>

<div>Amidst the process of manually processing documents and staying within bounds with the existing compliance, a collateral time of banks is lost. This time can be utilized for dealing with core operations and not manually processing the documents.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Benefits of Using Intelligent Document Processing in Mortgage</h2></br>

<div>Considering the kind of propositions an IDP platform brings on board, there are multiple added benefits to using an IDP in mortgage processing:</div></br>

<div>Faster Processing: An IDP is exponentially faster than all the conventional methods of document processing. It also gives better control over the process considering the platform is deployed in-house.</div></br>

<div><b>Unstructured Data:</b> For mortgages, banks have to go through a variety of documents with different templates, sources, formats, structures, fonts, and data. An IDP can process unstructured documents and provide processed verified data on the other hand. It also allows for custom data extraction from ‘n’ number of fields from a batch of documents.</div></br>

<div><b>Higher Transparency: </b>An IDP seamlessly integrates with the existing DMS. It can be EDGE-based or Cloud, there is no issue with the integration. Also, the data generated by an IDP is sorted, segregated, and in the form of digital files i.e. excel sheets, CSV sheets, etc.</div></br>

<div><b>Centralized Data and Data Digitization: </b>With an IDP, all the processed data can be easily stored in the central database. As mentioned above, an IDP supports cloud integration giving the employees access to data anywhere in the world.</div></br>

<div><b>Customization:</b> Depending upon the vendor, IDPs offer customization of workflows and selection of documents for the verification process. Also, the customization is completely DIY and can be molded as per the requirements of the banks.</div></br>

<div><b>No Errors and Zero Manual Intervention: </b>An IDP requires zero manual intervention while processing documents and offers processed data without any errors. For anything that raises an exception, an IDP would demand a human reconciliation and later on learns & evolves with the solution.</div></br>

<div><b>Reduced Time and Cost in Operations:</b> Considering its capability to process documents in bulk and the speed of an IDP to process documents, there is a tremendous decrease in the TAT. Also, it directly affects the cost incurred on document processing because every business hour spent on manual processing is the hourly wage of an employee performing a subpar task.</div></br>


<h2 class='heading2 blog-unitHeading semiBold'>VisionERA - Intelligent Document Processing for Mortgage Industry</h2></br>

<div><a href="https://www.amygb.ai/idp-platform/"><b>VisionERA</b> </a>is the latest intelligent document processing currently available in the market. It offers document processing from structured to unstructured documents. The platform can perform data extraction and verification of documents in huge volumes with higher accuracy and automation figures with zero manual intervention.</div></br>

<div>Built using smart technologies such as Artificial intelligence (AI), Machine learning (ML), Natural language processing (NLP), and Computer Vision, it comes loaded with high cognitive abilities, intuitiveness, and OCR capabilities. </div></br>

<div>It also offers a host of industry leading features such as an automated table detection system, autocorrect data, QR scanning, etc. The platform is capable of extracting data from a variety of file types such as Text, Images, PDFs, sheets, handwritten docs, XLS, signatures, etc. It provides custom DIY workflows, plug-n-play integration, and a smart insights board with useful KPIs. </div></br>

<div>VisionERA is an industry and use case agnostic solution that follows a three pronged approach of decode, decipher and decide. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Conclusion</h2></br>

<div>Mortgage industry is constantly under pressure with tons of paperwork to process. Also, the pressure from the applicants to clear the loans as fast as possible is a constant requirement. Choosing a mortgage automation solution such as an IDP would tremendously aid the industry in wisely treating their customers. It will help them sort the due work related to document processing and help employees with timely completion. This will make the processes much more sustainable and optimal with added reduction of TAT and cost.</div></br>

<div>Want to see how VisionERA works? Schedule a demo with us by clicking the CTA below.</div></br>

Mortgage industry has to deal with massive piles of documents for making verification checks and clearing loan approval. On the flip side, the age old document solutions (manual keying, OCRs…) aren’t enough to comprehend existing needs. The blog focuses on the process of mortgage, the documents used, documentation challenges, and intelligent document processing as a solution for mortgage document automation.

Mortgage Document Automation - Why is IDP a Suitable Document Processing Solution?

<div>In a situation where Accounts Payable (AP) is constantly blowing energy to meet deadlines to appease suppliers, manual processing becomes a much bigger nemesis for the department on the whole. Sure, manually processing is a cognitive solution considering it's facilitated by a human operator but it is incredibly slow and prone to human induced errors. On the other hand, there are AI based cognitive solutions such as an IDP platform that learns and evolves. These platforms are incredibly fast and can process thousands and millions of unstructured documents without any manual intervention.</div></br>

<div>While manufacturing is constantly evolving its internal processes to optimize them for maximum efficiency, on the flip side, AP is struggling with piles of documents. Therefore, first learn some of the biggest challenges faced by AP teams in manufacturing.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Biggest Challenges of Accounts Payable in Manufacturing</h2></br>

<div>Accounts payable plays a vital role in improving the overall financial performance of the company. Although, while document processing there are plenty of challenges that AP departments usually come across. A few common challenges it faces are-</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Manual Processing</h3></br>

<div>The list of unstructured documents processed by AP teams are endless. They can be from various sources, formats, and types. An AP team meticulously reviews each and every data point to make sure there are no gaps in the balance sheet. Adding to it, manual processing makes the job of filling these gaps tough considering the time to process a single document. This time can be reduced exponentially by adopting an automation solution such as an IDP considering its capability to process documents at bulk.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Fraud Detection</h3></br>

<div>Payments frauds are recurring endemics in a financial system within a company. To mitigate that AP teams are always needed on their toes to cross verify the documents and invoices they receive. A lot of inventory fraud takes place in manufacturing that can create holes in the overall finances. To fix the situation, an automated solution like an IDP can be utilized which can let the AP team detect fraud using internal/external validation and triangulation logic.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Data Management</h3></br>

<div>A lot of AP departments including the manufacturing are willing to move to digital space. It is because it is much easier to store, segregate, and search data on a digital platform (for instance cloud, DMS, CMS, etc.). With IDP, it is possible to digitize the data and move it all to central repositories or databases without issues like incorrect data, unverified data, lost data, etc. Also, it sorts and segregates output data as per the requirement of the AP team.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Timely Payments</h3></br>

<div>The major setback in regards to the timely payments of suppliers is manual processing. Timely payments can fetch AP departments pre-payment bonuses and earn the company extra credibility. A document processing automation system can exponentially decrease the time spent on manual processing. With solutions like IDP having the capability to process documents in bulk with zero manual intervention, it processes a multitude of unstructured documents in a single go. It fetches the AP team the opportunity to complete their document processing aiding additional bandwidth to pull off timely payments.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Improve Account Payable Processing in Manufacturing Industry</h2></br>

<div>With inventory purchases, accounts payable works almost alike across multiple industry verticals. The steps within the departments can change depending upon the size, scale, and industry (i.e. manufacturing in plastics, electronics, pharmaceutical, etc.) of the company. However, the most fundamental steps always remain the same.</div></br>

<div>Below we have discussed these steps and later on mentioned how they can be improved and automated:</div></br>

<ul>
<li><b>Creating a Chart of Accounts: </b>This chart of accounts comprises multiple financial transactions recorded in the company. These can be a list of various balance sheets regarding different facets of the company such as raw material, accounts receivable, prepayments, equipment, etc.</li>
<li><b>Sorting Vendor Details: </b>In this step, the vendor details are set up or updated. As a business owner, it is essential to have all the vendor details at bay along with the payment terms and whether there is any payment due or not.</li>
<li><b>Reviewing Invoice Details: </b>This is done for the invoices received from the suppliers. The accounts clerks will verify the legitimacy of the invoices by checking the status of the shipment received (i.e. quantity and quality).</li>
<li><b>Final Payment of Invoice: </b>At this step, post authorization of the invoice, the final due payments are made to the supplier.</li>
</ul>

<div>These are the steps that are carried out by the accounts payable department to mitigate revenue leakages, make timely payments, and strengthen relationships with suppliers. The two most common tasks that arise between each of these steps are data extraction and data verification.</div></br>

<div>So, what if there is a solution that can automate these two tasks without any manual intervention and make zero error?</div></br>

<div>Intelligent Document Processing is the answer to it as it allows data extraction and verification at each step on massive volumes of unstructured data. Beyond this, it offers the comfort of extracting custom entries from these documents and lets the user have a custom DIY workflow. It facilitates the initiation of a self-verifying autonomous platform that automates document processing end-to-end.</div></br>


<h2 class='heading2 blog-unitHeading semiBold'>VisionERA - Automating Accounts Payable in Manufacturing</h2></br>

<div><a href="https://www.amygb.ai/idp-platform/"><b>VisionERA</b></a> is a state-of-the-art intelligent document processing platform that  has the capacity of processing massive volumes of unstructured AP related documents from varied sources, formats, and structure in a short amount of time. It is a proprietary solution developed using advanced technologies such as Artificial intelligence, Machine learning, Natural language processing, and Computer Vision that imparts impeccable features to it. </div></br>

<div>A few unique features of VisionERA include fraud detection modules and an active and continuous feedback learning mechanism which allows it to constantly learn and evolve by itself. Additionally, it comes loaded with a smart recommendation engine for better sampling of feedback files along with table detection capabilities. </div></br>

<div>Adding to it, it is capable of extracting data from handwritten documents, emails, messages, images, XLS files, signatures, and QR codes, etc. Its internal/external validation and triangulation logic makes it an impeccable platform for detecting fraud. Loaded with a variety of compelling features such as smart insights board, table detection system, autocorrection, automatic gridlining, etc, VisionERA is designed to help businesses across industries eliminate cumbersome manual paperwork, while cutting down costs and time. Adopting an IDP platform such as VisionERA can even aid organizations save time by helping them reallocate that time towards higher value tasks with greater impact on the business. </div></br>


<h2 class='heading2 blog-unitHeading semiBold'>Conclusion</h2></br>

<div>AP departments are always seen with the eye of cost organizing entities but have seldom time to participate in strategic tasks. It is because of the weight of those innumerable documents under which the AP teams are constantly striving to meet the deadlines. With automating document processing in accounts payable using IDP, the employees will be free from the dire need of manually processing documents. It will free up exponential time for AP employees to use their intellectual insights to bring forth new avenues in terms of reducing cost and help them become a strategic partner.</div></br>

<div>Want to learn more about VisionERA and how its state-of-the-art features can help you? Simply, click on the CTA below to schedule a demo with us.</div></br>

Accounts payable is responsible for all the major heavy-lifting for cost organization. Yet, they often get excluded in being a strategic partner considering the amount of documents processed by them manually. Manual processing adds a lot of time and cognitive overload over the AP department leading them to constantly be overburdened with work. In this blog, we’ll discuss AP automation via IDP and how it can drastically help in reducing turnaround time, optimize the process, and save cost.

AP Automation in Manufacturing - Improving Account Payable Processing Exponentially

<div>Manufacturing as an industry has been catering to multiple other industries ever since its inception such as electronics, pharmaceuticals, cosmetics, industrial machinery, plastics, etc. The rising demand of products in each of these sectors has always  demanded a higher throughput from manufacturing to keep their operations smooth.</div></br>

<div>We are talking about the incapability of Accounts Payable (AP) to process invoices on time and capture important pieces of information. Every industry works like machinery where every department is codependent like gears. It is essential that all these gears are lubed up so there are fewer impediments along the way. </div></br>

<div>Invoice processing is one task that comes with multiple layers of reviews and authorization before its final payment. On the contrary, the suppliers are left to wait out for their due payment. Speeding up the process of invoice processing will not only aid the production team with timely inventory fill ups but will aid the AP team to provide timely payments to the suppliers and keep relationships healthy.</div></br>

<div>To mitigate this issue, the best resolve is to adopt an automation solution for invoice data capture such as IDP. A solution that can single handedly counter every document processing obstacle and provide timely completion of AP functions. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Invoice Data Capture in Manufacturing - What is the Current Scenario?</h2></br>

<div>It is not that manufacturing has not realized the advantages of automation. Yet, the need for automation for AP departments in manufacturing is still in its infancy. Players are recognizing the potential of AP automation but are still practicing old traditional ways of invoice processing. This is because they are seeking new ways of automating the operation without bringing in major changes to the overall processes.</div></br>

<div>To further understand, below we have mentioned different ways of invoice processing in manufacturing:</div></br>
<link rel="stylesheet" href="https://maxcdn.bootstrapcdn.com/bootstrap/3.4.0/css/bootstrap.min.css">

<img class='blog-images' src='https://amygb-web-static.s3.ap-south-1.amazonaws.com/5375e3a0-c7ac-11ec-ba29-a1b795de71c9_table-01.png' alt=’Different Ways of Invoice Processing’ />

<h2 class='heading2 blog-unitHeading semiBold'>Need of Automation for Invoice Data Capture in Manufacturing</h2></br>

<div>As per <a href="https://unstats.un.org/sdgs/report/2021/goal-09/#:~:text=The%20share%20of%20manufacturing%20value,cent%20to%2016.0%20per%20cent." rel="nofollow"><b>UN Stats</b></a>, the global GDP of the manufacturing industry between 2019-2020 was around 16.6%. The expected CAGR of growth is expected to be 6.3% between 2020-2025. Also in a report by <a href="https://www.billentis.com/The_einvoicing_journey_2019-2025.pdf" rel="nofollow"><b>Billentis</b></a>, a total 550 billion invoices were produced across the world and this figure is expected to quadruple in the coming years. </div></br>

<div>With so much stake in the global economy, and the sheer volume of invoices being produced it is healthy to assume the traditional methods on invoice processing won’t work. On the contrary, every industry including manufacturing requires some automation solution such as an IDP (intelligent document processing) to stay ahead in the growing market.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>How to do Invoice Data Capture with AI in Manufacturing Sector?</h2></br>

<div>The best way to accommodate AI to automate invoice data capture is by using an IDP platform. An IDP platform works as an effective document processing solution that not only extracts relevant data but also verifies it at the same time. It allows a pile of unstructured documents or invoices (in this case) to be processed on a fly with incredible accuracy numbers. </div></br>

<div>Yet, the real question is how does it really work? Just follow through the example below:</div></br>

<div>Suppose, we have a task of processing 10,000 invoices to check their legitimacy. To evaluate that we pick an easier route of matching the client’s name and the contact details from our existing database. The IDP would require the batch file for the invoices and our existing database to create a matching operation. Once the data is fed, the IDP platform would automatically verify the invoices, raising a flag for the invoices that didn’t match. In fact, it can also extract custom data from these invoices. For instance, if the client’s name and the quantity of the shipment along with its prices is required, the IDP would explicitly extract that information and export it in your preferred formats.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Benefits of Automation for Invoice Data Capture</h2></br>

<div>The inclusion of automation for invoice data capture hosts a variety of benefits. To make them more clearer, we have mentioned a list below:</div></br>

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<table style="width:100%">
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    <td><li>Increase in the overall transparency of invoice processing.</li></td>
  </tr>
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    <td><li>Elimination of errors.</li></td>
  </tr>
  <tr>
    <td><li>Zero manual intervention for document processing.</li></td>
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    <td><li>Rapid increase in the factor of efficiency.</li></td>
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    <td><li>Capability to go digital completely.</li></td>
  </tr>
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    <td><li>Ease of data storage and compatibility with existing infrastructure.</li></td>
  </tr>
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    <td><li>Smoother data exchange with multiple applications such as CRM, CMS, emails, messages, etc.</li></td>
  </tr>
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    <td><li>Exponential reduction in the time of processing documents.</li></td>
  </tr>
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    <td><li>Increase in the bottom-line revenue of the company.</li></td>
  </tr>
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</table>

</br>

<h2 class='heading2 blog-unitHeading semiBold'>VisionERA - Automating Invoice Data Capture in Manufacturing</h2></br>

<div><a href="https://www.amygb.ai/idp-platform/"><b>VisionERA</b></a> is the latest IDP platform amongst its contemporaries. It offers compelling accuracy and automation numbers for both data extraction and verification with unstructured data. </div></br>

<div>Adding to it, it is backed by multiple advanced proprietary technologies such as Artificial Intelligence, Machine Learning (ML), Natural Language Processing (NLP), and Computer Vision. The culmination of these technologies allows the platform to learn ,evolve and get better with time. </div></br>

<div>Additionally, VisionERA allows custom DIY documentation and workflow and comes with great features like autocorrection, automatic gridlining, industry beating table detection system, and much more. With its smart insights board, it can accumulate useful KPIs from the documentation process. Also, it is compatible with multiple downstream applications such as CMS, CRM, SAP, messages, email, etc, and offers plug-n-play which makes it much easier to deploy on any infrastructure. Overall, it is an industry and use case agnostic platform that can be chosen as a one-stop solution for document processing including typical use cases such as  invoice processing that deals with millions of different documents on a daily basis.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Final Words</h2></br>

<div>Invoice data capture is a collateral task important for a smoothly operating AP department. By automating invoice processing within manufacturing, an overall increase in efficiency and productivity can be instantly witnessed. Using IDP will account for a solution that will free the employees from subpar and repetitive tasks of invoice data capture and its verification and empower them to focus more on core operations, making them add more value to the company.</div></br>

<div>Want to find out more about VisionERA? Talk to our automation experts now.</div></br>

Invoice data capture is a repetitive process dealt by Accounts Payable (AP) in manufacturing which consumes ample time. To mitigate this issue, automation solutions can be chosen to reduce time and cost in processing invoices from various sources. The blog focuses on the traditional practices & their limitations along with automation using an IDP platform.

AI Automation for Manufacturing - Invoice Data Capture made Easy, Economical, and Expeditious

<div>Manufacturing is omnipresent in supply chains of different industries be it healthcare, food, automotive, etc. It is a dedicated industry catered to producing items for multiple other industries. Today, with the rising demand of products in almost every industry vertical, the aim of manufacturing goods at the deadline can often get sidelined because of subpar tasks such as document processing. It is because the production department requires clearance from accounts payable for putting through new purchase requests to fill up the inventory.</div></br>

<div>Manufacturing today is still dependent on traditional methods such as manual processing and OCR for document processing. It is high time that the industry looks towards intelligent document automation solutions that can completely eliminate the need for any manual processing. It will not only speed up the task but will empower the industry to focus primarily on core operations.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>What is Intelligent Document Automation?</h2></br>

<div>Intelligent document automation can be considered as simplifying the document processing processes in any organization. It includes tasks such as document management, data extraction, data verification, etc. </div></br>

<div>With an effective document automation solution such as an IDP platform, organizations can automate document processing for tons of documents along with allowing them to downsize the time and cost incurred by a considerable size.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Top IDP Use Cases in Manufacturing Industry</h2></br>


<div>There are a variety of use cases in the manufacturing industry where an intelligent document processing platform can be a fruitful partner. We have mentioned some of the most common ones below:</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Invoice Processing in Manufacturing</h3></br>

<div>Invoice processing is a collateral task across industry verticals including manufacturing. The task of processing invoices is a complete cycle. It starts from receiving a supplier’s invoice and ends at its final payment.</div></br>

<div>The entire process of invoice processing is inherently time and cost consuming because of different layers in documentation and multiple quality checks of the shipment received. Adding to it, multiple issues like duplicate invoice, lost invoice, incorrect invoice data etc. further adds time to the deadline. This whole process of invoice processing can take from 60 to 95 days considering everything runs without any errors.</div></br>

<div>To speed up the manual side of the process where accounts payable clerks have to go through each and every invoice manually, invoice document automation can be chosen. A much greater example of this automation could be an IDP platform. The platform is not only able to process data from unstructured invoices from different sources but is capable of extracting custom data and verifying invoices with a defined source of truth. Also, the end output is categorized data that can be easily utilized for accounting purposes, maintaining the ledger, and archival. Leveraging the power of an IDP will not only cut exponential time in internal invoice processing but speedup the entire process overall.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Order Form Processing</h3></br>

<div>Order form is a specific document that helps in procurement, sales, and operations. The form is ideally utilized for large and high-value transactions. An order form would comprise of necessary information such as:</div></br>
<ul>
<li>Specific products and services provided by a supplier.</li>
<li>Communication of payment terms.</li>
<li>Describing the volume of items requested.</li>
</ul></br>

<div>The order form works as a legal binding between the supplier and the company. The entire agenda behind using an order form is to document the purchase. The data from the form is useful for any manufacturing company to keep track of their purchase transactions. It requires hours of manual work to document these forms and extract relevant data from it. In contrast, an IDP would easily aid any company in securing useful data from these documents and provide genuine processed information to work with.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Change Request and its Management</h3></br>

<div>Manufacturing companies are often subjected to change requests. These requests can often pertain to changes in the manufacturing process or the equipment used. The standard operating procedures (SOPs) can often be received by a manufacturing entity signifying changes and amendments to the overall process. These change requests need to be pre-processed, interpreted, and forwarded to the production team. </div></br>

<div>With manual processing, this process of translation can be easy but very time consuming. On the other hand, an IDP platform because of artificial intelligence, machine learning, and natural language processing is able to understand these changes and extract relevant information from a massive pile of these requests in a fraction of time. The operator only needs to define the entries and associate it with a predefined global entry. After that, the platform would automatically extract the data associated.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Management of Proposals</h3></br>

<div>A manufacturing company can time and time again receive proposals. These proposals are often hard coded in physical copies requiring digitization. With traditional solutions, it was difficult to process these proposals because of their unstructured nature. However, with the inclusion of intelligent document automation using IDP, it is possible to process a pile of them in a single go. An IDP is more than capable of securing data from unstructured documents with higher accuracy levels than manual processing, thereby, automating the task at hand without any manual intervention.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Quality Records Management</h3></br>

<div>With a manufacturing process, hitting a necessary level of quality is the entire goal. Each manufacturing company makes sure that the item manufactured by them is not of subpar quality. To record this consistency of quality, quality assurance records are maintained for each item. These documents are often maintained in hard copies. Also, there are good chances that the figures mentioned in it may be handwritten. An IDP is not only capable of processing hard copies but also the handwritten data. With an IDP, it is a lot easier to extract data from these hard copies and segregate them as processed information in the form of an excel or CSV sheet.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Management of Sales Order</h3></br>

<div>A manufacturing unit consistently receives sales orders from a supplier or a vendor. These sales orders are fulfilled by the manufacturing unit and later on sent to the associated party. To keep a track of these transactions, these sales orders are recorded. With an IDP, it is possible to auto-extract the data from these sales orders and easily record them to the central repository or database.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Order Processing Management</h3></br>

<div>Processing orders and later on managing them can be a cumbersome task. It is because the entire set of data is from varied sources and formats. For instance, mails, fax, or hard copies etc. An IDP can integrate with multiple downstream applications such as CRM, SAP, emails, messages, legacy infrastructure, etc. It can auto-extract data from these systems, process it, and send it to the production department automatically using the ERP system. </div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>EXIM Process Management</h3></br>

<div>EXIM processes oscillate between multiple types of documents. Documents such as bills of lading, commercial invoice, shipping bills etc. To manage these sets of documents is referred as EXIM process management. It is essential to have an intelligent document automation system that can auto-validate these data and provide the necessary information for ease. Thankfully, an IDP is an effective solution for the same. It is not only able to extract and verify useful information out of these but it can segregate and sort this data beforehand. On top of this, its capability to establish business rules and a custom workflow makes it a worthwhile solution for EXIM process management.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>How can VisionERA ease Document Processing in the Manufacturing Industry?</h2></br>

<div><a href="https://www.amygb.ai/idp-platform/"><b>VisionERA</b></a> is the latest  IDP platform among its adversaries. In addition to extracting and verifying massive piles of unstructured documents, VisionERA hosts a variety of compelling features to aid and automate document processing. </div></br>

<div>It is designed using multiple advanced proprietary technologies such as Artificial intelligence (AI), Machine learning (ML), Natural language processing (NLP), and Computer vision. The collaboration of these technologies make it a continuous learning solution that evolves with each iteration. Also, it maximizes human-AI alliance for zero manual intervention for processing documents and error-free results that can be easily exported in your preferred formats.</div></br>

<div>VisionERA can easily process unstructured documents and extract data from multiple tables (even without any line of separation). It comes with features like autocorrection, automatic gridlining, industry beating table detection system, etc.</div></br>

<div>It is an industry and use case agnostic solution because it allows DIY document selection and workflow. The platform can be easily molded as per your requirement and provides useful KPIs using smart insights boards. VisionERA can make it possible for the manufacturing companies to harness the data that is locked in documents that can span across size, structure and formats. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Conclusion</h2></br>

<div>Manufacturing takes the most amount of beating among different industries. The timelines are grueling and the operations quite exhaustive. In this scenario, it is essential that the industry takes a step ahead towards automation and takes out repetitive tasks explicitly. Doing so can allow them to undertake a much more seamless manufacturing process. An IDP platform can also help them reimagine the possibilities of harnessing the power of their time to add more effort towards core operations. In addition, it can not only make the entire manufacturing process much more simpler but can also help employees get rid of mundane paperwork that has to be done on a regular basis.  </div></br>

<div>Want to learn more about VisionERA and its role in the manufacturing industry?  Take a demo now.</div>

Manufacturing deals with a wide range of use cases in relation to document processing. Considering manual processing, the amount of time incurred to complete these processing can be mammoth in comparison to an intelligent document automation solution. Learn about the different IDP use cases that can be automated using an IDP.

Intelligent Document Automation - IDP Use Cases for Manufacturing Industry

<img class='blog-images' src='https://amygb-web-static.s3.ap-south-1.amazonaws.com/59b1d820-c4a8-11ec-ba29-a1b795de71c9_qoutes2-01.png' alt=’Credit Quote’ /></br>

<div>It is not possible for any large organization to pay their suppliers, vendors, or any associated parties upfront. The reason being the internal validation of the invoice value post review of the shipment received. This is why businesses run on credit.</div></br>

<div>Ideally, when an organization receives an invoice, it is transferred to the accounts payable department. This entire process of clearing the invoice can take upto 95 days with zero faults in between.</div></br>

<div>On the other hand, the suppliers who have provided the shipment firsthand have to wait for upto 95 days to get their payment. However, even they need to run their operations, pay their employees, and purchase raw material for shipment. It means in spite of having a trade agreement with the organization, the supplier is still at a disadvantage. </div></br>

<div>To mitigate this, there are several options the supplier can choose. Firstly, they might go for a bank loan which is difficult to get and is expensive. Secondly, they might go for a term loan but it requires a good credit history and lastly, they might think of going for invoice factoring.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>What is Invoice Factoring?</h2></br>

<div>In a simpler term, it can be assessed as selling invoices at a discounted price . The transaction occurs between a supplier and a lender or an invoice factoring company. In majority factoring services, the invoice factoring company will be responsible for getting the cash for the debt. An invoice factoring will contact the debtor after the term of 95 days to collect the debt. They may also take legal action if there is an issue of non-repayment. Usually, invoice factoring company’s exchange rate can range from 80% to 90% of the total invoice value depending upon the risk involved. </div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Invoice Factoring Example</h3></br>

<div>Let’s take the example of a cupcake company. To make cupcakes, the cupcake company would require certain ingredients such as flour, sugar, eggs, etc. The cupcake company would create a purchase request of buying flour from the supplier with a repayment term of 60 days. Here, the cupcake company gets the flour upfront but the flour supplier will be left without payment for the next 60 days.</div></br>

<div>Using invoice factoring, the flour supplier will sell his invoice to a factoring company at 90% value of the invoice. Let’s say the value of the invoice was $1000. This means the supplier would get $100 less for its flour but he’ll get the money upfront to run his operations. On the contrary, the invoice factoring company would make $100 on the invoice.</div></br>

<div>It is profitable to both parties because the supplier may be making $1000 worth of flour at the cost of $600 and still get money upfront. On the other hand, the invoice factoring had to wait for 60 more days to get the invoice’s value but ended up making $100 in the transaction.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Types of Invoice Factoring</h2></br>

<div>Some frequently used types of invoice factoring include- </div></br>

<ul>
<li><b>Recourse Factoring:</b> Commission charges with this type of invoice factoring are low because of low risk. In this, the factor only provides immediate cash without collecting debt, thereby, no protection from credit risk. Instead the supplier itself is liable for it. </li>

<li><b>Non-Recourse Factoring: </b>It is the type of invoice factoring that provides protection from credit risk, therefore, the commission is also high.</li>

<li><b>Advance Factoring:</b> In this the amount of invoice is paid in advance by the factoring company minus the commission and the margin. The commission can range anywhere from 5% to 25%.</li>

<li><b>Maturity Factoring: </b>In this type of factoring, the commission to the company is paid post the payment of the invoice by the customer. Here the factoring company is primarily responsible for collecting the debt from the customer.</li>

<li><b>Bank Participation Factoring: </b>It is ideal for small businesses for whom even the smallest margin matters. In this type of factoring even the margin of a factor is financed by the bank.</li>

<li><b>Full Factoring:</b> It is the type of factoring where the factoring company provides all the services associated with invoice factoring such as protection from bad debt, collection, advance payment, etc.</li>

<li><b>Domestic and Cross-Border Factoring:</b> Factoring service provided locally is considered as domestic factoring. It primarily involves three parties that are buyer, seller, and the factor. In cross-border factoring, the service is provided by an international party. It involves four parties which are exporter, importer, export factor, and import factor.</li>

<li><b>Supplier Guarantee Factoring: </b>In this type of factoring, the factor provides a guarantee to the supplier for payment. </li>

<li><b>Disclosed and Undisclosed Factoring:</b> Ideally, the client of the business is aware that a factoring company is involved in the payment. This is known as disclosed factoring. On the contrary, when the client is not aware of the same, it is considered as undisclosed factoring.</li>
</ul></br>

<h2 class='heading2 blog-unitHeading semiBold'>Key Benefits of Invoice Factoring for Securing Cash Flow</h2></br>

<div>The core purpose of invoice factoring is to reduce credit risk and secure cash flow. Below are some of the benefits associated with invoice factoring:</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Maintain Cash Flow</h3></br>

<div>Suppliers are in immediate need of money to expand their inventory and serve their customers. There are other options for getting money such as business loans, overdrafting, venture capitalist, etc. Yet, each of these comes with their own set of challenges such as extended time of approval, requirement of collateral, or stake in the business. With invoice factoring, the cash flow is immediate and the supplier only requires a legible invoice which will be paid by the customer.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Credit Control</h3></br>

<div>Invoice factoring takes away the task of collecting the debt from the customer. This helps businesses to primarily focus on core operations, thereby, helping them expand & sustain in the market.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Flexibility</h3></br>

<div>Businesses often require flexibility with cash flow. With other options available, it is not always possible but with invoice factoring it is almost immediate once an invoice has been received. This allows the business to expand and get instant invoice factoring money by taking a little suffering on the overall margin.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Higher Approvals for Finance</h3></br>

<div>Financing using other options require some form of credibility such as credit score, collateral, financial history, etc. On the other hand, a factoring company will check the supplier’s client payment history to assess the risk. Based on this assessment, the commission is calculated. Also, if the supplier’s client is consistent with payment then these rates of commission get lower after a point of time.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>No Collateral Required</h3></br>

<div>Invoice factoring doesn’t require any collateral. Instead, it only demands the invoice at hand that is to be paid by the customer.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Overdraft Management</h3></br>

<div>A lot of businesses use their current account for conducting operations. Oftentimes, the business would end-up spending more money that is available in their account. In this scenario, invoice factoring gives the comfort of dealing with overdue bills by providing financial flexibility to expand the business and bridge the financial gap.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Better Customer Relationships</h3></br>

<div>It lubricates the active to and fro relationship of financial transactions between the customer and the supplier. With invoice factoring, the customer gets the due time to get the invoices approved by the AP department. On the other hand, the supplier gets the money upfront to run the operations without any financial setback.</div></br>
 

<h2 class='heading2 blog-unitHeading semiBold'>Documentation Challenges Associated with Invoice Factoring?</h2></br>

<div>In order to establish the credibility of a supplier demanding factoring, invoice factoring companies require a set of documents that needs to be verified. These documents are address & identity proof for KYC, account receivable ledgers, bank statements, and financial statements. These documents are submitted one time but contribute work for supplier onboarding.</div></br>

<div>On the other hand, the invoice factoring company faces a much bigger problem of invoice processing. The task of invoice processing needs to be spontaneous because the whole idea of factoring is to provide the money upfront. The ordeal goes through a major fallback when there are tons of invoices to process. With manual processing and traditional methods, it is not possible to process those invoices without making errors like incorrect data, lost data, duplicate data, etc. Also, the sheer number of unstructured invoices from varied sources makes it difficult for the AP department of the invoice factoring company to extract data and validate it beforehand.</div></br>

<div>Also while providing advances to the supplier, the factor company goes through certain documentation such as accounts report, backup documentation, invoice copy, etc. It calls for a smart solution like an IDP platform that can automate the entire ordeal of document processing as well as invoice processing.</div></br>
 

<h2 class='heading2 blog-unitHeading semiBold'>How can IDP help with Securing Cash Flow for your Company Expansion?</h2></br>

<img class='blog-images' src='https://amygb-web-static.s3.ap-south-1.amazonaws.com/6a847c20-c4a8-11ec-ba29-a1b795de71c9_factoring_graph_ylw-01-01.png' alt=’U.S. Factoring Services Market’ /></br>

<div>In a report by <a href="https://www.grandviewresearch.com/industry-analysis/factoring-services-market" rel="nofollow"><b>Grandviewresearch</b></a>, the global factoring market was valued at $3235.88 billion in 2020. Also, a consistent CAGR (compound annual growth rate) of 8.5% is expected between 2021 to 2028. It means the invoice factoring market is bound to grow. Also as reported by <a href="https://www.billentis.com/The_einvoicing_journey_2019-2025.pdf" rel="nofollow"><b>Billentis</b></a>, the amount of invoice processes in the year 2019 was 55 billion. It is a huge number and with the growing entrepreneurial spirit, the expected number will grow because new suppliers are constantly resurfacing the marketing. Each of these trends points towards new business opportunities for factoring companies, therefore, it becomes collateral that they bring automation solutions to fasten their process. It is because in the emerging competing market, an invoice factoring company’s repo would be tied to the sheer volume of instant payments they provide to the suppliers. To achieve that they need to fasten their internal verification and approval process.</div></br>

<div>With an IDP platform, invoice factoring companies will be able to extract data and verify data without any fallback automatically. The system requires zero manual intervention, therefore, the turnaround time for completing multiple financial transactions would be reduced exponentially. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>What is an IDP Platform?</h2></br>

<div>An IDP platform is a document processing AI-based solution that is capable of extracting custom data and verifying it automatically for huge volumes of documents. The user only needs to provide the batch file and assign the source of truth. Using the provided data, the IDP platform can verify documents without any manual intervention. It also reduces the operational cost of document processing by a large margin.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Example</h3></br>

<div>Suppose, there is a task of extracting and verifying data for 1000 invoices. As a source of truth, the invoice factoring company is using the supplier’s trade name and GST number. An IDP will require the batch file of the invoices and the archived file for existing supplier’s database and GST certificates. An IDP platform would automatically verify the data and the transactions for which the data is not available, it will raise a flag. The invoice factoring company would also be able to extract data from custom fields from the invoices. This data can be easily exported in the format of excel sheets or CSV files.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>How can VisionERA be the trusted platform to improve Invoice Factoring?</h2></br>

<div>VisionERA is a new generation IDP platform that is capable of extracting and verifying data at the speed of light. It is backed by advanced proprietary technologies like Artificial intelligence (AI), Machine learning (ML), Natural language processing (NLP), and Computer vision that provides it with exceptional accuracy and automation level.</div></br>

<div>It is an industry and use case agnostic solution that can fit the need for any type of invoice factoring document processing needs. It stands out with its compelling features that enable Human-AI alliance. VisionERA is a one stop solution that is capable of processing huge volumes of unstructured documents with a custom DIY workflow. It offers groundbreaking features like field autocorrection, automatic gridling, industry beating table detection system, etc.</div></br>

<div>Its continuous learning feedback loop mechanism makes it an ever evolving platform. With its advanced learning and evolving mechanism, it is a document processing solution capable of running in auto-pilot. It requires zero-pre training unlike many of its contemporaries and it allows effective categorization of data as the final output.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Final Words</h2></br>

<div>In the modern-day business, invoice factoring is a boon to suppliers trying to run their businesses and keep pace with the ever-evolving market. It allows independence from financial setbacks and empower businesses to walk on new and larger avenues. Therefore, it becomes important that invoice factoring companies strengthen their internal processes by utilizing automation solutions like IDP. This will help them provide better service to the businesses lending money to them and give factoring companies better footing in the emerging market.</div></br>

<div>Want to learn more about VisionERA, and how it can help your organization automate the repetitive task of invoice processing? Just click on the CTA below to schedule a demo with us!</div></br>

Suppliers and other small businesses supporting a large organization are often at disadvantage because of payment terms. To rescue them, invoice factoring companies provide them with advance payments on their termed invoice by purchasing these invoices at discounted prices. With the growing demand for factoring, the task of handling factor invoices is bound to become difficult. Learn how IDP can resolve the problem?

Automation for Invoice Factoring - Securing Cash Flow Cycle for Expanding Businesses

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<img class='blog-images' src='https://amygb-web-static.s3.ap-south-1.amazonaws.com/9bac7740-c231-11ec-ba29-a1b795de71c9_quotes_banner-01-01-01-01.png' alt=’Quote for information and data’ />
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<div>From brick and mortar stores to online shopping, retail has transformed magnificently. Yet, with the ever expanding consumer demands and numerous internal processes, the paperwork associated with it has already gone out of hands.</div></br>

<div>Today calls for a brand new solution that can aid retail to go hand in hand with the changing consumer needs and stray away from interrupting repetitive tasks. It requires a solution that can transform their raw data to meaningful information for insights, reporting, authentication, and create custom loyalty programs. With intelligent document automation, the retail companies will be able to process a variety of documents within a fraction of time. It will not only help them with bulk processing but also other aspects related to data processing such as security, scalability, flexibility, management, etc.</div></br>


<h2 class='heading2 blog-unitHeading semiBold'>Imminent Need of Intelligent Document Automation in Retail from a Market Perspective</h2></br>

<div>Retail industry is an active participant in the global economy. In 2018, the global retail sales were close to $23.6 trillion. This figure is a lot more than some of the developing nation’s entire GDP. In 2021 alone, the retail e-commerce sector accounted for $4.9 trillion and it is estimated to touch $7.4 trillion by 2025 in the U.S. In a nutshell, these facts and figures point out to the rising importance of the retail sector. </div></br>

<div>However, what often seems to be overlooked in these numbers is the fact that the retail industry is facing tremendous pressure to keep up with the ever changing needs of the customers while making their business processes, such as documentation workflows easier and faster. Additionally, most retailers today do not understand the benefits that an Intelligent Document Processing (IDP) platform can offer in their race to capture more customers and  hit revenue targets. </div></br>

<div>Leveraging an IDP solution can help retailers fasten their document processing capabilities and aid employee productivity, who are otherwise lost in a heap of documents such as commission reports, retail contracts, inventory reports, product orders, and other retail paperwork. By harnessing the power of a state of the art IDP platform, retailers can free themselves from processing documents manually and engage themselves in more productive tasks  such as increasing sales opportunities, improving customer service, adding new products etc. All these factors combined together can help retailers increase their profits margins along with helping them visualize future trends and  prices. Retailers can also make personalized product recommendations to customers by simply analyzing the data derived from past sales.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Need for Intelligent Document Automation from a Document Processing Perspective</h2></br>

<div>The majority of data processed in the retail industry can be easily kept under the category of unstructured. This is due to varied sources and different types of documents processed by the industry. For example invoices, receipts, purchase orders, etc.</div></br>

<div>Multiple industries including retail have relied on traditional methods for document processing. It primarily comprises either using manual data entry or an OCR. Manual data entry is time consuming and costly because it requires its own team or third-party support.  Taking OCR into context, it is faster but can not comprehend with unstructured data. This is the reason companies have to rely on a combination of these two or outsource their operations. Not anymore because with the inclusion of Intelligent Document Automation, it is possible to process huge volumes of unstructured documents in a single go.</div></br>

<div>The question that remains is, “What is Intelligent Document Automation?”.</div></br>

<div>The answer is as simple as the phrase itself. To further explain, it is a synonym to Intelligent Document Processing or IDP in short. An IDP is a software solution with AI-capabilities that can process raw unstructured documents for data extraction and data verification in bulk without any manual intervention. Depending upon the platforms available in the market, the secondary features might change but its primary task is to automate data extraction and verification.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Benefits of Intelligent Document Processing in Retail</h2></br>

<div>Intelligent document processing has loads of compelling advantages other than saving exponential turnaround time for operations. Some of the core benefits of deploying an intelligent document processing platform are mentioned below:</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Document Processing</h3></br>

<div>An IDP platform as stated above can process a variety of documents. This includes purchase orders, bills, invoices, bill of lading, proof of delivery, etc. It is a solution based on advanced proprietary technologies like artificial intelligence (AI), machine learning (ML), optical character recognition (OCR), and computer vision.</div></br>

<div>The inclusion of all these technologies and their communication within IDPs makes it an industry and use case agnostic solution. With VisionERA, we are capable of providing data processing solutions to a wide array of clients. The unison of these technologies makes VisionERA capable of catering industries like retail, logistics, healthcare, finance, manufacturing, etc.</div></br>

<div>With its 3D’s approach, it can decode, decipher, and decide, all on the go. For example, we have a task of extracting data from 1000 unstructured invoices i.e. different formats, different structures, paper based or digital etc. VisionERA with its 3D approach can:</div></br>

<ul>
<li>Pre-process the quality of a document for effective data extraction.</li>
<li>Capture data from custom fields.</li>
<li>Understand the context of the field for example emp code, employee code, emp. Number, etc. will be understood by VisionERA as employee code, just like humans.</li>
<li>Use any document as a source of truth for verification.</li>
<li>Continuously learn using feedback mechanisms.</li>
<li>Perform data extraction and reconciliation in bulk.</li>
<li>Sort, segregate, and categorize processed data.</li>
<li>Provide custom workflows for different departments with different use cases.</li>
</ul>
<div>It comes with a DIY approach that requires zero coding experience to operate. Also by using VisionERA IDP, it is possible to reduce the turnaround time and cost associated with the entire operation radically.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Security </h3></br>

<div>There are a variety of solutions that are in accreditation with multiple compliances, for example HIPAA, ISO 27001, GDPR, etc. Although, these compliances are generally applicable to ensure no data breach is happening from the vendor’s end. Unlike a SAAS that is on-demand, IDPs are platforms deployed inside the client’s infrastructure. It will abide by all the internal security measures because it is situated inside the clients network. </div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Customer Onboarding</h3></br>

<div>With increasing demands, the number of customer onboarding operations is bound to increase. This is especially relevant with online e-commerce where companies use discount coupons to entice new customers or increase loyalty of existing customers. For example, we have 1000 reports in pdf out of which the metric of net promoter and upselling ratio is required for disbursing loyalty coupons. An IDP can easily extract the data from those reports and export it in the format of excel sheets. With excel, the client can apply logic to figure out customers liable for the program.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Management</h3></br>

<div>Retail requires management for different verticals such as inventory management, drive log management, category & catalog management, vendor management, etc. Each of these management ordeals can be relevant for super stores (Walmart, Stop & Shop, Kroger…) and huge ecommerce retail companies (Amazon, ebay, Best Buy…). Half of the management required during these operations are related to unorganized paperwork. An IDP is capable of processing unstructured data along with performing operations like sorting, segregating, and categorizing data automatically.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Customer Reviews</h3></br>

<div>Ecommerce companies and big retail stores often collect customer reviews post purchase. The sheer volume of reviews posted especially in the ecommerce space is massive. These reviews again can be segregated automatically based on the rating systems utilized. For example, a task requires the name and review of the customer. An IDP can easily extract that information, and export it in different formats i.e. excel or CSV sheets. The operator only needs to define the entries in the platform and it will automatically extract the data from those reports.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>What can IDP do for Consumer Packaged Goods (CPG)?</h2></br>

<div>CPG and retail can often be confused together by many people. Yet, there is a decent difference between the two. CPGs come one step earlier than retail in the supply chain. The most common examples of CPGs are Johnson & Johnson, Procter & Gamble Co., Coca Cola Co., etc. These companies can have their own brick and mortar stores but they prominently sell their product via retailers. This is the reason why the line between the two often gets blurred. </div></br>

<div>An IDP can pretty much do the same thing for a CPG as it can for a retail company. With an intelligent document automation solution, CPGs can drastically reduce the turnaround time and cost associated with document processing. Many CPGs are turning towards automation and an IDP can be a great start. Using an IDP, companies are gaining freedom from third-party dependency and meeting deadlines effectively by clearing the mess in internal departments.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>VisionERA: The Next Generation IDP Platform</h2></br>

<div><a href="https://www.amygb.ai/idp-platform/"><b>VisionERA</b></a> is a standout platform in its niche. Much like any other IDP solution in the space, it has the capacity to do all the basics. These are bulk extraction, data reconciliation, processing unstructured data, etc. with automation and accuracy levels upto 99%.</div></br>

<div>It stands out because it can be easily molded as per the document processing requirements. The platform offers compelling features like autogridling, autocorrection, smart insights board, zero pre-training, etc. Also, its human-AI alliance concept makes it a continuous learning and evolving platform. </div></br>

<div>It demands intervention for exceptions and later-on learns it because of its continuous feedback learning algorithms. It is compatible with various downstream applications such as CMS, DMS, emails, legacy infrastructure, etc. and can be easily deployed on cloud using plug-n-play feature. Also, everything from document classification to customizing workflows can be done DIY with zero coding experience. It is in essence ahead of many of its contemporaries in terms of features including the competitive pricing.</div></br>


<h2 class='heading2 blog-unitHeading semiBold'>Final Words</h2></br>

<div>With increasing demands and workload, solutions that can provide intelligent document automation can be of paramount importance. Retail industry is constantly reinventing itself and going through a period of renaissance to gain more traction both in physical and ecommerce space. It is becoming way more personalized for customers, constantly improving customer experience, and offering bonuses to create new engagement. It is truly the time when automation should be looked at with a foresight of mandate. It will tremendously aid the employees working onboard, completely nip manual errors, reduce cost, and shorten the period of manual operations. With inclusion of smart and intelligent platforms like IDPs, retail would be able to maximize in solving intellectual problems and stray away from mundane, boring, and repetitive tasks.</div></br>

<div>Want to see VisionERA in action? Book a demo with us by clicking on the CTA below and schedule a time suited to your convenience.</div></br>

With the transformation of retail to ecommerce platforms and changing offline shopping experience, it is essential the industry takes a step towards automation. With automation, retail would be able to handle numerous internal document processes without missing deadlines, primarily focusing on improving customer experience. This blog will focus on the rising need of automation and an effective solution to automate document processing needs.

Demanding Documentation Processes in Retail - Rooting for Automation!

<div>The retail industry has always been known as an early adopter of modern technologies to serve its customers better. However, most of the departments in a retail company, including the accounts payable, still rely on traditional and obsolete ways for their internal processes. </div></br>

<div>From sorting to classifying different types of invoices to pulling out relevant information from them, the employees do it all. As a result, they often go low on energy and even face a dip in productivity. </div></br>

<div>With that being said, is there a way to make the accounts payable process more efficient for the retail industry while helping employees get more productive?</div></br>

<div>The answer is yes. </div></br>

<div>Wondering how? Read on and learn more about how the accounts payable department works in retail and how an Intelligent Document Processing platform helps employees get more productive while automating their document processing tasks. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>How does Accounts Payable Work in Retail?</h2></br>

<div>Much like any industry, the functions, roles, and responsibilities for accounts payable are alike in retail. Accounts payable is responsible for paying the suppliers, vendors, and services purchased by the company. This is done by processing the credit due on the company post receiving the goods. To ensure no fraudulent transactions are conducted, these purchases are approved internally and then further processed by the AP department leading to final payment.</div></br>

<div>This process ideally happens with invoices in fours steps:</div></br>
<ul>
<li>Receiving the invoice from the supplier, vendor, or any service provider.</li>
<li>Reviewing the invoice for the shipment ordered and received.</li>
<li>Approving the invoices by seeking authorization from the authority.</li>
<li>Disbursing the payment to the relevant party.</li>
</ul></br>

<div>For a small retail company, the task of managing these invoices may or may not be overwhelming. On the contrary, with large-scale retail stores both online and offline such as Amazon, Shop & Stop, Walmart, etc. the task can be a mound of invoices with stricter deadlines to process. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Benefits of a well-oiled Accounts Payable Department</h2></br>

<div>Looking from a bird’s eye view, the accounts payable department looks like a machinery that is interrelated within its framework. However, companies need to keep a balance and upscale their process with increasing demands, thereby, oiling the machinery to work at its best. But, how can they maintain a balance? Well, the answer lies in automating their manual invoice processes as it can allow eliminating redundant tasks and automating the repetitive tasks to make sure everything runs at its optimum levels.</div></br>

<div>A few key benefits that the accounts payable department can get by automating their processes are-:</div></br>
<ul>
<li>Avoiding penalties or extra costs by  making timely payments.</li>
<li>Improving relationships with the suppliers, vendors, and other service providers.</li>
<li>Having an uninterrupted supply of the goods from the supplier, vendors, etc.</li>
<li>Improving cash management.</li>
<li>Avoiding duplicate or double payments.</li>
</ul></br>

<div>We can also see that with healthy accounts payable management that is powered by automation, companies can not only enjoy prepayment discounts but can explicitly notice a downward curve in their overall turnaround time to process documents. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Imminent needs for Automation in Accounts Payable for Retail</h2></br>

<div>Today, retail organizations are rushing towards becoming customer centric at various levels. Every retail company is fighting to sustain its position on the ground and hustling to gain a better rank. For this, they need to run with the pace of the changing industry and become more agile with their accounts payable documents as they are the source of truth behind any transaction and no retail  company can afford to overlook them. </div></br>

<div>Below are some of the major points that directly point toward the need for an automation solution. These are:</div></br>
<ul>
<li>Massive volumes of documents so generated.</li>
<li>Manual data entry and verification of the documents.</li>
<li>Lengthy approval process with multiple stages.</li>
</ul>


<h2 class='heading2 blog-unitHeading semiBold'>Why is Accounts Payable Automation a must for the Retail Industry?</h2></br>

<div>A few key reasons to make accounts payable processes automated in the retail industry are- </div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Multiple Complicated Documents</h3></br>

<div>Retail has to deal with multiple complicated documents that are intertwined together with the company's overall financial health. Many times, these complex documents have loads of unstructured or semi structured data that lies hidden beneath factors such as messy handwriting, coffee stains, etc.  The AP department thus requires an automation solution that can help them process huge bulk of data in no time by cutting out the noise from the documents, extracting the data from them and validating the correctness of information. </div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Blindspots in Document Processing</h3></br>

<div>Huge piles of unprocessed documents often end up getting overlooked leading to missing data and causing blindspots. Automation in accounts payable can thus aid the removal of blindspots from the process that are frequently witnessed by the AP team. Automating the accounts payable task using an IDP platform can make it possible for the AP team to process and migrate all the data digitally without any data leakage. An IDP platform unlike manual processing doesn’t overlook any document and processes everything automatically that is fed to it.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Difficulty in Vendor Management</h3></br>

<div>Vendor management is a collateral task for any AP team of a retail company. To properly fulfill this duty, AP teams are subjected to the responsibility of paying associated vendors on time. Yet, with the increasing number of invoices to processes and other financial duties, AP teams often lose the grip of deadlines further leading to poor relationships and even penalties. An IDP platform has the capacity to process massive volumes of invoices in a single go. This will account for zero time wastage in stark contrast to manual processing and  make it possible for the AP department to meet deadlines in a timely way.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Poor Customer Experience</h3></br>

<div>Retail runs by providing goods to the customers and constantly refilling their inventory with the latest shipment. Any  gap between the two can lead to loyal customers  turning their heads towards other retailers for purchase. An IDP platform can thus help reduce customer churn rate by making it possible for the AP department to process massive amounts of invoices obtained from other parties like suppliers, manufacturers etc in a short amount of time. It can even help retailers eliminate duplicate data and save time.  All these factors can ultimately help them serve their customers better.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Degraded Productivity</h3></br>

<div>Productivity is at the core of the retail industry. In fact, the whole dialog of automation corresponds to increased productivity for different facets of the industry. With accounts payable automation, factors relating to manual processing are immediately removed, thereby, improving productivity. With <a href="https://kefron.com/blog/how-ap-automation-facilitates-business-productivity-amidst-the-pandemic/" rel="nofollow"><b>automated systems</b></a>, companies have witnessed an increase of 65% for PO matching, 65% quicker approvals, and 95% faster document retrieval. This is backed by a 100% reduction in duplicate documents. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>How VisionERA can ensure Accounts Payable Automation in Retail?</h2></br>

<div>VisionERA is a new generation intelligent document processing platform. It comes with loads of exceptional features that make it an intuitive solution. At its core, it is a platform that automates data extraction and verification with automation and accuracy levels of up to 99%.</div></br>

<div>On the other hand, its compelling features like Automatic grid lining, industry-beating table detection system, continuous feedback learning mechanism, etc. make it a one-stop solution for any document processing needs. With VisionERA, it is possible to process unstructured invoices and extract relevant data for reporting, ledgers, and overall vendor management. Its advanced reconciliation algorithms backed by proprietary technologies like Artificial Intelligence, Machine Learning, Computer Vision, and Natural language processing make it an ever-learning and ever-evolving platform. </div></br>

<div>VisionERA enables companies to put their document processing operations to the highest gear with zero sample training. It is a promising solution to meet effective deadlines while reducing the operational cost and turnaround time simultaneously.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Immediate Benefits of Accounts Payable Automation using VisionERA IDP</h2></br>

<div>Inclusion of an IDP platform in the documentation process makes up for multiple benefits which can be witnessed immediately. Below, we have mentioned some of the core benefits our clients are enjoying right after deploying VisionERA. These are:</div></br>

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<table style="width:100%">
  <tr>
    <td><li>Time saved in overall document processing operations.</li></td>
  </tr>
  <tr>
    <td><li>Reduction of the cost incurred in invoice processing.</li></td>
  </tr>
  <tr>
    <td><li>Accuracy of the data improved by up to 99% without any manual errors.</li></td>
  </tr>
<tr>
    <td><li>Enhanced capability of drawing insights from processed information.</li></td>
  </tr>
<tr>
    <td><li>Easier fraud detection.</li></td>
  </tr>
<tr>
    <td><li>Increase in the transparency of data.</li></td>
  </tr>
<tr>
    <td><li>Cost reduction in the preservation and archival of data.</li></td>
  </tr>
<tr>
    <td><li>Easy auditing using the processed information.</li></td>
  </tr>
<tr>
    <td><li>Compatibility with the existing infrastructure and other downstream applications such as CMS, DMS, CRM, email, legacy infrastructure, etc.</li></td>
  </tr>
 <td><li> Benefit of redeeming early payments discount and improved relationship.</li></td>
  </tr>
</table>

</br>
<h2 class='heading2 blog-unitHeading semiBold'>Final Words</h2></br>

<div>The retail industry is already exploring ventures externally in terms of automation but often overlooks the aspects that can increase throughput in internal processes. With IDP, the task of managing and processing the impending unstructured documents can be completely blown away. The AP department of the company will start to realize its full potential by gaining independence from manual processing. The movement towards accounts payable automation will truly aid an organization that is able to handle its documentation well, thereby, uplifting the company’s finances. </div></br>

<div>Want to know more about VisionERA and how it will help in accounts payable automation? If yes then click on the CTA below.</div></br>

Retail being a torch bearer in adopting modern-day technologies often lags internally in productivity due to manual document processing by the AP department. With accounts payable automation, the overhead due to manual processing can be mitigated and AP departments can meet its supplier and vendor payment deadlines effectively.

Accounts Payable Automation in Retail - Immediate Reasons not to Overlook it!

<div>Every organization is on its journey to become cash-rich. For this, logistics today tries to gather more clients and offer customized services to different aspects of an industry increasing trade. On the contrary, when a company is established each and every department is budgeted to a max cap. This budget starts crossing barriers once the organization becomes older leading to revenue leakages. It is estimated for a revenue of $1bn, an organization can end up losing $3mn annually in revenue leakage. To mitigate these revenue leakages, finance controllers are hired in organizations. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Contribution of a Finance Controller in Logistics</h2></br>

<div>There is an entire gamut of responsibilities that are bestowed upon a finance controller in logistics. Much like any industry, a controller contributes in a wide array of functions for logistics such as:</div></br>
<ul>
<li>Manage the entire internal accounting operations.</li>
<li>Cash management and risk management aside from supervising the account team.</li>
<li>Reporting the company’s finances within the deadline.</li>
<li>Timely payments of debt due on suppliers and vendors.</li>
<li>Create a benchmark for a company to measure growth in terms of assessing financial goals.</li>
<li>Authorize invoices and improve overall accounting processes within an organization.</li>
</ul></br>

<div>The contribution can vary depending upon the scale of the logistics company. In a larger organization, every department can have their finance controller because of the massive amount of work. On the other hand in a small organization, a finance controller may be controlling each and every department. In the later case, the amount of work needed to be done may be less but the spectrum of responsibilities is much wider.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Different Scenarios Demanding a Finance Controller</h2></br>
<ul>
<li><b>Business Expansion:</b> With an expanding organization, the chances of revenue leakages are higher because of increasing expenditure. It demands a finance controller that will optimize the budget, create a finance controlling mindset, keep a track of accounting operations, audit expenditures, etc. to minimize revenue leakages.</li>
<li><b>Supervision of Accountants: </b>Controllers work as authorizing and supervising power to accounts payable for tasks such as invoice approval, financial auditing, maintenance of ledgers, etc. 
<li><b>Overburdened CFOs: </b>Controllers are hired to participate alongside CFOs in strategic tasks related to financial operations and meet the deadlines.</li>
</ul>

<div>Finance controllers in many organizations are second to a CFO. They are not direct collaborators but rather a supervising power that makes sure each of the subunits that are required to perform data extraction and validation function properly in an organization. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Why do Organizations Need a Finance Controller for a Healthy Supply Chain Management in Logistics?</h2></br>

<div>Many times companies are provided with the shipment from the supplier but aren’t able to pay on time. This creates a gap that can lead to poor relationships and even penalties. In order to mitigate this problem, a finance controller tries to make the internal financial ecosystem as sustainable as possible. This is done by undertaking small yet crucial business functions such as  debt management, inventory management, reviewing of purchase orders, etc that can mean long term assurance to the companies even when it is going through losses. To fulfill this assurance, error free transactional statements and ledgers are required by the finance controllers. </div></br>


<h2 class='heading2 blog-unitHeading semiBold'>How Stewardship can be Improved using Intelligent Document Processing?</h2></br>

<img class='blog-images' src='https://amygb-web-static.s3.ap-south-1.amazonaws.com/80345110-bfb9-11ec-ba29-a1b795de71c9_controller_diagram-01.png' alt=’Controllership functions vs desired split’ /></br>

<div>The roles & responsibilities of a controller can be divided into four broad categories, i.e, strategist, operator, stewardship, and catalyst. Of all the four, stewardship takes up most of a finance controller's time.</div></br>

<div>The biggest challenge that a controller faces in stewardship is approving invoices. This is because the time spent in invoice approvals can be very high for companies relying on manual processing. Accounts payable and finance controllers are tied together for the same reason. Also, controllers are no longer only responsible for managing the financial health of the company but timely invoice payments as well. </div></br>

<div>In a report by Deloitte, 800 finance controllers reported that 70% of their time is utilized in tactical operations like invoice payments. It was also reported in the same survey that they would prefer a 50/50 split for the strategic and tactical functions.</div></br>

<div>This hence, directly acknowledges the dire need of automation to aid stewardship specifically for invoice approvals considering it is the most time consuming and recurring task. .</div></br>

<div>In order to achieve that it is essential that companies start acknowledging automation solutions like IDP that can aid the internal departments heavily against erroneous data and reconciliations, while freeing up the controllers to work efficiently with strategic tasks. Much of the redundant and repetitive task of data extraction and verification can be done in bulk simultaneously using IDP platforms and can help controllers save time. It can also aid controllers to steer their companies away from erroneous data, duplicate data, time-consuming documentation, loss of cost, etc.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Need of IDP for Different Controllership Functions</h2></br>


<img class='blog-images' src='https://amygb-web-static.s3.ap-south-1.amazonaws.com/e5f9a6e0-bfcc-11ec-ba29-a1b795de71c9_controller%20diagram_2-01%20%281%29.png' alt=’Four faces of controllership’ /></br>

<div>Finance controllers often act as a liaison between multiple departments. This entails them to cater different aspects of the organizational financial operations often known as controllership functions. It is important to understand these aspects to better understand the role IDP can play in improving them.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Strategist </h3></br>

<div>The strategic part of the controllership can be divided in two different functions i.e. financial strategy and stakeholder management.</div></br>

<div>Every organization is required to have a strategy to achieve its objectives and create financial sustainability. The asset management and resource planning that is done to achieve this strategy comes under the umbrella of financial strategy. A lot of components that are central to a financial strategy are profit and loss statements, cash flow statements, sales forecasts, balance sheets, etc. require verified data with zero errors.</div></br>

<div>The other side of the spectrum demands finance controllers to maintain a great relationship with the stakeholders often referred as stakeholder management. A healthy relationship is a much needed practice to appease the stakeholders and stay away from unneeded escalations. On the contrary, whenever a company goes through a long-term financial crisis stakeholders often turn away liquifying their stakes. This is often the end result of poor finance management that can surface because of delays in process and erroneous data.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Operator</h3></br>

<div>At the operator front, a controller needs to fulfill two duties i.e. Audit Liaisoning and Budgeting. A finance controller is not only responsible for creating internal financial reports for auditing but also works with third-parties until compliances are met. </div></br>

<div>With budgeting, a finance controller will analyze the consolidated financial data to pick up financial trends, variations, and operations suffering budget deficiencies. This requires a long trail of paperwork and erroneous data often adds more time to the operation.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Stewardship</h3></br>


<div>Stewardship combines a series of functions that a finance control needs to fulfill. These are approving invoices, internal control, cash flow management, internal controls, debt management, banking, compliance, and external reporting. A lot of these operations deal with multiple documentation procedures and manual operations that can be made faster using an IDP platform.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Catalyst</h3></br>

<div>While saving cost in internal operation is the primary modus operandi of a finance controller, they are also responsible for reporting & analysis. Detailed reports are created with the help of accountants for further analysis. This analysis in turn helps in guided decision making and forecasting predictions for the organizations. With errors and delayed reports, the entire operation takes a huge toll with faulty predictions.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Challenges Faced by Finance Controllers in Logistics Documentation</h3></br>

<div>Almost 2/5th of the time is spent on stewardship by a finance controller. While going through multiple operations that have the capacity to be automated, a couple challenges lie significant in almost each problem statement. These challenges are:</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Manual Data Entry</h3></br>

<div>Organizations are still dependent on old skool manual data entry systems. They would either hire a team of data entry experts or deploy a traditional OCR system. While traditional OCRs can only work with a fixed amount of templates & structured data, data entry operators are prone to human errors. Also, the amount of data duly processed comes from different sources making it unstructured.</div>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Loss of Data</h3></br>

<div>Loss of data is a huge problem in logistics. With paper-based documentation systems, the data being stored is often lost and can’t be retrieved on time. This mostly happens with invoices that once lost causes havoc to the accounts payable department delaying further timely payments.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Reconciliations of Data at Hand</h3></br>

<div>It is noticed that while entering a series of 40 numbers in a row, humans are capable of making at least two unconscious mistakes. Imagine this with huge volumes (approx. 550 billion invoices were produced in 2019 globally) of data. On the contrary, existing automation platforms like VisionERA can easily handle millions and thousands of documents without introducing any errors. </div></br>

<div>The time of reconciliation further adds to the process and with monotonous tasks such as data entry and verification, it is bound that even the experienced specialist will make mistakes at some point. This reconciliation adds more cost to the company’s fund in contrast to its generation.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Duplicate Data</h3></br>

<div>With a manual system be it paper based or digital, duplication of data is a prominent issue in different industry verticals. The errors that lead to duplication can either be supplier driven, caused by the internal team, or occur while importing and exporting documents. It further adds more cost to the document processing, hampers personalization, and even impacts the overall productivity.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Time Spent on Approvals</h3></br>

<div>Each of the factors discussed above points towards adding more time to the process. These are challenges witnessed by almost every employee working in the finance department let alone a finance controller. It clearly points towards the delays that happen leading to more time in approvals.</div></br>

<div>Mentioned in an article by Gluent, an estimated cost of $3.1 trillion is incurred annually on U.S based companies because of poor data management. It is caused by high reconciliation costs and continuously occurring issues mentioned above. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Where does VisionERA Stand in aiding Finance Controller Operations?</h2></br>

<div><a href="https://www.amygb.ai/idp-platform/"><b>VisionERA</b></a> is an intelligent document processing platform especially designed to support document-driven industries. The platform is designed to automate processing of structured and unstructured documents at bulk and extract & verify custom data on the fly.</div></br>

<div>It is an industry and use case agnostic platform, thereby, helping create automation in any operation that requires data extraction and reconciliation. Its smart proprietary technologies like Artificial Intelligence and Machine makes it a one-stop solution because of its continuous learning capabilities and abilities to adapt. </div></br>

<div>Besides this, companies can deploy their own custom DIY workflow and use any document (as a source of truth) for data reconciliation in volume. It comes with a smart insights board for useful business related KPIs and offers ground-breaking features like auto gridling, text auto correction, image reconciliation etc. for both paper-based and digital documents.</div></br>


<h2 class='heading2 blog-unitHeading semiBold'>Conclusion</h2></br>

<div>It is tough to be a finance controller today because of varied responsibilities and growing demands. A controller is vested with so many tasks that there is so much room for errors. In situations like this, it is essential that companies start to integrate AI within their infrastructure to  automate repetitive manual processes. IDPs are one such solution that help organizations to reduce turnaround time for processing exponentially and avoid errors that can be lethal to the company’s finances.</div></br>

<div>Want to make your invoice approval faster? Use the CTA below to schedule a meeting to understand how VisionERA works and what all problems it can solve for you?</div></br>

Finance controllers play an important role in maintaining the overall internal finances of a company and preventing revenue leakages. A much worse adversary is manual document processing that adds due time to the financial operations. Learn how an IDP can aid finance controllers to smoothen the operations and automate manual document processing?

IDP for Finance Controllers - Smoother Sailing through Internal Financial Operations

<div>In a report by <a href="https://cloud.esker.com/fm/others/Esker_IOFM_White_Paper_Digital_Transformation_US.pdf" rel="nofollow"><b>IOFM</b></a>, it costs about $16.67 to process an invoice in comparison to the best-in class accounts payable organizations that did it for $3.34 without human intervention. Hence, reducing cost in accounts payable processes has been the number one agenda for the logistics industry. </div></br>

<div>While many AP departments across the logistics industry have struggled with challenges such as early payment discounts and  timely payments to suppliers, only a few have realized that an invoice automation solution can help them solve these challenges along with helping them reduce time and cost. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>What is Invoice Automation?</h2></br>

<div>Invoice automation is defined as streamlining invoice related processes within an accounts payable department . It also includes paying the suppliers without human intervention in some cases. </div></br>

<div>While multiple organizations around the globe have been using  different platforms, softwares, and APIs to partially automate their accounts payable processes and achieve automation with imperative tasks such as invoice data-entry, invoice data validation, storage of invoices data, etc, they have failed to harness the capabilities of an end-to-end automation document processing platform. </div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Steps Involved in Invoice Processing </h3></br>

<div>To understand the problem, it is important to understand how an invoice is processed in an organization in its most traditional sense.</div></br>
<img class='blog-images' src='https://amygb-web-static.s3.ap-south-1.amazonaws.com/f54f30b0-bfe0-11ec-ba29-a1b795de71c9_invoice_flowchart-01.jpg' alt=’Invoice generation and approval’ />



<div>As explained in the diagram above, the entire process completes in 6 consecutive steps. These are:</div></br>

<ul>
<li>Creation of the invoice.</li>
<li>Printing, posting, or emailing the invoice.</li>
<li>Sending the invoice to the accounts team for further processing.</li>
<li>Review of the invoice for final authorization of the payment.</li>
<li>Paying the overdue invoice to the supplier, vendor, or any associated party.</li>
<li>Archival of the invoice to the ledger for accounting purposes.</li>
</ul>

<div>Depending upon the nature of the invoice, the purpose, and the organization, there may be subtle additions to the processes mentioned above. Although in entirety much of the process remains the same industry wide.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Limitations of Manual Processing</h2></br>

<div>Including the cost of processing an invoice, there are multiple other variables that limit manual processing. Manual processing requires a lot of re-handling and re-entry of the same data. This leads to human induced errors, slow processing, loss of data, duplicate payments, overpayment, loss of early payment discounts, etc.</div></br>

<div>It is estimated that with a paper-based invoice, it can take upto 23 days to complete a single cycle i.e. if the process is completed with zero challenges. Additionally, the same process can extend upto 90 days with multiple usually incurring challenges, thereby, reducing the efficiency of the Accounts Payable department.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Challenges Leading to Delayed Payments during Invoice Processing</h2></br>

<div>Invoice processing in the logistics industry is a series of tasks done in progression to fulfill payments and record data for general ledger. With prominent challenges associated with the process and simultaneous other processes, employees have to constantly manage their responsibilities, thereby, leading to delays.</div></br>

<div>Below are the most common challenges faced in processing logistics invoices.</div></br>


<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Huge Volumes of Invoices</h3></br>

<div>In a report by <a href="https://www.billentis.com/The_einvoicing_journey_2019-2025.pdf" rel="nofollow"><b>Billentis</b></a>, an estimate of 550 billion invoices were produced in the year 2019. In addition to that, the volume of invoice-like documents and messages in the same year was likely to be 5 to 15 times of the actual invoices depending on the geography. This data is also relevant to business transactions, therefore, needs to be processed or recorded in one way or the other.</div></br>

<div>Depending upon the scale of the logistics company i.e. SMEs, MSEs, and Large enterprises, the reliance on document-centric processes can vary but the sheer volume of invoices produced is still a huge call for invoice automation.</div></br>


<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Multiple Invoices with Multiple Formats</h3>

<div>There are multiple types of invoices that serve different purposes for Accounts Payable. For example standard invoice, pro forma invoice, credit invoice, commercial invoice, recurring invoice, etc. Additionally, there are also multiple formats accounts payable  has to deal with. For instance, a standard invoice can be of varied formats depending upon its source (i.e. different companies) and geolocation. This acute problem leads to challenges such as sorting of documents and processing large volumes of unstructured data that validates payment approvals.</div></br>
 
<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Supplier Management</h3></br>

<div>Suppliers onboard provide early payment discounts for the shipment when the payment is released by the accounts payable under a definite timeline. If this condition isn’t met, the company has to pay the usual price. Also further extension can lead to penalties, poor relationships, or both.</div></br>

<div>With maintaining multiple suppliers and inquiries including manual invoice processing, and emails, supplier management requires lots of data re-entry, duplicate data, incorrectly recorded key documents, etc. creating friction internally delaying the approvals on time.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Strategic Tasks</h3></br>

<div>AP departments spend a huge share of time working with repetitive invoice processes such as data entry, data extraction, data validation etc. Additionally, they are also required to perform strategic tasks such as data analysis, forecasting, vendor master data cleanup, etc that are often left behind because of invoice processing.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Multiple Standalone Systems</h3></br>

<div>From creating a purchase request to its final payment, there is a complex network of processes that work in unison. This accounts for multiple standalone systems that often falter because of their codependency. For instance, creating a purchase request then confirming the request externally (by inventory management) to its final approval from the authority, there are multiple standalone systems at work. This points towards an invoice automation solution that can collaborate these standalone entities and turn it into a system of cumulative progress without breaking the flow.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Poor Visibility</h3></br>

<div>Accounts Payable clerks spend half of their time searching for a required document. This time can be excruciatingly high with file cabinets and dockers working against urgencies.</div></br>

<div>Even if the data is digitized and stored in a desktop, it takes a decent amount of time for a PC to search a particular file (especially if it isn't being used often). It happens because PCs are limited by cache memory and cannot provide the required document instantly (everytime). On the contrary, it is possible with a cloud-based central repository.</div></br>


<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>No Scalability</h3></br>

<div>In a survey report by Aberdeen Group, 33% of the participants agreed to have faced challenges while processing huge volumes of data with the existing staffing level. Manual processing isn’t scalable. With an increase in the number of invoices to process, the organizations are also required to upscale their workforce to finish off the work in time. </div></br>

<div>On the flipside, with invoice automation using platforms like IDP, the number of documents processed can be both upscaled and downscaled without wasting any additional resources, assets, or costs.</div></br>


<h2 class='heading2 blog-unitHeading semiBold'>What are the Technologies that can Improve Invoice Automation?</h2></br>

<div>Today organizations are shifting towards AI Intelligence to negate redundant processes, optimize workflows, and automate repetitive tasks. It ensures that the employees are not limited, instead, they are empowered and have the time & capacity to use their intellect for processes that require their attention.</div></br>

<div>Below are some technologies that hold the power to transform the logistics industry while making  invoice automation  easier for them. </div></br>

<div><b>Artificial Intelligence:</b> Artificial Intelligence gives the power of intellectual responses to a machine just like a human. In invoice automation, AI can help improve overall performance of the accounts payable department and help optimize the workflow.</div></br>

<div><b>Computer Vision:</b> This technology helps computers derive information from an input i.e. image, video, or text. For invoice automation having computer vision can aid tremendously in scanning out information from an invoice, thereby, accelerating the data entry process manifolds.</div></br>

<div><b>Natural Language Processing:</b> Natural Language Processing works in coherence with computer vision. NLP provides contextual references to the data computer vision is scanning. </div></br>

<div>An automated digital system can scan data out from an invoice but it cannot understand it. With NLP, a digital system can understand the extracted data further aiding in situations where the invoice automation solution has to make decisions on its own. </div></br>

<div>For example, with two formats of invoice, if the vendor name has to be extracted and stored into the database, NLP will look for “Name” entry in both the invoice and extract the data that is there in the entry & store it into the final database. It happens because NLP associates with the phrase “Name” based on its past experiences.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>How can VisionERA Help in Improving Invoice Automation?</h2></br>

<div><a href="https://www.amygb.ai/idp-platform/"><b>VisionERA</b></a> is an IDP platform that helps organizations with heavy document volumes in automation of related processes end-to-end. To enable automation, it takes the help of advanced proprietary technologies like artificial intelligence (AI), machine learning (ML), natural language processing (NLP), and computer vision. </div></br>

<div>The platform is DIY customizable, scalable, and provides better visibility to documents as per any organization's requirements. Adding to it, it is also cloud native helping organizations to centralize their database not only in their existing infrastructure but in cloud as well.</div></br>

<div>Apart from this, it offers best in class features like automatic gridlining, industry beating table detection system, autocorrection, etc. It comes with a continuous feedback learning mechanism which helps the platform learn, evolve, and not make the same mistakes ever. VisionERA requires zero sample training and can be easily operated by anyone with zero coding experience. </div></br>

<div>It allows organizations to have their own DIY custom workflow along with the desired document types. It can process thousands and millions of documents without any manual intervention by using the desired document as a source of truth for verification for example driver’s license, social security number certificate, passport, etc. </div></br>

<div>VisionERA is an industry and use case agnostic solution that works on its 3D principles i.e. decode, decipher, and decide. Its compelling features and processing capabilities makes it a one-stop solution for any organization’s document processing needs.</div></br>


<h2 class='heading2 blog-unitHeading semiBold'>Final Words</h2></br>

<div>With accounts payable departments, invoice processing is the toughest cookie they might have to break. With invoice automation, employees can be further empowered to  work diligently while helping them avoid the redundant, repetitive, and mundane everyday menial tasks such as data entry and data validation for colossal amounts of documents. Automating the entire invoice automation process can even help the logistics industry to enjoy the benefits of timely payments along with maintaining great relationships with suppliers.</div></br>

<div>To know more about the endless benefits that an IPD platform such as VisionERA brings for the accounts payable departments in the logistics industry,  talk to our automation experts today. </div></br>

Manual invoice processing can be very cost intensive. In addition, the cost of retrieving a lost invoice can be more than invoice generation. In this scenario, invoice automation is the best possible solution to optimize cost of invoice processing and avoid issues like lost invoice, duplicate invoice, double payment, etc.

Invoice Automation in Logistics - Cost Optimizing Solution for Invoice Processing

<div>The finance department of your transportation and logistics business can witness chaotic invoice processing of varying degrees. There will be vendor invoices in almost every format you can imagine. These include hard copies, scanned PDF files, emails, and more. </div></br>

<div>Capturing information accurately and processing payments can be challenging in such circumstances. Matters become worse when there are heaps of invoices during peak season. Your overburdened finance staff is more likely to commit errors due to data mismatch or lost information.</div></br>

<div>So, what’s the solution? An invoice capture software for your logistics business can help. But what is it? How does it work? What are the benefits? Let’s find answers to these pertinent questions in the article below.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>What is Invoice Capture Software for Logistics Businesses?</h2></br>

<div>Your finance team needs a robust accounts payable system to process invoices timely and accurately. Traditional invoice processing involves entering data manually, matching purchase orders, and doing subsequent filings. It is a time-consuming process that also poses risks of costly errors. There is thus the need for automated invoice processing.</div></br>

<div>An invoice capture software leverages the power of automation to help finance teams standardize their accounts payable processes. It <a href="https://www.amygb.ai/blog/intelligent-document-processing-what-it-is-and-what-it-offers-businesses/" ><b>extracts relevant data</b></a> from invoices and adds it to the accounts payable systems. The advancement enables seamless payment to vendors within minutes. </div></br>

<div>Invoice automation helps with matching prices, managing purchase orders, standardizing workflows, and making digital payments. Your finance team can also streamline the accounts payable system.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>How does Invoice Capture Software for Logistics Businesses Work?</h2></br>

<div>Traditional invoice processing is time-consuming for your finance teams. The process starts with your team receiving the invoice from the supplier. They would try to match and approve it in the system. There would be a need for further approvals when the invoice amount is large and beyond standard limits.</div></br>

<div>Invoices will then get added to the system for payment after receiving due approvals. The manual process can involve several other complexities based on the different types of businesses. It will hamper the productivity of your staff, especially if they have to process several invoices. </div></br>

<div>Automation helps eliminate these tedious tasks and gets straight to the business. Your finance teams can review and feed invoices into the system as soon as they arrive. There is no manual intervention needed to add information. The software will scan the data and extract the relevant information.</div></br>

<div>The software can also capture and feed the data from desired fields into the automated management system. It could be everything from the vendor’s name to the number of items and invoice amount. The invoice would then proceed to the relevant authorities for approval.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Benefits of Invoice Capture Software for Logistics Businesses?</h2></br>

<div>Automation of the accounts payable system brings several benefits for your finance team. It will be an investment that will bring long-term returns. Let’s look at the advantages in detail.</div></br>

<h3 class=' semiBold blog-darkHeading headingLineHeight'>Reduces Processing Time</h3></br>

<div>Employees save between 10%-50% of their time through <a href="https://www.salesforce.com/content/dam/web/en_us/www/documents/platform/it-leaders-fueling-time-and-cost-savings-with-process-automation.pdf" rel="nofollow"><b>automated processes</b></a>. Automation helps reduce the time required to process invoices. Financial closing and reconciliation are also seamless with invoice processing and accounting automation. Your finance team will no longer have to cross-reference records.</div></br>

<h3 class=' semiBold blog-darkHeading headingLineHeight'>Avoids Processing Errors</h3></br>
<div>Manual data processing often leads to costly errors for your business. Reasons for errors could be anything from distractions to heavy workloads. An automated system is repeatable and performs tasks without any errors. It is also scalable, allowing you to process heaps of data at once. 31% of business leaders in a <a href="https://images.adpinfo.com/Web/ADPEmployerServices/%7B085dfeb6-e471-4e88-b8fb-dc0b2b9b2b07%7D_2020-In(Sight)-Report.pdf" rel="nofollow"><b>survey</b></a> also agreed that automation helps them save costs. </div></br>

<h3 class=' semiBold blog-darkHeading headingLineHeight'>Improves Team Productivity</h3></br>
<div>Manual processing makes your team work on menial tasks that do not add much value to the bottom line. Automating these activities helps them concentrate on areas where more human attention is essential. It will also help your employees make the best use of their skills.</div></br>

<h3 class=' semiBold blog-darkHeading headingLineHeight'>Enables Easy Accessibility</h3></br>
<div>Automating the invoice process helps eliminate tedious paperwork. Your finance team and other stakeholders can access electronic records of invoices from anywhere. It improves communication and collaboration, leading to faster work completion.</div></br>

<h3 class=' semiBold blog-darkHeading headingLineHeight'>Provides a Single Source of Truth</h3></br>

<div>The automation system provides a transparent platform with a complete overview of the invoicing process. There will be no missed documents or erroneous entries that affect the team productivity. Everyone remains on the same page with a single source of truth.</div></br>

<h3 class=' semiBold blog-darkHeading headingLineHeight'>Improves Collaboration and Relationship</h3></br>
<div>Invoice automation software helps your internal teams collaborate better with finance. It also gives everyone the autonomy to execute tasks with well-defined workflows. Paying your vendors timely also strengthens your relationship and improves your market reputation.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Automate your Invoice Processing Systems with VisionERA Today</h2></br>

<div><a href="https://www.amygb.ai/idp-platform/"><b>VisionERA</b></a> is an AI-powered system that acts as a catalyst for enabling data-driven decision-making and offering uninterrupted business growth. It is transforming document-heavy logistics businesses with advanced HI-AI collaboration. </div></br>

<div>Built with a continuous feedback learning mechanism, the software offers complete sophistication and customization for your unique business needs. It gives seamless plug-and-play functionality with additional drag-and-drop features that your team will love.</div></br>

<div>Logistics businesses that use VisionERA process invoice upto 20x faster and with excellent accuracy. They also experience upto 3x productivity or more with the help of integrations with RPA (robotic process automation) tools.</div></br>

<div>Get a product demo today to witness VisionERA in action by clicking on the CTA below. </div></br>

Accounts departments are always overloaded with processing different types of invoices having unstructured data. With automation via an invoice capture software, the accounts teams will not only be able to reduce cognitive overload but meet deadlines for invoice processing as well. Want to learn about all the benefits? Read ahead…

Invoice Capture Software for Logistics: What is it and How it Benefits your Business?

<div>Logistics is driven through documentation. It is a collective of multiple tasks like warehousing, shipping, distribution etc. jolted together to create a supply chain.</div></br>

<div>With expected manual verification and data extraction at each node, the task becomes problematic with the sheer growing number of documents that need processing. This accounts for a smart solution that can automatically perform the needful and scoots through without making errors with minimal manual intervention.</div></br>

<div>To answer this, we have discussed some of the common problems faced in the logistics industry and how intelligent document processing solve problems for logistics? Read ahead…</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>What are the Problems Associated with Logistics?</h2></br>

<div>With a complicated network of processes, there are plenty of problems that the Logistics industry has to deal with. These problems can range from supply chain visibility to government regulations. </div></br>

<div>Here are a few common issues that plague the logistics industry.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>General Problems in Logistics Industry</h3></br>

<div>With the growing market, there has been an increase in the number of customers. This has also given way to more custom-centric logistics throughout multiple industries. It happened due to the radical shift and acceptance of the online market by the end consumer. Although, major challenges like variation in documentation process throughout industry verticals still persists.</div></br>


<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Problems Related to Customers</h3></br>

<div>As told earlier, there has been a rise in the online market by the end user. The point here to note is that the online market flourishes on timely deliveries with certain terms and conditions. Although issues like incorrect delivery due to human error, limitation of existing data management softwares, and demand for timely updates & notifications for shipment tracking by the customers adds fuel to the already existing problems. Also, the incapability to deal with these problems degrades the end customer experience that is of high importance in the e-commerce market.</div></br>


<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Problems at the Vendor's End</h3></br>

<div>It's not like vendor’s don’t have their own set of problems. A lot of work related to logistics has been digitized. Although, the growing needs and demands makes way for more work or as one would say documentation.</div></br>

<div>Vendors today are dealing with huge volumes of data generated. This data requires validation, processing, extraction, and storage with easy retrieval for future purposes. </div></br>

<div>With human operators, there are frequent errors in the products registered. Also, the amount of time spent on processing invoices is a lot. The industry today also demands real-time forwarding of documents generated, for easy shipment tracking. Yet, this is not all since there are a range of documents from structured to unstructured that needs to be catered by the vendor. Also, with these documents, there can be plenty of editing mistakes, delivery notes by the customers, and much more. </div></br>

<div>Another task is to predetermine the freight wages based on the kind of the service the end-customer has subscribed to. Logistics organizations today also require a central repository of data for easy access and need to reduce time & cost spent on documentation.</div><?br>


<h2 class='heading2 blog-unitHeading semiBold'>What are the Common Documentation Challenges at Coordinator Level?</h2></br>

<div>While there are multiple coordinators in the logistics sector such as the suppliers, carriers, freight forwarders, assembly plants, etc. It is not possible to cater to every document challenge at coordinator level. This is majorly because doing so will result in a book with hundreds of pages. </div></br>


<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Processing of Shipping Documents</h3></br>

<div>Shipping documents are reflective of the shipment type, its quantity, date of shipment, method of shipment, specifications etc. It consists of multiple different documents such as Bill of Lading, Proforma Invoice, Export/Import Customs declaration, Certification of Origin, Arrival Notice etc.</div></br>

<div>With so many documents at bay to process, even a single minute error can jeopardize the supply chain. Hence it is essential that every data point is aligned. Doing so can aid the logistics organizations deliver a product from manufacturer to the customer timely and effectively.</div></br>

<div>The challenge here is the timely processing of the documents. Also, it demands the capability to extract data from volumes of documents so they can be forwarded to the next phase. For instance, extraction of address and name from 1000 documents for printing it on the invoice.</div></br>

<div>The process of documentation can take up effective time and money. Also, it is easier to make errors when the process runs 24*7 and requires the organizations to be on their toes.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Processing of Warehouse Documents</h3></br>

<div>Warehouses are places where any sort of goods are stored catering future demands. Warehouse documents comprise a variety of paperwork. Although, they lie between the spectrum from receipts of the goods to the depositor of the goods.</div></br>

<div>The variety of the documents used in warehouses are Warehouse Warrants, Warehouse Keeper’s receipt, Dock Warrant, and Delivery Order.</div></br>

<div>All these documents require constant validation, data extraction, sorting, and storage. It becomes a major task considering the sheer number of documents that a warehouse handles on a daily basis.</div></br>


<h2 class='heading2 blog-unitHeading semiBold'>How Intelligent Document Processing Solves Problems for Logistics?</h2></br>

<div>Intelligent Document Processing in Logistics is a disruptive solution. It allows bulk processing of the documents which can be structured, semi-structured, unstructured, or a combination of the three.</div></br>

<div>It can extract entire fields of data from a document or can extract it categorically. IDP even segregates data before processing and produces sorted data in the form of Excel files, PDFs, or CSVs. It is a platform that is native and platform independent. Also, it can be easily integrated with existing CMS, SAP, DMS, email, or legacy applications.</div></br>

<div>An IDP is meant for working in a cloud environment. This helps in centralization of data and accounts for easy fetching of records when needed. It is a complete document processing solution that can help automate the entire documentation process end-to-end.</div></br>

<div>Beyond this, it comes with Artificial Intelligence algorithms, Machine Learning algorithms and supports Robotic Process Automation. Therefore, it not only learns & evolves overtime but has the capacity to fulfill tasks like download, upload, saving etc. without any manual intervention. Also, the cutting edge OCR technology accounts for upto 99% accuracy.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>What are Some of the Effective Intelligent Document Processing Solutions for Logistics?</h2></br>

<div>There are multiple companies that are providing Intelligent Document Processing Platforms. Although before revealing any names, it is better to understand the categories in which these companies fall. These categories are: </div></br>

<ul>
<li><b>Legacy Vendors: </b>Vendors that build an IDP platform on top of a legacy system.</li>
<li><b>Innovative Vendors: </b>Vendors that provide IDP solutions with the latest technology i.e. AI, ML, RPA etc.</li>
<li><b>Niche Vendors: </b>Vendors that cater to a particular market with a certain use case.</li>
<li><b>System Integrators: </b>They offer IDP solutions as an add-on along with their systems.</li>
<li><b>Technology Providers: </b>These offer the technology but are not full-fledged IDP solutions.</li>
</ul></br>

<div>There are multiple great companies that provide IDP solutions from these categories. Some of these are <b>VisionERA, Infrrd, Hyperscience, Rossum, Abby, </b>etc. Each of these companies have been doing some great work in their own respective way. Although, we will be advocating for VisionERA and how it can be the solution you need?</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>About VisionERA</h2></br>

<div><a href="https://www.amygb.ai/idp-platform/"><b>VisionERA</b></a> IDP platform comes with proprietary advanced technologies like AI, ML, RPA Natural Language Processing, and Computer Vision. This allows the organization to automate their document processing End-to-End. Despite this, it learns and evolves over time thanks to the technologies involved. </div></br>

<div>It offers every feature that its contemporaries promise to cater to and more. The system has helped reduce workload, time, and cost incurred on organizations because of documentation.</div></br>

<div>VisionERA is a new gen product that benchmarks and exceeds its adversaries in terms of quality & performance. It is not an industry-specific or use-case specific platform but is easily applicable anywhere in any organization that requires heavy document processing.</div></br>

<div>Its capability to provide custom document data extraction and custom workflow makes it a suitable intelligent document processing platform to solve problems for logistics.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Conclusion</h2></br>

<div>Logistics offers a variety of documentation challenges. The problems we discussed are merely the tip of the iceberg. Although, with effective automation and AI powered solutions, all this can be made completely autonomous. With VisionERA, we hope to help companies empower their employees. We want that any repetitive document related task that takes up any amount of important time and can be automated is blown out completely. </div></br>

<div>We welcome you to see VisionERA in action, simply click on the link below and schedule a demo with us at your own convenience.</div></br>

Learn about some common documentation challenges in logistics, and how intelligent document processing offers a handful of features & more to resolve the problem.

Automator for Logistics Document-Driven Needs - Intelligent Document Processing

<div>Logistics is the lifeline of trading. From perishable goods to steel, everything is reliant on logistics. However,  a core challenge that plagues the industry is the processing of massive amounts of documents that are generated on a daily basis. While the task can not be undermined for its importance, it also ends up taking crucial time from employees' schedules that can be well spent somewhere else. Therefore, it is now high-time for logistics companies to adopt new methodologies that can help them automate the process of documentation. </div></br>
 
<h2 class='heading2 blog-unitHeading semiBold'>What Options does the Logistics Industry have?</h2></br>
 
<div>There are many traditional methods of extracting and capturing data from logistics documents such as manual data entry, and template-based Optical Character Recognition(OCR). While each one has its place, technology is now starting to make the above mentioned  traditional methods of data capture obsolete.</div></br>
 
<h2 class='heading2 blog-unitHeading semiBold'>How does Manual Data Entry Work? </h2></br>
 
<div>Manual data entry is what it says it is. Humans receive paper-based or electronic documents, they open up CargoWise (or other ERPs), locate the relevant data on the document and type – or copy and paste – that data into the corresponding field in the business system.</div></br>
 
<div>Due to the nature of the work, manual data entry is a job that requires meticulous attention to detail and sustained levels of concentration. However, humans are not infallible, particularly when it comes to the performance of tedious, repetitive tasks. Unlike machines that can follow a set of instructions continuously without getting tired, humans become distracted easily and inevitably, errors creep in. </div></br>
 
<div>Manual data entry is also slow when compared to automated solutions – there’s simply no way a human can compete with modern machines when it comes to processing at speed. Nonetheless, many organizations view manual data entry as a cheap and easy way to process documents. There’s no software to implement or maintain and no need to train employees how to use it.</div></br>
 
<div>There is also a view that automation technology is expensive and that there is no time or budget to transform tried and tested workflows and make the transition from manual to automated processes.</div></br>
 
<h2 class='heading2 blog-unitHeading semiBold'>How does Template Based OCR Work?</h2></br>
 
<div>OCR is a technology that allows text to be extracted from image-based documents, such as PDFs or scanned invoices. It captures data according to predefined rules or templates and converts the data into digital data or editable text.</div></br>
 
<div>For example, imagine you’ve been sent a paper document, like a scanned bill of lading or accounts payable invoice. OCR technology extracts the data so you can copy and paste it into a business system or Excel spreadsheet.</div></br>
 
<div>In essence, the technology recognizes text in a document or image and can extract it. In theory, this means that this part of the process no longer needs to be done manually and so can be performed quicker. OCR templates do improve data capture accuracy, but they are extremely
expensive to set up and maintain. For industries with low document variability, template based OCR is a perfectly adequate solution. For logistics documents, the reality is that documents will
come in a variety of formats, making document processing extremely expensive and difficult using only OCR software.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>The Logistics Industry in Present Times. </h2></br>

<div>Logistics deals with multiple transactions taking place every minute. Each of these transactions produces more & more documents leading to more document processing tasks. All this ultimately gives rise to a variety of different issues such as - </div></br>
 <ul>
<li>Large amount of documents produced to process.</li>
<li>Incorrect data submission such as registered recipients' data, delivery statuses, etc.</li>
<li>Time incurred for processing invoices, and multiple other documents.</li>
<li>Custom services with different freight values.</li>
<li>Compliance issues and related paperwork for different geographies globally.</li>
 </ul></br>

<h2 class='heading2 blog-unitHeading semiBold'>How will the Future Market affect the Extent of Documentation in Logistics?</h2></br>
 
<div>Covid 19 took a toll on all the industries including the logistics. Multiple large sections of the industry came to a halt and the international logistics chain was disrupted by the deadly virus.</div></br>
 <img class='blog-images' src='https://amygb-web-static.s3.ap-south-1.amazonaws.com/1667f040-b977-11ec-ba29-a1b795de71c9_line_graph-01.jpg' alt=’Logistics Market by End Use’ /></br>
 
<div>However, the good news is that it's gaining pace again. In a report by <a href="https://www.alliedmarketresearch.com/logistics-market#:~:text=Global%20Logistics%20Market%20Statistics%202021,6.5%25%20from%202020%20to%202027" rel="nofollow"><b>AlliedMarketResearch</b></a>, logistics is projected to reach $12,975.64 billion by 2027. This figure predicts opening up multiple new avenues for logistics creating more work in the process.</div></br>
 
<div>There are also other key indicators such as reverse logistics for E-Commerce and increasing trade agreements. With an increase in demand, the amount of documentation required is bound to increase. This demands deploying an AI document extraction & processing platform for logistics that can optimize the process (that too exponentially). It will help free up time for the employees so that they can pay attention to tasks that are much more important and relevant.</div></br>
 
<h2 class='heading2 blog-unitHeading semiBold'>How the Collaboration of IDP & AI can help Automation in Logistics?</h2></br>
 
<div>An Intelligent Document Processing platform is a complete solution for document processing in logistics. This is by virtue of its Artificial Intelligent algorithms. An IDP system is capable of learning and evolving throughout its lifecycle. It works like a baby that learns from its environment and becomes more & more efficient day-by-day learning from its surroundings.</div></br>
 
<div>This is not all! It comes with a coalition of ground-breaking IT technologies of today i.e. Machine Learning, Computer Vision, Natural Language Processing and Robotic Process Automation.</div></br>
 
<div>A collaboration of all these technologies makes IDP an effective solution from start to finish of any document process. It can pre-process, extract, process, validate , segregate , and sort data. Beyond this, an IDP can also automate processes that determine the flow of data into the infrastructure using RPA. For instance, simple tasks such as download, upload, move, update etc. In fact, it can also be integrated with a chatbot or an email responder to automatically send custom responses to the customers hands-free.</div></br>
 
<h2 class='heading2 blog-unitHeading semiBold'>What are some of the Other Compelling Features of an IDP?</h2></br>
 
<div>The above section described the basic functionality of an IDP. Although, the platform has a lot more to offer. For instance:</div></br>
 <ul>
<li>It can process digital and paper-based documents in bulk. </li>
<li>It helps categorize different types of documents automatically. </li>
<li>It allows users to create custom document extraction and create new workflows. </li>
<li>The platform can take advantage of business rules for amplifying automation during processing & validation. </li>
<li>An IDP can be integrated with both upstream and downstream applications. This also includes legacy systems. </li>
<li>It effectively integrates with any organization's existing document management infrastructure, therefore, there is no need to make any massive changes (even if required).</li>
 </ul></br>

<h2 class='heading2 blog-unitHeading semiBold'>IDP Use Cases for Logistics Business</h2></br>
 
<div>There are multiple subcategories in logistics that can be automated using an IDP. For instance Courier & Express Service, Land Transportation, EXIM logistics, E-Commerce, etc.</div></br>
 
<div>To give you a better idea, we have listed out three common use cases of IDP in this industry. </div></br>
 
<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Logistics Paperwork</h3></br>
 
<div>Logistics paperwork in essence is the entire set of documents utilized in the industry. These range from proforma invoices to packing list, certificate of origin, airway bill, Inland bill of lading, etc.</div></br>
 
<div>The task of documenting logistics paperwork would require constant data entry and validation at multiple points. Having control over logistics paperwork will directly control the quality of the supply chain exponentially.</div></br>
 
<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Bills of Lading</h3></br>
 
<div>Bills of lading is a collaboration of three important data points i.e. title of the goods, receipt of the product, and terms & conditions. It acts as a legal binding between the carrier and the shipper. This legal binding entails that the shipment will reach its destination as per terms & conditions.</div></br>
 
<div>It is an important document that is frequently produced whenever a shipment is carried forward. A logistics organization is required to constantly update the bill of lading into their system.  The document is also often used for extracting data during shipping.</div></br>
 
<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Customs Document</h3></br>
 
<div>EXIM services are a major contributor to the logistics industry. To sail smoothly, it requires a variety of documents to be maintained and verified continuously. These documents can range from common export documents to transportation documents, compliance documents, licenses, and destination control statements.</div></br>
 
<div>The process of documentation requires scanning, processing, and segregating multiple documents. Also, the task demands easy access to the information required during customs check.</div></br>
 
<h2 class='heading2 blog-unitHeading semiBold'>How is VisionERA a Complete Solution for Logistics?</h2></br>
 
<div>We understand that a specialist industry such as logistics receives different shapes, sizes and types of documents on a daily basis. It thus requires a specialist solution such as <a href="https://www.amygb.ai/idp-platform/"><b>VisionERA</b></a> which is a pioneering platform possessing the capability to learn from context and extract all relevant data such as  – date, address, billed amount, etc. – from any type of logistics documents. VisionERA’S document processing capability is a huge leap forward from traditional OCR and light-years ahead of manual data entry.</div></br>
 
<div>From covering a broad range of  shipping document types and structures to offering out -of -the box integrations, VisionERA can help organizations eliminate repetitive manual tasks, while enabling them to save cost and time savings. It can also aid drive greater productivity throughout the workforce as it is simple to set up, and requires a minimal investment in time and budget. </div></br>
 
<div>VisionERA’s compelling features not only makes it productive but is easy to use and customize as per your likeness as it comes loaded with  a customizable DIY interface for the user. Also, it offers stand-out features like autocorrection, automatic gridling, plug-n-play and a plethora of capabilities for making your document processing easier and faster. </div></br>
 
<div>To know more about VisionERA’s document processing prowess, talk to our experts now.  </div></br>

Learn about some common Intelligent Document Processing use cases in Logistics, and how IDP automates the process?...

From Bills of Lading to Customs Declaration - Let IDP Solve your Logistics Woes

<div>We all know that late invoice payments are no less than a pandemic. In the UK alone, the punctual invoice payment has dropped to 41.5% in 2021. Also, the situation is worse in multiple other countries like the US, France, India, South Africa, etc. as mentioned by <a href="https://brodmin.com/invoicing/late-invoice-statistics/#:~:text=On%20average%2C%20the%20punctual%20payments,invoice%20payments%20rate%20was%2054.9%25." rel="nofollow"><b>broadmin</b>.</a></div></br>
 
<div>Out of all the problems that give rise to late invoice payments, invoicing incorrectly & exceeding prompted time are a major reason. This coupled with Covid-19 have now emerged as a big reason for the growth of the e-invoicing market. As per some estimates, the e-invoicing market is expected to rise above $24.7 billion by the year 2027.  </div></br>
 
<h2 class='heading2 blog-unitHeading semiBold'>What is an Intelligent Document Processing Platform?</h2></br>
 
<div>An intelligent document processing platform is a documentation automation platform that can help in easy adoption of e-invoicing. It possesses the capability to automate the entire ordeal end-to-end with zero errors, least throughput, and turnaround time with minimal manual intervention.</div></br>
 
<div>Wondering how IDP can help the logistics sector reach anywhere -from seashores to skylines?  Read ahead. </div></br>
 
<h2 class='heading2 blog-unitHeading semiBold'>What is an Invoice?</h2></br>
 
<div>An invoice is a document used for commercial purposes. It is issued by the seller to the buyer and serves the purpose of defining the sales transaction, product, quantity, services, etc. provided to the buyer.</div></br>
 
<h2 class='heading2 blog-unitHeading semiBold'>Are Invoices in Logistics Different from Other Industries?</h2></br>
 
<div>No, they are not. In fact, the part that comes under bills & Invoices is logistics (for any industry). While the format and purpose may differ, the act of registering the sales transaction itself is logistics.</div></br>
 
<h2 class='heading2 blog-unitHeading semiBold'>What are the Key Components of an Invoice?</h2></br>
 
<div>Even though an invoice varies as per needs, a few standard components of an invoice include-</div></br>
<ul> 
<li>Invoice date</li>
<li>Unique reference number</li>
<li>Product description</li>
<li>Total amount charged and the currency</li>
<li>Payment terms</li>
 </ul>

<div>It is important to note that it's not just the format and purpose of an invoice that may get altered as per needs. At times, even its key components can change. A few common reasons for these alterations can be-</div></br>
 <ul>
<li>Different geographies</li>
<li>Different regulations</li>
<li>Intention of the invoice</li>
<li>Department of the invoice</li>
 </ul>

<h2 class='heading2 blog-unitHeading semiBold'>Challenges In Invoice Data Extraction</h2>
 
<div>Ideally data extraction from an invoice is done via two methods. These are manual scanning and Traditional OCR.</div></br>
 
 
 
 <img class='blog-images' src='https://amygb-web-static.s3.ap-south-1.amazonaws.com/85866ff0-b711-11ec-ba29-a1b795de71c9_Certificate%20of%20Origin-%20logistics.jpg' alt=’certificate of origin - logistics’ />
 

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Manual Scanning</h3></br>
 
<div>Let’s take the image above into consideration and assume that a logistics company only requires two details from it. One being the exporter name and the other being the destination region. </div></br>
 
<div>How do you think the employees will extract these two fields from thousands or probably lakhs of invoices?</div></br>
 
<div>Well, they will have to take the old route and sort out the invoices on a one by one basis. This will be time consuming and highly prone to error. Besides, it might also push up the operational costs by manyfolds as the entire process of manually sorting, extracting, and classifying the data would require a dedicated team. </div></br>
 
<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Optical Character Recognition</h3>

<div>Optical Character Recognition or OCR utilizes either a scanning device or an application. In the case of a scanning device, the paper-based document is scanned  with the OCR detecting the required data fields along with the data. On the contrary, an app based OCR extracts the field and data from a digital copy.</div></br>
 
<div>Even though the process of data extraction with OCR is considerably faster, there are a few limitations to it like the OCR requiring a manual operator. Apart from this, it doesn’t work well with unstructured documents and is incapable of extracting data categorically. </div></br>

<div>It will make data extraction easier but the process would still be time and cost-intensive.</div></br>
 
<h2 class='heading2 blog-unitHeading semiBold'>How can an Intelligent Document Processing Platform help in Invoice Data Extraction?</h2></br>

<div>Intelligent document processing works as a one-stop solution for invoice data extraction for both structured and unstructured data. They are AI-based platforms capable of working with both digital and paper-based invoices, and allow custom & categorical data extraction.</div></br>
 
<div>For leveraging an IDP platform, the user is only required to upload the documents to the platform that can be from varied sources- such as file folders, cloud, or the DMS. Post this, the platform takes care of everything- from pre-processing, to extracting the required data. The extracted information can be exported after processing in different formats such as excel, CSV, etc. </div></br>
 
<h2 class='heading2 blog-unitHeading semiBold'>Source of Invoices in the Logistics Industry.</h2></br>
 
<div>With multiple coordinators involved like freight forwarders, carriers, shippers etc. to make up the supply chain, the amount of invoices produced and processed is magnanimous. Some of the critical documents that are generated in this domain include- bills of lading (BoL), commercial invoices, certificate of origin, driver’s notes, shipping instructions, waybills, etc. Each of these documents require data extraction and verification at some level. This accounts for heaps of unprocessed documents that can be processed automatically using an IDP in no time.</div></br>
 
<h2 class='heading2 blog-unitHeading semiBold'>Can the Logistics Sector Automate its Document and Data Heavy Processes?</h2></br>
 
<div>Keeping track of the goods shipped by the logistics companies can prove to be costly, and time-consuming. Leveraging on a state of the art IDP platform can help the logistics industry capture, archive, and search for information from crucial records like invoices, customs documents, and bills of lading.</div></br>
 
<h2 class='heading2 blog-unitHeading semiBold'>VisionERA- The All in One Document Gateway for the Logistics Industry. </h2></br>
 
<div><a href="https://www.amygb.ai/idp-platform/"><b>VisionERA </b></a>uses powerful self-trainable AI technology and machine learning algorithms with zero third-party dependency. It helps logistics organizations replace manual data entry with automated data capture. </div></br>

<div>The platform provides DIY workflows and document selection for customizing the entire operation with zero sample training. With VisionERA, our clients get an industry beating table detection system with auto gridlining. The platform offers continuous and active learning via feedback using the AI-Human alliance and can easily be deployed with any infrastructure using the plug-n-play feature. It also allows the user to customize the UI using drag-n-drop, and apply DIY triangulation logic for data validation.</div></br>
 
<div>Leveraging on our IDP prowess, crucial logistics information can be captured and accessed swiftly helping the logistics industry boost customer satisfaction and become more agile.</div></br>
 
<div>To learn more about VisionERA and see it in action, click on the CTA below to schedule a demo at your own convenience.</div></br>

With massive bills & invoices being produced, the logistics industry is always on the verge of credit risk. It calls for a solution that can fasten the process eradicating documentation delays completely. Learn why traditional systems can not comprehend today's needs, and what does intelligent document processing have on offer?...

Intelligent Document Processing - The Gateway to any Destination in the World for the Logistics Industry

<div>Invoice data capture. It’s tedious, repetitive, and time-consuming. </div></br>
<ul>
<li>Research from Drewry Shipping Consultants estimates that the container liner shipping industry carries about 60% of the goods that are moved internationally by sea, generating $166 billion in transport revenues globally and requiring about 1.26 billion freight invoices to be issued, verified, paid, and reconciled. </li>

<li>The problem, as Billentis highlighted in a report, is that almost 90% of all logistics invoices worldwide are still processed manually.</li>
</ul></br>

<div>Additionally, the logistics industry has always been known for its razor-thin margins. As such, being able to deliver cost-efficient services is vital to stay in the market and outpace the competition. Thanks to  the rapid digitization of the modern world, there are now plenty of new opportunities for the logistics industry to increase efficiency and effectiveness. One such promising technology is Invoice Data Capture (IDC) </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>What is Invoice Data Capture?</h2></br>

<div>Invoice data capture is the process of managing a supplier invoice from the invoice receipt until the required data has been interpreted, extracted, and validated by a system or an operator. With accounting automation tools, invoice matching now takes a fraction of the time because of the elimination of time-consuming manual processes.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>The Invoice Data Capture Process in the Logistics Industry.</h2></br>

<div>Invoice data capture is the entry of invoice details into an accounting system. It is often the first step in invoice processing for accounts payable (AP) departments for logistics organizations. The process of invoice data capturing can be as simple as a paper ledger with records of outgoing payments, the vendors that received those payments, and payment dates. While this may be good enough for a small mom-and-pop outfit, think about the utter chaos such a system would create in a major global logistics corporation. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Invoice Data Capture Methods</h2></br>

<div>Typically, there are four different methods for invoice data capture, and these are: </div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>1. Manual Keying</h3></br>

<div>We’ve already mentioned manual keying as the original method for invoice data capture. This is the most basic and time-consuming method and, as we said, can leave more room for human error. Though this may feel like the cheaper option and is usually where most businesses start, it can actually work out more expensive in the long run. </div></br>


<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>2. Optical Character Recognition (OCR)</h3></br>

<div>Optical character recognition is one of the most commonly used technologies for invoice data capture. This is because these tools are able to extract characters, numbers, letters and symbols from different invoice formats. This includes unstructured documents such as Word documents, PDFs, JPEGs, email etc.  This is why OCR has become an essential part of invoice data capture software. That being said, it does require that the raw data extracted is arranged by a person, so there is manual work involved. However, this still works far better and faster than manual keying.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>3. Intelligent Invoice Capture</h3></br>

<div>Machine learning (ML) and artificial intelligence (AI) have revolutionized invoice data capture. A combination of these two technologies with OCR creates a tool that is able to give the most accurate and speedy results. These intelligent data capture solutions do more than just data scanning and extraction. They are also able to sort the invoices and export data into Excel spreadsheets for further processing.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>4. Outsourcing Invoice Process</h3></br>

<div>Last on the list is outsourcing, which many people choose to do. This is the method of sending all your invoices to a third party to be sorted. However, a lot of the time, the supplier will use manual invoice data capture, so though you don’t have to deal with the stress of processing the invoices yourself, it can still be a more time-consuming process.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Why does the Logistics Business need an Automated Invoice Capture Capability?</h2></br>

<div>Manual data and invoice processing often require time and effort on the part of many employees like the logistics coordinator, logistics manager, etc. This can result in mistakes, delays, and data loss. </div></br>

<div>Few benefits that logistics companies can have by relying on automated invoice data capture are- </div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Boosting Efficiency </h3></br>

<div>As we said, manually extracting and entering logistics data takes a lot more time and effort. However, invoice data capture software can allow  employees to upload invoices in bulk. What’s more, many of these tools can also handle unstructured data and use machine learning to continue understanding new formats. All of this can massively speed up the process of data capture and make the task easier for logistics organizations. This can also help in disbursing the payments faster.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Reducing Manual Labor </h3></br>

<div>This software can help reduce the need for manual labor and enable employees to spend their time on more high-value tasks. Post adopting an invoice data capture solution, they may only need to get involved in case of flagged data. Apart from this, it can also eliminate the need of hiring extra accounting staff.</div></br>

<div>Vis a vis traditional accounting methods, automated invoice data capture solutions have loads of benefits for the logistics industry. – they help the logistics industry save time, reduce errors, improve cash flow, and help manage business finances better. They are powerful solutions that can help organizations get more efficient in the years to come. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Role of IDP in Automated Invoice Data Capture</h2></br>

<div>Intelligent document processing (IDP) is a technology that can replicate (or come close to imitating) the way humans understand information — and further add to the benefits of invoice automation, drastically improving labor efficiency. This frees AP professionals to focus on more important tasks, such as responding to vendor inquiries or further improving processes.</div></br>

<div>The top 2 benefits are:</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Optical Character Recognition</h3>

<div>OCR can transform any words and images from printed documents, PDFs, and other digital formats into machine-encoded text or data. Some more advanced systems can even read and convert handwriting. This virtually eliminates manual document processing because systems that use rules-based logic can automatically sort or label the captured data.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Greater Scalability</h3></br>

<div>When AP departments manually process invoices, more invoices automatically translates to greater need for labor. With IDP implemented, these systems can process a few hundred invoices almost as fast as they can a few dozen, with virtually no increased demand on workers. This allows companies to maintain productivity even during busy times for AP departments, without any disruptions or need for extra help. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>IDP Leaves Room for Improvement</h2></br>

<div>For all the ways IDP improves productivity, it can be a struggle for AP departments to completely end manual processing. Much of this is due to legacy IDP systems’ dependency on templates to correctly label or contextualize the data it extracts from an invoice. If every invoice is formatted exactly the same, it will be easy for the program to understand who the payee is and how much they’re requesting. However, when formats vary, the IDP can misunderstand information and completely cancel out its benefits.</div></br>

<div>Editing current templates or creating more can require a lot of skilled labor and be quite expensive to set up. On the other hand, changing organizational processes to ensure every incoming invoice is formatted exactly the same can eat up even more resources. Plus, there will always be exceptions that require hands-on processing. </div></br>


<h2 class='heading2 blog-unitHeading semiBold'>The Next Generation of IDP</h2></br>

<div>A new generation of IDP solutions are equipped with unprecedented machine learning capabilities to recognize and act on more data faster and with greater accuracy. <a href="https://www.amygb.ai/idp-platform/"><b>VisionERA</b></a> is powered by a deep learning AI and serves as a complete end-to-end solution. With a form-agnostic approach, the system can recognize any type of document and automatically contextualize data without the need to manually build a template, making it ideally suited for complex invoice management. </div></br>

<div>Learn more about how VisionERA can streamline your invoice workflow by contacting us today.</div></br>

Learn about the haphazard of current invoice data capture requirements today. What are the prominent industry solutions and their limitations? And, unlock the solution with the next level of automated invoice data capturing capabilities…

Is your Invoice Data Capturing Capability Actually Capturing What you Want?

<div>Transportation and logistics businesses can often be complex due to complicated workflows. The heaps of paperwork and outdated technology systems only increase woes. Problems compound further if the supply chain spans across countries.</div></br>

<div>Does this sound familiar to your business?...</div></br>

<div>If this holds true, you could probably leverage the growing power of automation. How? An Intelligent Document Processing (IDP) system backed by powerful machine learning (ML) algorithms can help you. </div></br>

<div>This article educates you on various facets of a document processing system. We further help you understand how IDP can overcome your document processing challenges.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>What is Intelligent Document Processing?</h2></br>

<div><a href=''https://www.amygb.ai/blog/intelligent-document-processing-what-it-is-and-what-it-offers-businesses/"><b>Intelligent Document Processing</b></a> or IDP automates the extraction of information from structured and unstructured documents to convert them into usable information. Any industry that deals with heavy paperwork will find the technology useful. </div></br>

<div>Logistics and transportation businesses that deal with heavy documentation can leverage intelligent document processing. The powerful ML algorithms help you extract relevant data from documents irrespective of their type. </div></br>

<div>Whether it is bills of lading, invoices, packing lists, or ATM receipts, IDP can scan them and extract the necessary information. It helps you get detailed insights that aid improved decision-making. You can also streamline various functions like supply chain operations, production planning, and finance with IDP.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Traditional Challenges Faced by Transportation and Logistics Businesses</h2></br>

<div>A lack of intelligent document processing technology for transportation and logistics businesses leads to disadvantages. Here are some challenges due to the lack of automation.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Manual Processes</h3></br>

<div>Transportation and logistics businesses generate tons of records. Ocean forwarding alone processes <a href="https://www.shipamax.com/blog/specialised-document-data-extraction-for-logistics" rel="nofollow"><b>12 billion documents</b></a> annually. Manual data extraction can be time-consuming and cost you a lot of resources. The process also remains error-prone. Inaccuracies can also be usual if documents are not crystal clear. Output levels will directly depend on the experience levels of your staff.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Lack of Established Formats</h3></br>

<div>Bills of lading, invoices, purchase orders, and other related documents may not always have fixed layouts. Each vendor will have its format where one or more fields may not be available. A few basic details like consignee information might remain the same, but the rest can vary.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Language Issues</h3></br>

<div>Not every stakeholder may use English as a common language for their documents. Your employees may need translation help. Mismatch in information with a few fields can also lead to significant issues.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Non-Intrusive Scanning</h3></br>
<div>Traditional systems like OCR (optical character recognition) can impact the image quality and layout during the scanning process. The system will interpret information inaccurately, leading to errors. These can prove costly for your business in the long run.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>How does IDP help Overcome these Challenges?</h2></br>

<div>The benefits of IDP to scan your <a href="https://www.amygb.ai/use-cases/"><b>transportation and logistics documents</b></a> are plenty. Let’s look at them in detail.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Complete Automation</h3></br>

<div>IDP enables seamless and convenient processing of documents. Your teams can analyze documents and process the relevant data. You can also get added automation capabilities that improve your workflows. Structured data will enable the availability of required information in one place without human intervention.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Improved Accuracy</h3></br>

<div><a href="https://econsultancy.com/the-cost-of-bad-data-stats/" rel="nofollow"><b>Data inaccuracies</b></a> cost companies 12% of their revenue. ML algorithms enable quick and accurate scanning of documents with complete automation. It will help you overcome inevitable human errors. Data accuracy will help you improve your business operations and customer satisfaction levels.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Enhanced Process Efficiencies</h3></br>

<div>A misaligned workflow can increase the frustration within the teams and break your business. Automation helps you streamline workflows and reduce human intervention. Reduced interference will also help your teams focus on other productive tasks that require more attention. It will help you generate better value for your business.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Cost Savings</h3></br>

<div>Manual processes directly impact your revenue as they are time-consuming and error-prone. IDP eliminates the need for staffing requirements to analyze documents. Risks of penalties and increased costs also get reduced by eliminating errors with the help of automation.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>But what about OCR (Optical Character Recognition)?</h2></br>

<div>OCR has been around for a while now in the document processing space. The system works on a rule-based extraction method to analyze documents. OCR technology works for both structured and semi-structured information, making it popular. However, there are limitations to OCR in terms of flexibility and adaptability.</div></br>

<div>Unlike OCR, IDP can detect various elements within a document with the help of computer vision and NLP (natural language processing) techniques. You do not have to define rules for data extraction each time. The extracted data from intelligent document processing is also helpful to streamline processes.</div></br>

<div>You can get information in real-time from documents like the bill amount or number of items. IDP is also intelligent enough to recognize data from indecipherable texts based on product codes and numbers.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Automate your Document Processing Tasks with VisionERA Today</h2></br>

<div><a href="https://www.amygb.ai/idp-platform/"><b>VisionERA</b></a> is an AI-powered intelligent document processing technology with a 100% performance guarantee. As a proprietary AI technology with zero third-party dependency, it is your ideal partner to streamline workflows, boost productivity, and grow your revenue. It has an inbuilt continuous feedback learning mechanism that enables the platform to learn and improve itself over time.</div></br>

<div>VisionERA takes a multi-pronged approach of  3D, ie, (Decode, Decipher, Decide) to enable intelligent decision-making for your business. Our solutions help logistics businesses like yours process documents 20x faster and with the highest accuracy. Smart integration with RPA (robotic process automation) tools guarantees 3x productivity. Offering end-to-end sophisticated automation, you can also customize it based on your business needs.</div></br>

<div>Curious to see the platform in action? Click on the CTA below, and we will schedule a demo at your convenience.</div>

Fuel your Logistics and Transportation Chain!

Transportation and Logistics are often loaded with a heap of documents to process. With pending workload and incoming deadlines, learn how an Intelligent Document Processing solution can be of massive help…

Intelligent Document Processing - Fueling your Logistics and Transportation Chain

<div>Documents are a vital element of your logistics business, without which your organization can become standstill. But is your staff spending too much time processing documents that you can utilize for other productive tasks?</div></br>

<div>Think again. Automation is just what your logistics business could need at this point. And what can be a better option than leveraging Intelligent Document Processing (IDP)? It can help your logistics business experience improved productivity and better chances of growth.</div></br>

<div>This article looks at everything you need to know about IDP systems and how they can benefit your business.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>What is Intelligent Document Automation Processing for Logistics?</h2></br>

<div>The modern-day IDP technology has artificial intelligence (AI) and related fields at its core. These include Machine Learning (ML), Computer Vision (CV), and Natural Language Processing (NLP).</div></br>

<div>The ML component helps the system improve itself continually through data exposure. There is no need for human intervention here. CV helps identify data types and organize them in a structured manner. It works on the principle of machine learning to extract relevant bits from documents.</div></br>

<div>For example, it can identify the invoice amount or number irrespective of where it appears on the document. It also benefits by identifying the respective field and organizing the data after extraction. </div></br>

<div>NLP further adds a new dimension to IDP by extracting usable information from emails, reports, and written communication. These technologies combine to simplify the extraction of semi-structured and unstructured data from various sources. They also structure the data to make it usable for further action.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>How does Intelligent Document Automation Processing for Logistics Work?</h2></br>

<div>The global IDP market will likely reach a value of $3.7 billion with a 37% CAGR by 2026. It explains the potential of the technology and why your business cannot afford to let it go.</div></br>

<div>IDP brings along with it a range of benefits for your <a href="http://www.amygb.ai/use-cases/"><b>logistics business</b></a>. It can help your finance team improve the accounts payable process. As your finance team might be receiving invoices in various formats, dealing with each of them might be cumbersome. Your finance staff will have to add data from disparate invoices to your accounting software and ERP. </div></br>

<div>It is a menial activity that you can easily automate and save precious time and resources. AI-enable IDP systems analyze structured and unstructured texts to convert them into meaningful information. It will help your finance team concentrate on other tedious activities that require more attention.</div></br>

<div>Your finance team can then directly import structured data into your accounting software or ERP. Beyond helping you with accounting systems, IDP is ideal for other document-heavy activities. It scans information from varied document types like images and PDFs. It can be a game-changer for your business as it helps your teams save time and improve their productivity.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>IDP Use Cases for your Logistics Business</h2></br>

<ul>
<li>Bills of lading management</li>
<li>Customs document management</li>
<li>Packaging lists management</li>
<li>Truck vendor fuel bill upload</li>
<li>Fuel consumption statement</li>
<li>Vehicle repair billing</li>
<li>Billing of vehicles on lease</li>
<li>Notice for assignment</li>
<li>Accident repair bills</li>
<li>Driver payment</li>
<li>Vehicle health reporting</li>
<li>License forms</li>
<li>Vehicle order</li>
<li>Shipment management</li>
<li>Miscellaneous accounts management</li>
</ul></br>

<h2 class='heading2 blog-unitHeading semiBold'>Advantages of Intelligent Document Automation Processing for Logistics</h2></br>

<div>Here are the various benefits of using intelligent document automation processing for your logistics business.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Enables Faster Operations</h3></br>

<div>Document processing automation helps with quicker and seamless extraction of relevant data. It can help you analyze a bunch of documents at once and process them for further analysis. You can also automate subsequent activities based on your business needs as possibilities are endless. The extracted data can also help you improve your workflows. You will get access to all the information in one place as the data remains structured.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Improves Accuracy and Efficiency</h3></br>

<div>Manual data analysis is time-consuming and leads to errors. Automation helps you overcome issues that happen at the parsing and annotation stage. IDP helps identify patterns to ensure accuracy in extracted data. Accurate results will also help you improve the process quality.</div></br>
 
<div>As everything remains automated with document processing, the need for manual intervention is zero. It leads to improved productivity for your teams. They can also focus on other areas that add more value to your business.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Saves Costs</h3></br>

<div>Processing documents require you to have a dedicated document analyst. You will need much more resources if the work is in bulk. It leads to increased spending on human resources. The risks for your business also remain high as manual data processing remains error-prone. IDP helps you overcome these challenges and save money by automating all the tasks.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>VisionERA: The Intelligent Document Automation Processing Partner for your Logistics Business</h2></br>

<div><a href="http://www.amygb.ai/idp-platform/"><b>VisionERA</b></a> is an AI-powered IDP system that helps you overcome every challenge related to the manual processing of documents. It automates your entire process to drive unparalleled business growth. The advanced HI-AI collaboration is ideal for your logistics business to enable seamless automation.</div></br>

<div>The continuous feedback learning mechanism ensures the system gets constantly trained and updated for upcoming challenges. You can also completely customize it based on your business needs. The additional plug-and-play functionality and drag-and-drop features make it a desirable software for any logistics business. </div></br>

<div>Your finance teams can process invoices 20x faster with excellent accuracy. VisionERA will also allow them to experience 3x productivity through integrations with RPA (robotic process automation) tools.</div></br>

Get a product demo today to learn more details about VisionERA.

IDP can be a game-changing solution for your logistics business. Learn more details on how exactly it is possible.

It’s Time to Automate your Logistics Business with IDP Solutions

<div>As reported by Billentis, in 2019 alone, the amount of invoices generated throughout the globe were approximately 550 billion in volume. Out of this, only 55 billion were paperless which meant the remaining 90% required some level of manual intervention.</div></br>

<div>Invoice data extraction is a common denominator between processing and approving invoices in logistics. It is essentially done to maintain healthy financial transactions and records, therefore, making it necessary for organizations to focus on it. While the weight of invoice extraction trumps multiple other ongoing processes, industries like logistics today are still seeking cost-effective ways to automate data extraction and verification of invoices.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Manual Invoice Extraction</h2></br>

<div>Manual invoice extraction is the task of extracting data from an invoice with the help of a human data-entry operator. The operator would scan the entire invoice, pull out usable data, verify it with the existing database, and make entries into the final ledger for record keeping and further processing.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Why are Industries like Logistics Moving to Invoice Extraction Automation?</h2></br>

<div>Any document including invoices comes from different geographies which includes multiple types such as commercial invoice, pro forma invoice, credit invoice, etc. It is especially the case with logistics.</div></br>

<div>It gives rise to multiple challenges of processing (data extraction and verification) different fonts, multiple formats, varied structures, tabular data, and even custom data entries, all at the same time. It makes the data to be processed a lot less discernible because it is unstructured. It is for the same reason, traditional data extraction systems can’t tackle these challenges as they don’t have the capacity to distinguish data like humans. On the contrary, with modern-day cognitive platforms like intelligent document processing, it is achievable and can be automated.</div></br>


<h2 class='heading2 blog-unitHeading semiBold'>Why is the Cost of Invoice Extraction such a Big Issue?</h2></br>

<div>Invoice extraction is a critical part that helps accounts payable to function properly. Accounts payable requires data from invoices at each level to further process payments and save money  with timely operations. However, it is not the only task that needs attention. It leads multiple companies dealing with heavy document processing to outsource invoice extraction to a third party or hire a dedicated team of data-entry specialists.</div></br>

<div>As per a 2020 report by the U.S. Bureau of labor statistics, hourly wages of a data entry operator ranges from $11.77 to $24.25 for multiple industries including logistics. Also, the wage rate varies depending upon the state. For example, New York's average hourly rate is $19.40 while it is $18.98 for New Jersey.</div></br>

<div>Even for organizations that hire freelancers, the cost of hiring a data-entry specialist can range from $10-$20 per hour (as suggested by Upwork).</div></br>

<div>If we aggregate the entire cost of hiring a data entry operator, the annual cost for a single employee can range from $26,000 to $50,000 annually. It means a team of ten data-entry specialists will cost between $260k to $500K annually. </div></br>

<div>The entire cost of running this operation is a lot higher than deploying an automation solution that can take up the entire invoice data extraction and verification work. It ends up creating an alarming situation for organizations that are heavily reliant on document processing.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Different Cost Associated with Manual Invoice Data Extraction</h2></br>

<div>Excluding the direct labor cost, there are a multiple additional costs that are often left out in the statistics such as:</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Paper Cost</h3></br>

<div>Plenty of organizations today are still using paper-based invoices at massive scale which requires large quantities of paper. This cost of purchasing the paper for invoices and even printing data on it comes from the organization’s funds. Besides this, it also contradicts the “Go Green” motto that is rampant on a global scale and should be supported.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Storage Cost</h3></br>

<div>Physical documents require folders, files, and cabinets for storage. Paper-based invoices are stored using these storage units overburdening organizations with its additional cost. These units also require storage space inside the premises which can be used by any other department. On the contrary with digitization, the data can be stored on cloud completely safe from any accidents such as fire.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Audit Cost</h3></br>

<div>Manual data extraction and validation is prone to human errors. It is a substantial problem because of which many organizations are automating manual data entry for zero errors. To avoid erroneous entries into the general ledger, regular audits to verify existing documents are performed that induce both time and cost to the organization.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Cost Lost in Operations</h3></br>

<div>Suppliers offer discounts to organizations for processing early payments within a time span. Since manual invoice extraction is time consuming, it often ends up adding more time to the entire operation. This leads to a loss of opportunity of early payment discounts that are often chased by accounts payable.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>What are the Possible Solutions for Invoice Extraction?</h2></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Template-Based Solution</h3></br>

<div>Traditional OCRs work on a template based model. These templates are either based on Zonal OCR that looks for specific locations on the page or a rule-based OCR configured with a sequence of if-else scenarios. They are faster than manual extraction but have limitations. </div></br>

<div>For example, the OCR templates are based on 70% logistics industry templates and for the rest, they can’t be implemented. The installation takes a day. The model also needs to be trained regularly. It is an expensive system and even with the processed documents, it requires some level of manual intervention because it is prone to errors.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Niche Solution</h3></br>

<div>These are documentation solutions developed for a specific industry. Companies like Capsys, Ikarus, Mitek, etc. provide these solutions. It works for specific models and is tailored to automate document processing for a specific use case of the entire process.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Cognitive Solution</h3></br>

<div>Backed by advanced technologies like Artificial Intelligence, Machine Learning, Computer Vision, Natural Language Processing, etc these solutions are often industry agnostic. These kinds of platforms are ideal for heavy document-driven organizations with data ranging from structured to unstructured. They can segregate, sort, extract, validate, and process data from all invoice formats automatically. </div></br>


<h2 class='heading2 blog-unitHeading semiBold'>How can VisionERA Reduce Cost in Invoice Extraction?</h2></br>

<div><a href='https://www.amygb.ai/idp-platform/';><b>VisionERA</b></a> is a cloud-native IDP platform that is built as a cognitive solution which learns and evolves with each iteration. It helps in digitization of data but has the capability to process a wide range of unstructured documents from scanned paper-based sources  and digital sources. The platform seamlessly integrates with an organization's existing infrastructure and is compatible with downstream applications like CRM, CMS, legacy application, emails, etc.</div></br>

<div>It is an industry agnostic cost intensive platform that can be applied on a wide array of document related operations for data extraction and validation. The platform allows custom workflows along with applicable business rules and a smart insights board where our clients get useful KPIs for process optimization. With VisionERA, our clients have not only reduced the turnaround time for the entire workload but enhanced productivity with reduced cost of operations.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Conclusion</h2></br>

<div>Invoice extraction is one of many processes in an organization that demands aggressive costs to successfully run. With automation, organizations have started to transform themselves and are adopting cost optimizing solutions. </div></br>

<div>A state of the art IDP platform can process invoices in bulk and is free from human errors. It is a platform that not only brings automation to processes but liberates company’s resources and assets from redundant and repetitive tasks. </div></br>

<div>Hence, it is important that companies begin to realize the potential of automation and evolve each of their processes to run parallel to their short-term & long-term goals. For further information on how your logistics business can achieve cost efficiency while automating the mundane paper-work tasks, speak with our automation experts now.</div></br>

A large percentage of invoices are still being processed manually inducing a lot more cost that can be minimized. The blog focuses on the different costs related to invoice extraction, and possible invoice extraction automation remedies…

Narrowing Costs for Invoice Data Extraction via Automation

<div>Accounts payable plays a vital role in maintaining any company's finances and its relationship with suppliers. The department makes sure that the purchase requests are fulfilled timely, authorized by relevant parties, and a healthy relationship exists with the suppliers by lubricating timely payments.</div></br>

<div>Initially purchase requests from an organization are carried via credit. Once the company gets its delivery for received goods payments are released to the supplier upon final audit of the items by accounts payable.</div></br>

<div>This entire cycle takes place in multiple stages such as external confirmation for purchase request, tracing of order, allocation of payment authorization, etc. This, thereby, produces paperwork that needs to be dealt with. This paperwork often becomes a large pile that is manually processed for verification leading to delayed responses, late payments, and human induced errors that end up creating turmoil with supplier relationships and preceding penalties.</div></br>

<div>This is the reason organizations today have realized the importance of Accounts Payable automation and the benefit it seeks for logistics. </div></br>


<div>With disruptive platforms such as Intelligent Document Processing, it is possible to turn the entire task of data extraction and verification completely autonomous. </div></br>


<h2 class='heading2 blog-unitHeading semiBold'>Roles and Responsibilities of AP Department</h2></br>

<div>An organization primarily has three different types of accounts i.e. personal accounts, real account, and nominal account.  With accounts payable, this mostly pertains to the nominal account of a financial year. This encompasses a multitude of roles and responsibilities levied on accounts payable such as:</div></br>
<ul>
<li>Reviewing and recording the invoices generated.</li>
<li>Routing the approval of invoices related to purchase requests.</li>
<li>To make or cancel payment prior to audit of the received goods to the associated parties.</li>
<li>Create monthly reports of the current liabilities.</li>
<li>Correspond and maintain a healthy relationship with suppliers.</li>
</ul></br>

<div>Each of these duties subside with multiple microprocesses. This in turn produces more paperwork that requires automation to ease the process and prevent errors during a complete cycle of fulfilling a purchase request.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Goals Realized by Accounts Payable Departments Today</h2></br>

<div>AP Management maintains a subsequent number of financial transactions for an organization. Over the years, the AP management teams throughout industry verticals have realized the need to achieve certain goals fulfilling the process.</div></br>

<div>In a report by Aberdeen Group, about 42% of the participants wanted to capture early payment discounts for credits. This was followed by 35% for maintaining healthy supplier relationships, 31% for improving supplier relationships, and 27% to manage large changes in invoice volume during seasonal spikes.</div></br>

<div>The issue exists with the manual verification adding more time to the entire operation. It delays payments creating a large gap between the realized goal and what is achieved? With AP automation using IDP, it is possible to speed up invoice processing and data validation exponentially utilizing a custom workflow.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Challenges Faced by the Accounts Payable Department</h2></br>

<div>With specific goals, the AP departments also face subsequent challenges that need to be dealt with  for a smooth purchase cycle. For instance the same study by Aberdeen Group shows the need for real time data availability in the AP Process by 40%. Another 33% face challenges during processing high volumes of data with existing staffing levels and about 29% face difficulty while locating and managing paper-based documents.</div></br>


<h2 class='heading2 blog-unitHeading semiBold'>Benefits of AP Automation in Logistics</h2></br>

<div>AP departments today are transitioning from manual processing to automation.  This transition includes a variety of solutions deployed for accounts payable automation including IDP that show significant improvements in the overall efficiency. For instance, organizations which automated their AP processes have been reported to be enjoying 49% cost saving during invoice processing, 63% higher chances of “straight through” processing, and an increase in processing by 4.11x for the total volume of invoices.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>What can VisionERA (IDP Platform) do for AP Automation?</h2></br>

<div>A few common hurdles that plague the accounts payable department while going through different manual stages such as document data extraction, verification, and authorization ranges from data re-entry to incorrect data, and from lack of visibility to multiple formats. All these factors in turn lead to another set of problems like loss of data, delayed responses, delayed approvals, zero cash flow visibility, etc.</div></br>

<div><a href= "https://www.amygb.ai/idp-platform";><b>VisionERA</b> </a>as a platform caters to all these challenges. It is a document centric platform that takes documents in bulk from downstream applications and extracts data & verifies it leveraging automation technologies such as Artificial Intelligence, Machine Learning, Computer Vision, and Natural Language Processing.</div></br>

<div>Inclusion of these technologies makes it a one stop solution which can pre-process (image quality optimization), process, segregate, sort, and store data. The platform also offers the capability to extract specific entries from thousands of documents in a single go.</div></br>

<div>With VisionERA, Accounts Payable departments have the capacity to deploy AP automation end-to-end. The platform learns and evolves to improve level of automation and accuracy with each iteration. It only demands feedback for exceptions which it also learns using the AI technology.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>How it Works?</h2></br>

<div>Let’s take the example of extracting data from 5000 unstructured invoices for supplier’s names, address, and total. The operator is required to upload the batch of documents and VisionERA will automatically extract data for these fields. It can even extract data for similar entries described differently in a similar type of invoices from different sources. For example, supplier name can be mentioned as name, name of the supplier, supplier, etc. This data can be easily exported in a CSV or Excel format. It can also be fed directly into any data management system using API.</div></br>

<div>To verify the same invoices for validation, VisionERA can take advantage of the existing database or external documents. The operator is only required to assign a key entry such as supplier’s address, contact, etc to cross-verify the invoice data with, VisionERA will automatically compare the key from the invoice and the database to show verified results. This result can be easily exported, thereby, providing verified data. VisionERA can also take advantage of the QR code for verification, if there is any in the invoice.</div></br>



<h2 class='heading2 blog-unitHeading semiBold'>Conclusion</h2>

<div>Accounts Payable today are dealing with exhaustive work load. With AP automation, the organizations can have the benefit of recuperating with repetitive and redundant tasks. AP automation will not only help Accounts Payable clerks to ease with the overpowering workload but also help provide a trustworthy platform that avoids manual errors and requires intervention when needed. With VisionERA, an increase in overall efficiency and reduction in cost & time  can be realized post to its deployment.</div></br>

The blog will shed light on the urgent need in logistics for Automation in Accounts Payable, goals, & challenges in AP, and what are the benefits of AP Automation especially with Intelligent Document Processing.

IDP - Helping Leaders Achieve AP Automation Goals in Logistics

<div align="justify"; >Documentation has been parallel to human civilization. From cave paintings to hieroglyphs, and from bookkeeping to Optical Character Recognition (OCR), everything is an example of documentation. </div></br>

<div align="justify"; >With Electronic Document Management or EDM, the time taking documentation process moved on the computers. Although the technology had its own limitations, it was easier to store files into it. However, it was not an easy task to find the required information when needed. This was particularly the case with heavy-document-driven organizations. </div></br>

<div align="justify"; >Later on, organizations started uploading everything onto their cloud repository. While this saved room and space in the organization, it also helped them in searching documents faster for big firms. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Fast Forward to the World of IDP.</h2></br>

<div align="justify"; >Before we dwell deeper on what problems does  IDP solve,  let's have a birds eye view of what it is. For the uninitiated, an IDP platform can help organizations categorize and verify their business critical data while helping them extract relevant information. It literally takes data at one end, processes it, and gives out sorted information within no time. With an IDP platform in place, businesses are able to automate their entire data extraction and validation feat.</div></br>

<div align="justify"; >In a nutshell, IDP is the pinnacle of document processing today. With that being said, let’s move on to understand the challenges in document processing. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Some Key Challenges in Document Processing</h2></br>

<div align="justify"; >Every industry today practically runs on documentation. However, they identify with different use cases and complicated document structures. </div></br>

<div align="justify"; >Below are the most common challenges that scream for an IDP platform, regardless of the industry an organization belongs to. </div></br>
<ul>
<li>Large volumes of documents produced & processed daily.</li>
<li>Incoherence in uploaded documents due to lack of standardized norms.</li>
<li>Multiple fonts, structures, and formats for similar types of documents.</li>
</li>Consistent document production because of service renewal or subscription.</li>
<li>Global clients and different documentation for customer onboarding.</li>
<li>Digital Invoices and receipts production at every spectrum of the trade.</li>
<li>Unreliable and erroneous data entry by human operators.</li>
</ul></br>

<div align="justify"; >All this is just the tip of the iceberg. There are ample other challenges that call for a smart document processing solution.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Peeping into Traditional Document Extraction Systems</h2></br>

<div align="justify"; >It is impossible to talk about modern-day intelligent document processing without taking the traditional systems into account.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Manual Extraction </h3></br>

<div align="justify"; >Manual extraction of data has been the first in the pipeline. It involved humans going through a piece of document. These human operators would scan the entire document to find relevant information. While the system carried on for decades, it always came with  its limitations.</div></br>

<div align="justify"; >For instance, manual entry consumes time and money and  requires a dedicated staff for the task. Apart from this, there are chances of human-induced errors while processing documents in bulk. </div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Optical Character Recognition (OCR)</h3></br>

<div align="justify"; >OCR technology recognizes characters on a source document using the optical properties of the equipment and media. While it is a good choice for high-speed data entry,  it has its own limitations. For instance, an OCR can only work with structured data. The quality of the document uploaded has to be good. Also, it requires an operator for the extraction and storage of data.</div></br>






<h2 class='heading2 blog-unitHeading semiBold'>Intelligent Document Processing - What it can do for you?</h2></br>

<div align="justify"; >An IDP is a single stop solution for all your document woes. From helping organizations detect possible frauds in no time to providing customers better services, an IDP platform can aid organizations across industries and domains. </div></br>

<div align="justify"; >Few capabilities that a state of the art  IDP platform is loaded with are-</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>1. Autocorrection</h3></br>

<div align="justify"; >Not every human is a spelling bee wizard. With manual entry, the chances of error are almost unavoidable. IDPs can auto-correct spelling using Natural Language Processing(NLP). Also, contextual language processing can transcribe words from a poor-quality document and similar entries with different codings for different documents. For example, emp code., employee code, emp. Code., etc. each of these codes define the same data in multiple forms which is employee code, therefore, the data will be updated into the final database under employee code.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>2. Accuracy</h3></br>

<div align="justify"; >Accuracy in data entry is of utmost importance. While an OCR can give a good level of accuracy  with structured documents, taking the path of manual entry can be even more difficult as it depends largely on human factors like fatigue, distraction, boredom, etc.</div></br>

<div align="justify"; >In contrast to this, an IDP platform can give an accuracy of almost 90 to 95 percent or even  more with structured, semi-structured, and unstructured documents. It is highly scalable and can process millions of documents- without even asking for a coffee break. </div></br>
 
<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>3. Diverse Data Categorization</h3></br>

<div align="justify"; >We all know that the biggest challenge with colossal amounts of data is the sheer diversity of data. It can be structured, semi-structured, or unstructured. An IDP platform takes care of the various formats of documents by segmenting documents to new indexes categorically and extracting relevant data out of it easily.</div></br>
 
<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>4. Seamless Integration and Compatibility Capabilities</h3></br>

<div align="justify"; >Intelligent document processing platform can easily integrate with various systems. At times, it even takes less than an hour and is compatible with upstream/downstream applications like SAP, CRM, emails, messages, etc. Also, it can work great with legacy infrastructures.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>5. Smart Insights</h3></br>

<div align="justify"; >A fully loaded IDP platform can offer smart insights into business functions by leveraging tech capabilities like Artificial Intelligence. This can help decision owners get accurate  recommendations with regards to factors like ROE/ROI. It can even help in strategic and proactive decision-making.</div></br>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>6. Multiple Industry Applications</h3></br>

<div align="justify"; >IDP is not an industry agnostic solution. On the contrary, it is relevant to any heavily-document driven industry and can cater to different industries like healthcare, finance, e-commerce, automotive, etc. In a nutshell, an IDP platform is flexible enough to be molded as per the use case. </div></br>

<h2 class='heading2 blog-unitHeading semiBold'>Final Words</h2></br>

<div align="justify"; >Document processing is a task that requires heavy lifting. It demands precious time and cost. Most organizations fail to realize that their manual, boring, and document heavy tasks can be automated via an <a href="https://www.amygb.ai/idp-platform/"><b>IDP platform</b></a> that can help organizations reduce their turnaround time while helping them reduce man power dependence and operational costs by a substantial amount. </div>

Document processing is a complicated feat today. With high volumes and multiple formats, it is not just about data extraction but extrapolation of meaningful insights as well”. Read our article to understand how IDP can take up the mantle…

Intelligent Document Processing- Helping Organizations become Intelligent

<div align= "right";>“Banks have to upgrade themselves, or risk being burnt to the ground”.</div></br>
 
                                                                       <div align="right";>-JP Nicols (Co-founder, Alloys Lab Alliance)</div></br>
 
<div>It's no mystery that the banking sector now faces a huge document processing crisis. From a simple request of account opening to mortgage sanctions, there are millions and zillions of documents that  have to be meticulously stored & verified.</div></br>
 
<div>While there are document management solutions for banking with capabilities to standardize the process, they mostly can’t extract & process the data at required speed. Also, these solutions need manual intervention at multiple steps.</div></br>
 
<div><h2 class='heading2 blog-unitHeading semiBold'>What Challenges do Banks face while Processing Documents?</h2></div></br>

<div>While there are numerous challenges associated with processing bank documents, a few critical ones include large volumes of documents that are  produced rapidly. It is often accompanied by difficult and cumbersome processing operations. Also, the solutions so provided are often ad-hoc in nature that can break anytime in the future. </div></br>
 
<div>Other roadblocks that come up while processing banking  documents include issues such as long wait lines because of manual processing, verification errors, and wastage of resources. This is accompanied by legacy IT infrastructure that is inflexible and often hard to circumvent.</div></br>
 
<div><h2 class='heading2 blog-unitHeading semiBold'>What is Intelligent Document Processing(IDP)?</h2></div></br>
 
<div>Intelligent Document Processing is a disruptive tech in the heavy document processing space. In essence, it is more than an OCR that can take care of the entire automation process from extraction to verification. Some people also define it as a collaboration of different smart techs such as Artificial Intelligence, Machine Learning, Natural Language Processing and Computer Vision. </div></br>
 
 
<div><h2 class='heading2 blog-unitHeading semiBold'>Benefits of an IDP platform</h2></div></br>
 
<div>While there are enormous benefits of an IDP in the banking industry, a few important ones include processing large amounts of data with a shorter turnaround and throughput time. It also helps in standardizing the cumbersome banking processes and requires minimal manual intervention. </div></br>
 
<div>Some other benefits include- </div></br>
<ul>
<li>Automation of internal data extraction and validation processes</li>
<li>Elimination of human-introduced errors</li>
<li>Categorical storage of documents in an automated way</li>
</ul></br>

<div>A smart IDP platform is also compatible with different upstream and downstream applications and legacy infrastructure along with being adept at learning and evolving. These factors further help the  banking institutions to enhance their automation capabilities.  Lastly, implementing an IDP solution helps reduce cost and save time, with the added benefit of producing more happy customers.</div></br>

<h2 class='heading2 blog-unitHeading semiBold'>IDP Automation for Different Use Cases in Banking Operations</h2></br>

<div>The ability to enable anywhere, real-time customer experiences for any type of banking need is the critical benchmark for banking firms. Customers expect the ability to initiate and manage their banking relationships with the same level of capability as a branch visit, but without the hassle. </div></br>
 
<div>A state of the art IDP platform can aid banking firms meet this high expectation of customers while taking care of paper heavy processes involving important documents such as cheques, IDs etc. It can also help banks avoid other potential headaches that can arise via large volumes of unstructured and uncategorized documents. </div></br>
 
<div>Some use cases of an IDP platform in the banking sector include- </div></br>
 
<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Customer Onboarding</h3></br>
 
<div>It is an initial onboarding task for any bank and might include details about certain instances like customer entity, geography, services, transactions, etc. Leveraging an IDP solution here can help banks extract the relevant pieces of information from documents such as the social security number, a valid government-issued photo ID such as driver’s license, passport, etc. </div></br>
 
<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Mortgage Document Processing</h3></br>
 
<div>Fannie Mae predicts a mortgage origination of USD 2.47 trillion for 2022. Last year, this figure was close to USD 2.72 trillion. Even with a slight dip, the market shows enormous opportunity for the banks. On the contrary, it also means a heavy volume of mortgage documents demands quick processing of papers, which in turn  requires the banks to adopt IDP on a priority basis. </div></br>
 
<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>Cheque Processing</h3></br>

<div>Cheques are still one of the most common modes of payment in banks. Processing them on a day to day basis still involves a dedicated team of employees who verify and extract the required information manually. Adopting an IDP platform to automate this entire process can aid banks reduce the turnaround time, make the customer happier and increase staff productivity. </div></br>
 
 
<h2 class='heading2 blog-unitHeading semiBold'>VisionERA IDP - Intelligent Document Processing for Banks</h2></br>
 
<div>VisionERA is an automated smart document processing platform. It is an end to end automation solution for any industry that heavily relies on document processing. The platform offers end-to-end integration with customized document data extraction & DIY workflows. VisionERA  takes a three pronged approach of- Decode, Decipher, & Decide.</div></br>
 
<b>Decode</b></br></br>

<div>VisionERA’s decode capabilities can help banks classify messy and unstructured documents that come in from various sources on a regular basis. From unlocking emails to reading PDFs, we leverage ML and computer technology to automatically segregate the critical data. </div></br>
 
<b>Decipher</b></br></br>

<div>We can help banks decipher valuable insights from the data that lies buried within the documents via capabilities like NLP. Our one a kind triangulation logic aid banks enhance data validation. </div></br>
 
<b>Decide</b></br></br>

<div><a href="https://www.amygb.ai/idp-platform/"><b>VisionERA</b></a> can aid banks improve and maximize their process throughput with unimaginable speed and accuracy. We are easily integratable with any upstream or downstream process using APIs and help banks take actionable decisions on the data so generated. </div></br>
 
<div>Loaded with an array of features like proprietary AI technology with zero third party dependency to being powerful and flexible we have it all. VisionERA comes with a unique feature that can help banks create  an effective bucketization of feedback files for reducing cognitive overloads.  Equipped with an industry beating table detection mechanism, auto-gridlining, and supported by an active continuous feedback learning mechanism, we have it all.</div></br> 
 
<h2 class='heading2 blog-unitHeading semiBold'>Conclusion</h2></br>

<div>While there are many banking IDP vendors in the market, VisionERA can prove to be a game changer for your banking business. It is entirely customizable and can be deployed quickly. Backed by ML and supported by AI, VisionERA can pre-process, process , extract and validate huge amounts of banking data in a short period of time.</div></br>

                Seeing is Believing.
See State of the Art IDP Live in Action!

Banking relies on paperwork, producing millions of documents daily. With challenges like process standardization, categorical data storage, & validation…it requires a solution with a fast track and secure approach. Know how IDP can help transform document processing in banking…

It's Time for Banks to Bank on IDP

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<br>
<div>The healthcare industry has always operated on the brim of emergencies, while the industry has always proven its mantle with unprecedented events like the most recent one such as Covid-19, a core challenge like medical documentation is a major handicap for this industry.</div> 
 </br>

<div><h2 class='heading2 blog-unitHeading semiBold'>What is Medical Documentation?</h2></div>
</br>
 </br>
<div>Medical documentation generally includes tasks ranging from manual data entry to cross-referencing multiple documents. With this,  healthcare organizations are often forced to have a separate department for document processing.</div>
 
<h2 class='heading2 blog-unitHeading semiBold'>What is the Need of Automation in the Healthcare Industry?</h2>
 </br>
 
<div>Human induced errors,  urgency of data, data aggregation, and federal laws such as the  HIPAA retention law demands organizations to document health records of patients. Apart from this, recent surveys show that the market size of medical document management services was USD 536.63 million in the year 2021. This size is expected to grow with a CAGR of 12.5% between 2021-2028.</div>
</br> 
 
<div>As per some estimates by <a href="www.globenewswire.com/en/news-release/2022/01/31/2375488/0/en/Medical-Document-Management-Systems-Market-to-Reach-1223-88-Billion-by-2028-Upsurge-in-Number-of-Patients-Visiting-Hospitals-to-Surge-Demand-Exclusive-Report-by-Vantage-Market-Rese.html" rel="nofollow"><b>GlobeNewswire</b></a>, the industry would grow to USD 1223.88 billion by 2028.</div>
</br>
 
<div>All these facts are a clear sign of the rising need of automation solutions for document processing that can do major heavy-lifting and free up the employees for other important tasks.</div>
</br> 
 
<h2 class='heading2 blog-unitHeading semiBold'>Why does Healthcare Need a Solution like Intelligent Document Processing?</h2>
 </br>
<div>While document processing is a core challenge in the healthcare industry, some primary objectives behind document processing can be summed up as-</div>
</br>
<ul>
<li>Increasing interest of healthcare organizations to keep patients' health records and background health history.</li>
<li>Government initiatives pushing to procure health records & health history of citizens. For instance HIPAA in the USA, PIPEDA in Canada, NHS in UK, etc.</li></ul>
</br>
<img class='blog-images' src='https://amygb-web-static.s3.amazonaws.com/cd491ae0-9ad3-11ec-a882-d77605b42d76_graph-01-01.png' alt=’Industry statistics for data’ /></br>

<div>Source: </div><a href="www.rbccm.com/en/gib/healthcare/episode/the_healthcare_data_explosion" rel="nofollow">https://www.rbccm.com/en/gib/healthcare/episode/the_healthcare_data_explosion</a>
</br>
 </br>
<div>Healthcare is also generating more volume than any other industry. In 2020, the data generated by healthcare was 30% of the total world volume. Also, it is expected to reach 36% by 2025. The data encompasses different sectors of healthcare and digital healthcare devices.</div>
 </br>
<h2 class='heading2 blog-unitHeading semiBold'>How much can IDP contribute to the Space?</h2>
 </br>
 
<div>To deal with documentation, healthcare organizations normally rely on  unintelligent medical document management softwares. Even though these softwares can help with sorting and standardizing the required documents, they are of no use when it comes to processing them for extracting useful data. </div>
 </br>
 
<div>Adopting a smart, state of the art IDP platform can help the healthcare industry process, extract and classify important data at the speed of light.</div>
 </br>
 
<h2 class='heading2 blog-unitHeading semiBold'>What all can be Automated via IDP in the Healthcare Domain?</h2>
</br>
 
<div>From the initial diagnosis reports to the medical prescriptions, and from discharge summaries to health insurance documents, an IDP solution can automate anything and everything. Apart from being used by hospitals, it can be adopted by other subsidiaries in the medical industry such as medical insurers,   pharmaceutical companies, medical equipment manufacturers, etc.</div>
</br> 
 
<h2 class='heading2 blog-unitHeading semiBold'>Why should the Healthcare Industry take the IDP Road?</h2>
 </br>
 
<div>The increasing awareness of people around medical issues, and recent occurrences such as the pandemic, are now contributing in adding additional volumes of data and widening the scope of IDP adoption. This directly means an increasing need of healthcare institutions to keep dedicated employees to deal with documentation, or for maintaining numerous proof of records. </div>
 </br>
 
<div>Other issues like recurring human errors in the data caused by monotonous and repetitive work, underutilization of skilled employees for the more mundane, boring tasks like data extraction, time taking processes like processing batches of queries, and high costs being spent on all these factors underline the need for healthcare professionals to adopt IDP.</div>
</br>
 
 
<div>It is also a perfect replacement for any inferior document management infrastructure that is in use by the healthcare industry and is proving to be a disruptive tech in the industry of document processing and its management.  Also, adopting an IDP platform can offer autonomy to the healthcare sector.</div>
</br>
 
 <div>A few core benefits it can offer include:</div></br>
<ul>
<li>Bulk processing i.e. in thousands & millions.</li>
<li>Minimal manual intervention, once integrated with your infrastructure.</li>
<li>Custom data extraction.</li>
<li>Custom workflows.</li></ul>
</br>
 
<div>A healthcare focused IDP can work with different formats, structures, and sources of data and can also offer easy integration with downstream applications including legacy applications.</div></br> 
 
<h2 class='heading2 blog-unitHeading semiBold'>Intelligent Document Processing Use Cases in Healthcare Services</h2>
</br> 
<div>There are multiple IDP use cases in healthcare. Some of the most common ones have been listed below:</div>
</br>
 <h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>1. Claims Processing</h3>
 
<div>Claims processing has proved to be an exhausting process. In a study by <a href="demigos.com/blog-post/data-analytics-in-claims-processing/" rel="nofollow"><b>Demigos</b></a>, around 91% of Americans had medical insurance coverage in 2020. This has now seen a tenfold increase and is hence a top reason for adopting IDP. Also at present, a majority of medical expenses are covered by health insurers. This leads to a long trail of claims settlement giving way to multiple human-prone errors.
</div></br>
 
<div><b>IDP Solution:</b>IDP with AI intelligence can focus on all key entries. It can extract data and verify it for different processes such as Claims Adjudication, Pre-authorization, Appeals, Grievance, Credentializing, etc. With IDP, the processing turnaround time can be exponentially reduced. The entire cycle’s routing time and efforts are also minimized. With AI intervention organizations can check the credibility of the seekers in bulk.</div>
 </br>
<div>An IDP can check claims in coherence with state and federal regulations. Also, the AI model trains itself with each request. This is by observing data for claimant credentials and their applicability. The applicability is based on the procedure.</div>
 </br>
 
 <h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>2. Medical Coding</h3>
 
<div>Medical coding is a frequent task utilized mostly by the medical insurance sector. It involves the translation of medical reports into shortcodes that help reduce the complexity while processing a medical report.</div>
 </br>
 
<div>In a study conducted by <a href="www.zippia.com/medical-coder-jobs/demographics/" rel="nofollow"><b>Zippia</b></a>, it was found that  a total of 92,702 medical coders were working in the United States alone  and the medical coding space was facing frequent human induced errors like upcoding, incorrect shortcode, telemedicine coding error, etc.</div>
 </br>
<div><b>IDP Solution:</b> Intelligent Document processing is a collaboration of multiple technologies jolted together. An IDP would utilize the embedded OCR to extract the data, and make use of NLP to understand the Shortcode. Combining data, the bill can be easily processed.</div>
 </br>
 <h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>3. MER Analysis</h3>
 </br>
 
<div>A licensed physician or surgeon creates a Medical Examiner Report. It is the result of a series of tests conducted by practitioners.</div></br>
 
<div>Developed nations like the U.S.A track & record the medical histories of its citizens. MERs help medical practitioners to tackle the ailment & decide the best treatment. These documents add volumes to the Electronic Health Records which are crucial.</div></br>
 
<div>This leads to endless record maintenance that is tedious and time-consuming. This takes away precious time from the practitioner's schedule for non-core activities.</div></br>
 
<div><b>IDP Solution:</b>An IDP will auto-extract all the data from your system. It will then store it onto the enterprise’s ECM System. An ECM allows healthcare professionals to fetch a patient's health record anytime & anywhere.</div>
 </br>
 <h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>4. Digitization of Health Records</h3>
 
<div>Medical institutions today heavily practice digitization of health records. Even in developing nations digitization is being practiced overtly. Many countries are also upgrading their health policies based on the data collected. The issue is the cost and time incurred in data entry.</div></br>
 
<div><b>IDP Solution:</b> An IDP can automatically collect health records from an EMR system. It can extract & verify data to store it in the final database.</div></br>
 
 <h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>5. Hospital Information System Processes</h3>
 </br>
 
<div>A multi-specialty hospital with different departments like neurological, orthopedic, gynecology, etc. produces a lot of documents.</div>
 </br>
 
<div>Each department processes these volumes of documents. Basic entries like a patient's profile, current medical situation, consent forms etc. at every step creates new data.</div>
 </br>
 
<div><b>IDP Solution: </b>An IDP is a document processing platform with AI capabilities. The operator only needs to upload the data into the platform from there the platform will do all the heavy-lifting of data-extraction and verification.</div>
 </br>
 <h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>6. Management of Clinical Trials</h3>
 </br>
 
<div>In a report by <a href="www.statista.com/topics/6756/clinical-trials/#dossierKeyfigures" rel="nofollow">Statista</a>, there were 365 thousand registered clinical studies in early 2021. Clinical trials are conducted on a sample set of people. These are carried under normal conditions or controlled environments. The data during this process is collected meticulously and in turn helps researchers identify side effects of drugs & vaccines. Also, it helps them figure out plausible treatment.</div>
 </br>
<div>With a sample set of hundreds and thousands of people, maintaining & managing validated data with no human error is tricky.</div></br>
 
<div>Beyond this, processes like metadata analysis, classification, filing process, etc. further delays release.</div></br>
 
<div><b>IDP Solution:</b>With ML and NLP, an IDP automates the meta-analysis for trial documents. It categorically captures, collects, reads, and analyzes the trial’s data. Besides this, it processes and auto-classifies the information fed. This accelerates the filing process with validation. This consequently helps in minimizing the delays in clinical trials allowing healthcare companies to bring life-saving solutions faster.</div></br>
 
<h2 class='heading2 blog-unitHeading semiBold'> Why Choose VisionERA?</h2>
 </br>
 
<div>We understand that the market is flooded with IDP solutions and choosing one can be a difficult task. While most of the IDP solutions can give AI powered, automated insights for proactive decision making, choosing VisionERA can help you achieve much more.</div></br>
 
<div>Loaded with an array of features like proprietary AI technology with zero third party dependence, end to end automation that can be customized as per organizational requirements, VisionERA is the perfect solution in the IDP space.</div></br>
 
<div>Enhanced with smart learning mechanisms and a recommendation engine for better sampling of feedback files, <a href="www.amygb.ai/idp-platform/"><b>VisionERA </b></a>has a lot more to offer to healthcare providers. It is platform independent and cloud native helping users create a central repository of data along with smart insights board that can be helpful in knowing the level of automation within the organization. </div></br>
 
<h2 class='heading2 blog-unitHeading semiBold'> Final Words</h3>
 </br>
 
<div>Healthcare is at the frontline of services and adopting the IDP path can help this industry a great deal. From using it to extract useful medical data for saving patients' lives to making key business decisions from the data so extracted, a smart IDP can help the healthcare industry with everything.</div></br> 
 
<div>Have we managed to pique your interest? Want to know more about how the healthcare industry can leverage IDP? Reach us now and learn how we can help you automate your entire healthcare business at scale.</div>

With multifaceted documentation in healthcare, see how an Intelligent document processing platform can help?

Intelligent Document Processing- The Document Doctor for the Healthcare Industry

<div class='blog-desc desc'>
<br/>
<div> The global Intelligent Document Processing (IDP) market is one of the most quickly growing AI segments (if not the quickest). According to a recent report published by Markets & Markets, one of the largest market research companies, the IDP market is poised to grow at a CAGR of 36.5% to reach USD 3,741 million by 2026. The pandemic has acted as an external stimulus, disrupting the traditional ways in which businesses were run and creating a need for organizations to invest in new digital technologies like IDP.<div/>
<br/>
<div> According to the report, many organizations have increased their digital spending in document processing and are partnering with leading IDP vendors to digitize the processing of large volumes of documents (structured as well as unstructured) with higher speed and greater accuracy. Markets and Markets researched about 26 leading IDP companies in the world and identified AmyGB as one of the progressive companies in the segment, ranking high in Business Strategy Excellence as well as strength of Product Portfolio. This recognition by Markets and Markets further strengthens AmyGB’s claim of being one of the leading IDP companies in the world. 
<div/>
<br/>
<h1 class='heading2 blog-unitHeading semiBold'> What Pins AmyGB to the Famous Magic Quadrant?
 </h2>
  <br/>
<div> Intelligent Document Processing is one of the fast-growing AI segments, with the APAC region being the highest potential growth for the next 5 years. Markets and Markets conducted primary and secondary research to estimate the market potential and key drivers in the segment. According to the report, in the post-pandemic era, the organizations have realized the need to do away with manual document processing and invest in IDP solutions as a part of their long-term strategy. Markets and Markets researched about 26 leading IDP companies in the world, including AmyGB, and ranked them based on Business Strategy Excellence and strength of Product Portfolio as shown in fig 1.  <div/>
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<img class='blog-images' src="https://amygb-web-static.s3.amazonaws.com/03015500-e48e-11eb-964b-9357b9bcde66_image.png"  alt=’This is my alt text' />
<div> AmyGB ranked high in both the parameters and featured as a PROGRESSIVE COMPANY that offers a strong services portfolio in the IDP market with which, we are making our presence felt by offering customized services as per user requirements. 
 <div/>
<br/>
<h1 class='heading2 blog-unitHeading semiBold'> What is the Significance of Product Portfolio Strength to Businesses?
</h2>
<div> Markets and Markets ranked AmyGB high on Product Portfolio strength and Business Strategy Excellence. This ranking is based on competitive superiority and capability in processing a variety of documents from structured to unstructured, printed & handwritten.
 <div/>
<br/>
<div> Document processing needs for every organization can be different depending on the business. Some organizations deal with structured documents like KYC documents, which have limited formats/variations, while some organizations process lots of unstructured documents like PO, invoices, salary slips, medical documents, etc. <div/>
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<div>
AmyGB’s Intelligent Document Processing tool, VisionERA is capable of processing a variety of documents successfully, delivering higher accuracy and greater speed. AmyGB has not only proven itself in processing printed documents, but it is also one of the trusted partners to process handwritten documents. <div/>
<br/>
<a href='https://www.amygb.ai/success-stories/discover-nsdls-journey-to-digital-transformation/'>Read how we automated the entire onboarding process for one of the largest depositories in India</a> <div/>
<br/>
<div> The reports also dissected different components in the document processing chain, like document extraction, RPA, API integrations, etc. AmyGB was mentioned as one of the key players enabling end-to-end process automation, empowering organizations with complete digital transformation. The report mentioned AmyGB’s success story with <a href='https://www.amygb.ai/success-stories/how-a-payments-bank-used-computer-vision-for-fraud-detection/'>one of the leading payment banks in India</a>, where AmyGB automated the entire fast tag application and approval process, making it seamless and efficient.  The brief of the use case is as below: <div/>
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<div> Fig.1 Use case about fast tag automation with leading payment bank
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<img class='blog-images' src="https://amygb-web-static.s3.ap-south-1.amazonaws.com/a4cb2030-e4ae-11eb-964b-9357b9bcde66_image%20%281%29.png"  alt=’This is my alt text' />
<div>Markets and Markets research showed that AmyGB is progressing at a very fast pace because of the excellent business strategy involving horizontal and vertical market penetration. 
 <div/>
<br/>
<div> According to the report, India’s IDP market is poised to grow at 42.2% CAGR, making it the fastest-growing market in the world. And, in the past year, AmyGB has been a dominant player in India with more than 15 implementations across domains like BFSI, Healthcare, Logistics, E-commerce, etc. AmyGB has penetrated almost all verticals in the Indian market and has been really successful in its horizontal approach, i.e. solving a variety of use cases. AmyGB has automated the use cases varying from simple KYC/customer onboarding automation to complex cases like ICD code mapping from discharge summaries, maker-checker function automation in the Cash Management process.
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<h1 class='heading2 blog-unitHeading semiBold'> Why is this Relevant to Businesses? 
</h2>
<div> It is imperative in contemporary times to invest in digital transformation to stay ahead of the curve as a business. Choosing the right partner for your document processing requirement is critical and this report acts as a guide to narrow your options for potential partners. AmyGB has been a trusted partner for organizations across industries like BFSI, Healthcare, E-commerce, TTL, etc. to automate their document processing. 
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<br/>
<h1 class='heading2 blog-unitHeading semiBold'> About AmyGB
</h2>
<div> AmyGB is an Artificial Intelligence and Deep Tech company focused on Intelligent Automation in document processing and customer support. AmyGB’s VisionERA is an Intelligent Document Processing solution that is capable of processing structured as well as unstructured data with high accuracy. MailERA is an advanced Email Automation solution, which uses Deep Learning and NLP to automate response management. Assisted closure is our patent AI-enabled chatbot, which uses pattern recognition to process multiple intents to serve as an intelligent self-service assistant for effective ticket management. <div/>
<br/>
<div> If you would like to know more about Intelligent Document Processing, please read Intelligent Document Processing- what it is and what it offers businesses. We would love to know more about your process and see if we can help you to make it more efficient and faster. To know more about AmyGB and the amazing work we are doing please visit <a href='https://www.amygb.ai'>www.amygb.ai</a> <div/>

We are getting noticed! AmyGB.ai was named a Progressive Leader in the Intelligent Document Processing segment for its excellent business strategy and product innovations with a strong service portfolio.

AmyGB Featured as a Progressive Company in the Intelligent Document Processing Market

<div class='blog-desc desc'>
        <br />
        <h2 class='subHeading1 blog-unitHeading semiBold'>How Intelligent Document Processing can Automate FASTag Issuance?</h2>
        <br />
        <div> FASTag has emerged as one of the biggest disruptors, transforming the Indian national highways’ toll collection by adopting automation technologies at each level.</div>
        <br />
        <div>The electronic toll tax collection system ushered in a new age in India's tax collection process, marking a giant step towards realizing the dream of digital India.</div>
        <br />
        <div>The three major utilities of FASTag are:</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>1 Time Conserving & Efficient</h3>
        <br />
        <div>It has significantly decreased the rush at various busy toll collection booths, where the average toll collection time ranged from anything between 5 to 20 minutes.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>2 Remove Discrepancies in Transaction</h3>
        <br />
        <div>It has neutralized any ambiguity in the toll collection procedure. The tax amount varies according to vehicle category, and the manual process gave way to many discrepancies. a FASTag incorporation makes this process more transparent, thereby decreasing errors via cashless transactions.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>3 Manpower Reduction</h3>
        <br />
        <div>A standard toll collection section needed a minimum of 6-7 attendants to function at an optimum level. The company had to bear a recurring cost to pay for the manpower. FASTag can eventually, in the near future, reduce this manpower requirement considerably, making it a more cost-effective option.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>4 Instant Document Verification of Vehicle & Stolen Vehicle Identification</h3>
        <br />
        <div> Besides saving time and resources, FASTag verifies documents’ validity, checks blacklisted vehicles in the centralised database, and identifies stolen vehicles with false papers. It provides an instant, seamless transaction experience reducing the ques of the toll plazas.</div>
        <br />
        <br />
        <h2 class='subHeading1 blog-unitHeading semiBold'>How does FASTag Function?</h2>
        <br />
        <div>FASTag is a reloadable tag that is simpler than the manual toll collection system.  It uses radio frequency identification linked with every vehicle’s unique ID. FASTag is linked to a prepaid account from which the amount gets deducted automatically. Thus, it is imperative to have a balance in the FASTag account before arriving at the toll plaza, to enjoy the convenience of cashless toll collection.</div>
        <br />
        <div>The most convenient way of having a FASTag account is through banks as 22 national banks are entrusted with the procedure. For the issuance of FASTags through banks, vehicle owners must submit  proper documentation such as vehicle registration certificate, KYC proof, Driver’s licence and personal ID.</div>
        <br />
        <div>These details can be uploaded via the bank’s mobile application. This is precisely where the problem crawls in.</div>
        <br />
        <div>At the time of  FASTag issuance, these documents uploaded by the customers are manually verified by the firm, before creating their prepaid account.
        It is a repetitive task where employees are dealing with countless documents, paving ways for human-prone errors, high processing time, and increased cost in case of discrepancies.
                </div>
        <br />
        <div>To address all these major problems, the industry has been on the lookout for solutions that can help reduce their processing time and reduce costs associated with fraudulent transactions. Intelligent Document Processing has become a powerful and effective tool to maximise efficiency and security while reducing the dependency on manpower.</div>
        <br />
        <br />
        <h2 class='subHeading1 blog-unitHeading semiBold'>Intelligent Document Processing (IDP) - Making FASTag Issuance Faster</h2>
        <br />
        <div>VisionERA, AmyGB’s Intelligent Document Processing Platform offers the ability to do away with the erroneous and time-consuming manual verification process.
        Through an effective and systematic procedure where machines empower humans by automating unstructured data workflows to provides actionable insight that help in instant approvals with minimise risk of frau
                </div>
        <br />
        <div>The IDP platform follows a triple check validation mechanism using Triangulation logic, to automatically detect fraudulent cases and pass them for human intervention, while passing instant approvals for valid applications.</div>
        <br />
        <div>The typical document processing workflow follows 5 major steps of automated approval using AI, ML, NLP and Triangulation algorithms:</div>
        <br />
        <img class='blog-images' src='https://amygb-web-static.s3.ap-south-1.amazonaws.com/FASTag-blog-img1.png' alt='Approval process automation and fraud detection using data triangulation in Intelligent Document Processing' />
        <br />
        <h3 class='subHeading2 semiBold blog-uli-heading blog-darkHeading'>Step 1:</h3>
        <ul class='blogUl'>
          <li class='blogLiPadding'>
            The customer uploads the application form, vehicle registration certificate, Driving Licence and / or vehicle photograph (image) on the bank’s application.
                    </li>
          <li class='blogLiPadding'>
            VisonERA’s intelligent IDP platform employs pre-trained machine learning algorithms that automatically classify the uploaded documents.
                    </li>
          <li class='blogLiPadding'>
            The uploaded documents undergo pre-processing for noise cancellation and deskewing to enhance the results of data extraction.
                    </li>
        </ul>
        <br />
        <h3 class='subHeading2 semiBold blog-uli-heading blog-darkHeading'>Step 2:</h3>
        <ul class='blogUl'>
          <li class='blogLiPadding'>
            VisionERA’s in built OCR reads and extracts data from the printed / handwritten application forms, as well as scanned copies of the supporting documents
                    </li>
          <li class='blogLiPadding'>
            Computer Vision technology scans the vehicle image to identify the vehicle class / category
                    </li>
        </ul>
        <br />
        <h3 class='subHeading2 semiBold blog-uli-heading blog-darkHeading'>Step 3:</h3>
        <ul class='blogUl'>
          <li class='blogLiPadding'>
            The IDP platform intelligently interacts with third party databases using APIs, to validate the correctness of the information extracted.
                    </li>
          <li class='blogLiPadding'>
            The 3 step Triangulation logic validates information obtained from the documents using OCR, the vehicle image using Computer Vision and the third party databases using APIs.
                    </li>
        </ul>
        <br />
        <h3 class='subHeading2 semiBold blog-uli-heading blog-darkHeading'>Step 4:</h3>
        <ul class='blogUl'>
          <li class='blogLiPadding'>
            If the obtained information passes the triangulation logic, an instant approval is dispatched to the customer within minutes
                    </li>
          <li class='blogLiPadding'>
            Upon mismatch of any piece of information detailed above, VisionERA’s intelligent fraud detection system sends an alert by pausing the approval process and pushing the application for manual intervention.
                    </li>
        </ul>
        <br />
        <h3 class='subHeading2 semiBold blog-uli-heading blog-darkHeading'>Step 5:</h3>
        <ul class='blogUl'>
          <li class='blogLiPadding'>
            VisionERA goes a step further to enhance the efficiency of the approval process, by sending colour coded approvals basis vehicle category, for seamless dispatch of relevant Fast Tags by the operations and dispatch teams.
                    </li>
        </ul>
        <br />
        <br />
        <h2 class='subHeading1 blog-unitHeading semiBold '>VisionERA’s Intelligent Document Verification vs Manual Document Verification</h2>
        <br />
        <div> This table provides a comparative analysis of VisionERA’s proprietary document processing method and the traditional verification.</div>
        <br />
        <img class='blog-images' src='https://amygb-web-static.s3.ap-south-1.amazonaws.com/FASTag-blog-img2.png' alt='Intelligent Automation and IDP versus Manual data processing' />
        <br />
        <br />
        <h2 class='subHeading1 blog-unitHeading semiBold '>Fraud Protection to Ensure an Automated FASTag Issuance</h2>
        <br />
        <div>Data-driven AI Automation in FASTag issuance appropriates a step closer towards the dream of ‘Digital India’. VisionERA’s refined machine-learned document processing model is accelerating the process of transforming unstructured information into structured and actionable data while reducing the handling and processing time from days to minutes.</div>
        <br />
        <div>Automation is not limited to chatbots or communication. It also includes fraud protection to provide customer security- an absolute need in the financial ecosystem.</div>
        <br />
        <div>Empowering banks to do more with less by providing beyond Bot solutions, VisionERA is transforming banking into an agile business.</div>
        <br />
        <div>With increased accuracy, banks no longer need to worry about fraudulent FASTag issuance as the machine-human synergy validates information with zero errors and minimum human intervention.</div>
        <br />
        <div>Provide your customers the best banking experience by switching to intelligent banking operations with AmyGB.ai</div>
        <br />
        <div>Add value to your banking by establishing an automated workflow with easy maintenance and implementation.</div>
        <br />
        <img class='blog-images' src='https://amygb-web-static.s3.ap-south-1.amazonaws.com/FASTag-blog-img3.png' alt='Benefits of using IDP and Intelligent Automation in banking process and Fast Tag approval' />
        <br />
        <br />
      </div>

Talk to our automation experts now, and book your free demo slot.

Intelligent Document Processing reduces FASTag processing time by 90%. Swift machine-human collaboration decodes unstructured data to provide actionable insights, providing instant approvals and fraud detection using data triangulation.

Payments Banks Speed up Approval Processes by 30X and Detect Fraud using Intelligent Document Processing (IDP)

<div class='blog-desc desc'>
        <br />
        <div>Digitization has changed the way we live, work, buy, and sell products and services. In these competitive times, embracing digital solutions is the key to staying relevant in business. Most organizations use a plethora of software for various processes to make the workflow simpler and more efficient. There are hundreds of off-the-shelf software products that can help with almost all aspects of any business-like accounting, customer service, human resources, etc. However, all organizations, including your competitors have access to the same set of software and applications.</div>
        <br />
        <div>So, how do you create something unique – something that gives you an edge? Changing your business processes with intelligent automation software tweaked for your custom needs could be a good starting point. This will allow your organization to improve the end-to-end process enabling you to offer a customer experience that is unparalleled in your industry. Intelligent document processing (IDP) can empower your organization with next-gen technology and help you boost the customer experience (CX) for your business.</div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>Intelligent Document Processing Definition</h2>
        <br />
        <div>As the name suggests, intelligent document processing is a collection of technologies used in cohesion to extract data from unstructured physical documents. Since data is central to any organization’s workflow, data collection and management solutions are essential to its success.</div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>Intelligent Document Processing and Customer Experience (CX)</h2>
        <br />
        <div>Customer Experience is how customers perceive a brand through their entire journey with the said brand. It is an important aspect since customer experience can impact the bottom line of the brand. A positive customer experience ensures loyalty and helps you retain customers while boosting brand advocacy. In today’s times, buyers are more powerful than sellers. They have a wide range of options to choose from and endless resources to educate themselves and choose the right products/services.</div>
        <br />
        <div>In traditional business models, legacy systems and processes that didn’t communicate with each other failed to create a memorable customer experience. With organizations getting digitally transformed, most businesses realize that automation is the key to amazing customer experiences – a streamlined and automated process that is error-free and efficient.</div>
        <br />
        <div>Here are some ways in which intelligent document processing can help boost customer experience:</div>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Helps Automate Tasks</h3>
        <br />
        <div>One of the best ways to improve customer experience is to automate tasks. This increases efficiency and reduces human error making the customer journey seamless and smooth. Many next-gen organizations use intelligent process automation to automate repetitive processes to improve customer service. Intelligent document processing helps process various customer-related documents to make these automated processes more effective and relevant. A typical customer journey involves self-serviceable automated tasks for easy queries and human interaction for complex ones. Overall, the customer has a more satisfying experience.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Improves Customer Response Times</h3>
        <br />
        <div>Today, customers have less patience to wait for a resolution to their queries. In the world of instant food and instant pictures, people expect an instant query resolution too. While that might not be always possible, intelligent document processing solutions help improve customer response times leading to a better customer experience. With IDP, the organization can ensure that all structured and unstructured data pertaining to a particular customer is stored in a common software accessible at all touchpoints. This ensures that customers receive instant responses to simple queries (think chatbots) and customer service professionals have access to the same information across the organization to answer complex queries.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Reduces Human Error</h3>
        <br />
        <div>One of the biggest benefits of automating processes is the reduction of human error. In fact, the manual conversion of physical documents to structured data can lead to several discrepancies or errors. Hence, one of the best ways to reduce human error in a workflow is to identify the sub-processes that can be automated with ease. With intelligent document processing, data extraction from most types of unstructured documents is possible making it a good way to automate a process and reduce human error.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Easy And More Efficient Onboarding Of New Customers</h3>
        <br />
        <div>In service-related businesses like insurance, loans, banking etc., there is a lot of paperwork involved while onboarding a new customer. From forms to declarations, personal documents to legal papers, the list is huge. By using intelligent document processing, organizations can ensure that all these documents are automatically fed into the business applications and workflows making the on-boarding process quicker and more efficient. This is the customer’s first interaction with the brand and a quick and error-free experience can go a long way in boosting customer experience.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Turbo Charging Email and Chatbot automation</h3>
        <br />
        <div>IDP can be effectively incorporated into customer communication channels such as e-mail and chatbots with the objective of enhancing the customer experience journey with lesser wait time, quicker responses and more accurate resolution. AmyGB’s IDP platform “VisionERA” can be integrated with emails and chatbots, employing a unique pattern-based recognition approach to identify the intent of the email / chat,  read the attachments, fetch information from databases  and take necessary actions for faster resolution. The entire customer response management system can be automated with minimum human intervention, closing the communication loop with automated responses via email, chat or social media.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Turn Customer Experience into Customer Delight</h3>
        <br />
        <div>Intelligent document processing benefits various stages of customer interaction. Right from the time the customer first interacts with the brand to query resolution and retention, IDP can help turn an experience into delight. As most organizations struggle with volumes of data coming via various channels and in different formats, an intelligent document processing platform that can help convert all the information into digital data can form a good foundation for creating automated workflows and processes.</div>
        <br />
        <div>Today, mere service won’t cut it as customers expect to be delighted, not just offered a product or service. They are aware of the options available to them and are unwilling to settle for anything less than the best. Hence, IDP that uses artificial intelligence, machine learning, and neuro-linguistic programming can help ensure an error-free and efficient document processing system and help other teams work towards delighting the customers. Also, when you work towards automating your processes to improve customer experience, you help create internal processes that save a lot of time and effort for your employees thereby saving cost in the long-run.</div>
        <br />
        <div>To give you an example, in the insurance sector, claims processing is a long and arduous, paper-driven process. With several forms and documents to be collected from the customer, physical documents are usually sent across departments to get the claim processed. With intelligent document processing, the entire claims process from capturing the initial set of documents to getting inter-departmental updates can be done using applications. IDP ensures that all kinds of physical documents are processed efficiently and the information is uploaded to the necessary systems. This makes claims processing faster and boosts customer experience.</div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>Summing Up</h2>
        <br />
        <div>Any organisation from almost any industry that places its customers first, can boost CX using intelligent document processing. IDP can take care of most of your document processing concerns and allow you to focus on your customers. Remember, data is the backbone of any successful business. Hence, by using IDP to process physical documents, you can be assured of high-quality data extraction with minimal human effort. Also, since IDP uses machine learning, it evolves with time and improves in accuracy.</div>
        <br />
        <div>In a nutshell, to boost customer experience, you need efficient processes and easily available insights to drive customer focused, data driven decisions. Automation can help you achieve this. With IDP to manage physical documents, process automation will be more efficient and effective than ever before.</div>
        <br />
      </div>

Get in touch with IDP experts to get a personalized solution

Digitization has changed the way we live, work, buy, and sell products and services. In these competitive times, embracing digital solutions is the key to staying relevant in business

Boost Customer Experience (CX) with Intelligent Document Processing

<div class='blog-desc desc'>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>What is IDP?</h2>
        <br />
        <div>Intelligent Document Processing(IDP) is a solution that converts messy, unstructured and semi-structured data into a usable, structured format. The initial data set can be on offline documents like scanned forms and bills, or online documents like emails, PDF documents or images.</div>
        <br />
        <div>In simpler words, IDP solutions extract data from documents (PDFs, scans, emails, etc.) and convert them into usable text-based digitized data that is ready for processing.</div>
        <br />
        <div>Consider a bank, for example, that receives hundreds of different documents a day, from multiple sources like fax, post, and email, and in multiple formats like PDFs, forms, and images. These documents have to be categorized based on type (new account applications, insurance claims, credit card applications, identity proofs, etc.) and the data has to be manually extracted, processed, filled, and sent to the next step in the workflow. Current manual data entry processes are laborious, time-consuming, and highly error-prone. IDP integrates right from the start of the data lifecycle to the end taking over all manual operations. A good IDP solution should be capable of automatically categorizing documents, extracting, validating, and grouping data, and automating its flow to the right workstream.</div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>Why is IDP a Rapidly Growing Market?</h2>
        <br />
        <div>According to an article by Automation Anywhere, 80% of business data is 'dark' - it is trapped within emails, documents, images, and hard copies, making it difficult to  extract meaningful, actionable insights that can help businesses understand their customers and drive informed, data driven decisions.</div>
        <br />
        <div>The fact that data is critical for business decisions is not news, and businesses need a way of extracting and optimally using all their 'dark' data. This is exactly what IDP solutions do - classify, categorize, extract, and validate unstructured and semi-structured data to provide usable digital information.</div>
        <br />
        <div>The most important aspect - an IDP solution performs these operations without the need for any manual intervention. This becomes a pivotal feature when data from offline sources, like an insurance claim form filled in by hand, has to be extracted and documented. Normally, it would require a human resource to manually convert this data into online data and prepare it for processing. IDP solutions use technology like Natural Language Processing (NLP), Deep Learning, Machine Learning (ML), Optical Character Recognition (OCR), and Computer Vision to automate the process of data extraction from offline documents.</div>
        <br />
        <div>Data extraction is just one step in the process. Having explained what IDP does, let us understand the processes involved in each stage of data manipulation.</div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>How does Intelligent Document Processing Work?</h2>
        <br />
        <div>Intelligent Document Processing follows a set of steps to convert unstructured and semi-structured data into structured information. Each of these steps involves different technologies - machine learning, natural language processing, computer vision, RegEx, RPA, etc. So IDP is not a singular technology per se, but a solution that comprises individual technologies</div>
        <br />
        <div>While these steps could vary depending on the solution and provider, they generally are -</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>1 Capture</h3>
        <br />
        <div>The first step in intelligent data processing is setting up different capture points. Data might be processed via hardware like scanners or might be present digitally as PDFs. In both cases, the IDP solution must be integrated and ready to capture data from documents, files or e-mails. It achieves this in two ways:</div>
        <br />
        <div>The IDP solution integrates with document processing hardware like scanners and uses tech like OCR to scan and extract data from paper documents.</div>
        <br />
        <div>It is also capable of ingesting online documents like word, PFD or excel files and extracting data.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>2 Pre-Processing</h3>
        <br />
        <div>At every point in the data capture process, the IDP solution pre-processes the document to improve its quality. This ensures that data extracted through OCR is accurate.</div>
        <br />
        <div>This step involves processes like Binarization (transforming data features into vectors of binary numbers), Noise Reduction (eliminating scribbles, marks), De-skewing (straightening scanned images), etc.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>3 Classification</h3>
        <br />
        <div>Documents being processed can be of multiple formats. Classifying, or grouping these documents helps improve the extraction and archiving processes.</div>
        <br />
        <div>By classifying data, the IDP solution can ensure that the right extraction technology is being used for the particular document format, and also that the data is being routed to the right workflow (depending on the nature of the document).</div>
        <br />
        <div>IDP uses trained ML and AI-based classification engines to automatically classify documents into different categories by analyzing their content and structure.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>4 Data Extraction</h3>
        <br />
        <div>This step uses trained AI algorithms to extract data from documents. Computer vision technology like OCR is capable of extracting text from scanned documents and images, and NLP can identify hand-written data for accuracy.</div>
        <br />
        <div>This step not only extracts data but also defines the type of data being extracted - numbers, dates, names, etc. The level of accuracy depends on the level of training the AI algorithm has gone through.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>5 Post Processing - Data Validation</h3>
        <br />
        <div>Once data is extracted, it goes through a series of post-processing steps to validate its quality and accuracy. Data is validated through pre-defined logical algorithms and external databases. RPA is used to further enhance the level of validation and automatically pass data into relevant workstreams (claims data extracted from a user form can be automatically filled into a claims document and assigned to the claims department).</div>
        <br />
        <div>Any data that is flagged as inaccurate during the validation stage can be reviewed by a human, and all extracted data can also be verified by them to check for discrepancies. This process helps the AI algorithm learn and improve for future iterations.</div>
        <br />
        <br />
        <h2 class='heading2 blog-unitHeading semiBold '>IDP is more than just Data Capture</h2>
        <br />
        <div>Data capture technology, like OCR, has been prevalent for quite some time. Coupled with RPA bots, OCR can greatly reduce manpower and time by eliminating the need for manual conversion of data in offline sources into digital format.</div>
        <br />
        <div>Although often confused to be the same, OCR and IDP are different in what they achieve. OCR is a data capture technology - technology that extracts data from documents and presents it in textual form, and that’s it.</div>
        <br />
        <div>IDP, as is evident by the flow seen in the previous section, is more than just data capture. It also handles pre and post data extraction processes that make it a complete automation solution. In fact, OCR is a part of the entire IDP process. IDP solutions improve the quality of documents before extracting data and also validate extracted data to improve the accuracy of the result.</div>
        <br />
        <div>IDP solutions are, in layman's terms, an evolutionary form of data capture solutions.</div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>IDP Use Cases</h2>
        <br />
        <div>The following use cases give a sense of how efficient IDP solutions are.</div>
        <br />
        <div>IDP for automation of cash management logistics - For banks, replenishing cash in ATMs is a resource intensive job. Traditionally, a field agent visits the ATM, clicks photos of slips with data logs, and another agent at the back office manually enters and processes this data. This manual data processing operation occurs for every ATM owned by the bank. With IDP, the task of processing data from these slips is completely automated. An IDP solution scans these slips, reduces noise, extracts data, validates it, and exports it to businesses processes that need this data. The IDP solution promises over 90% accuracy of extracted data and a manpower reduction of over 70%.</div>
        <br />
        <div>A U.S. Government body spent 5 years to integrate data from an archived data source using traditional data capture only to achieve subpar results. Using IDP, they were later able to integrate data from more than 50 million pages of records in under two years.</div>
        <br />
        <div>(Alternate for 4) An invoicing subsidiary of a Japanese multinational conglomerate implemented IDP and RPA to automate invoicing processes. The company processes over 80,000 invoices every year received from more than 1,000 vendors and in 20 different languages. IDP was set up to improve their procure-to-pay process, and they experienced a 100% reduction in errors ten months post-implementation.</div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>Benefits of Intelligent Document Processing</h2>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Drastic Reduction in Data Processing Time</h3>
        <br />
        <div>The most obvious benefit of implementing IDP is the reduction in execution time. Traditionally businesses require a resource to manually review documents, extract data, and then process it. With automation, the entire process is completed in seconds with multiple documents being concurrently processed.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Reduction in Operational Costs</h3>
        <br />
        <div>Businesses experience a reduction in operational costs because of the speed at which data is processed and made available for consumption. The manual intervention needed is little to none which means teams can work with a lean workforce, which is again a drop in operational costs.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Eliminates Human-Prone Errors</h3>
        <br />
        <div>IDP eliminates the need for manual work, completely eliminating human-prone errors. For businesses this results in increased quality and reliability of processed data.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> IDP is Scalable</h3>
        <br />
        <div>IDP is not process or department specific. The solution can be extended across all departments and workflows that involve data extraction and processing. As an integrated solution, any team within the organization can process documents using IDP making it easily scalable.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Compatible with Everyday Technology</h3>
        <br />
        <div>A business looking to implement IDP does not need to procure new hardware or software. IDP solutions integrate with existing devices like printers and scanners, applications, and process all formats of documents. The ability to integrate with the existing framework contribute in making the implementation process effortless. </div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>How can you Get Started?</h2>
        <br />
        <div>It is quite evident that businesses that rely on data can greatly improve processes by implementing an IDP solution. More specifically, businesses that deal with data that flows in from multiple channels and need to process this data for subsequent workflows to begin can greatly reduce time, errors and effort through IDP. Businesses like banking and finance, healthcare, legal, and accounting are examples.</div>
        <br />
        <div>The best way to identify if IDP is a viable solution is to test it. Demo AmyGB's IDP solution for free and run use cases to analyze its impact on day-to-day operations.</div>
        <br />

      </div>

Intelligent Document Processing(IDP) is a solution that converts messy, unstructured and semi-structured data into a usable, structured format. The initial data set can be on offline documents like scanned forms and bills, or online documents like emails, PDF documents or images.

Intelligent Document Processing - What It Is and What It Offers Businesses?

<div class='blog-desc desc'>
<div> With advancements in technological innovations, businesses are undergoing rapid changes with the advent of renewed opportunities. Swift mechanization is enabling a seamless operational framework with simplified solutions to aid revenue while amplifying customer satisfaction. 
 </div>
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<div> Businesses need infrastructure that would make every customer seen, heard, and prioritize their needs throughout the buyers’ journey.  
Tools like live chat enable organizations to detect potential customers, organize data, engage with buyers, nurture leads and improve customer relationships.
It has been well-established that chatbots are going to define the future of customer service. As chatbot transforms itself from being mere user-based inquiries to an advanced analytical tool rendering real-time conversation and prediction, aligning businesses’ with this platform would deliver sustained customer engagement.
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 </div>
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<h2 class='heading2 blog-unitHeading semiBold'> Chatbots- The Doorway to Modern Connections </h2>
  <br/>
<div> According to Gartner, “Artificial Intelligence (AI) will be a mainstream customer experience investment in the next couple of years”. Almost 47% of organizations will adopt chatbots for customer care and virtual assistants. These conversational bots are effective and functional virtual AI systems with the ability to drive interaction through voice and texts. 
  </div>
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Chatbots are also becoming more proficient in processing diverse documents to decode unstructured data and derive better business insights. Chatbots are evolving as one of the most powerful tools for conversational service automation performing the function of virtual agents. The AI-powered technology aids the bots to decipher, extract the intent and resolve a vast number of customers’ queries.
<br/>
<div> Artificial intelligence has introduced a renewed mode of communication for buyers and businesses. These bots are flexible, enabling automation in business communications. By leveraging technologies like machine learning (ML) and Robotic Process Automation (RPA), the bots extract, interpret, and resolve queries faster than ever with minimum human intervention. 
<div/>
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<img class='blog-images' src="https://amygb-web-static.s3.ap-south-1.amazonaws.com/221c6de0-cc5f-11eb-afc3-05ac885a0432_Chatbot%20Benefits.jpg"  alt=’This is my alt text' />
<h2 class='heading2 blog-unitHeading semiBold'> Automation: Revamping the ways of communication with Transformative Growth </h2>
  <br/>
<div> Automation through chatbots is driving transformative growth in businesses. 
Chatbots are software programs with pre-set answers, built to simulate human conversation through the chat interface. The adoption of automation and ML facilitates these bots to complete actions through trained algorithms and pre-defined triggers. <div>
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<img class='blog-images' src="https://amygb-web-static.s3.ap-south-1.amazonaws.com/48931410-cc5f-11eb-afc3-05ac885a0432_Chatbot%20Decision%20Tree%202.jpg"  alt=’This is my alt text' />
<div> 
AI-powered chatbots combining conversational user interface, database, and application layers, are emerging as the next big thing in chatbot automation. 
On the surface, these bots leverage the benefits of rule-based bots to provide predefined answers to simulate an interactive FAQ experience. Experts formulate a decision tree with predefined rules which trigger responses. 
 <br/>
<div> The intelligence facilitates a continuous learning process from each interaction and adapts itself to unique use cases. Through automation and ML, the bot trains itself to perceive specific phrases that trigger a response to tackle repetitive queries. The delivery gets better with time. 
<div/> Besides automating responses to repetitive questions, AI-powered bots are being integrated into the workforce management system. This logic enables the bots to collect data through API integration and access human agents to escalate complex queries. Leveraging the benefits of rule-based and intelligent chatbots, AI-enabled bots independently solve intellectually complex users’ queries by contextualizing the conversation with previous data, remembering the past engagement thus understanding the customers better. Proprietary technologies like NLP and ML aids to revamp traditional means of communication with more natural human-like interactions through intelligent bots. <div/>
The inherent algorithms create a unique hierarchical structure in the database which enables the bot to provide faster and accurate responses by creating patterns for each type of question. The bots’ neural network is supported by past conversational data which enables bots to generate an automated response loop. Through live interactions, the neutral networks further train the bots’ machine learning model. 
<div> The artificial neural network renders the bots more efficient and effective by contextualizing customers’ data and the expected response.  Neural networks break down the sentences into words, thereby understanding the intent and facilitating the bot to adapt and provide a more personalized and accurate response in a human-like manner. <div/>
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<h2 class='heading2 blog-unitHeading semiBold'> The Outlook of Chatbot Automation Trend 2021
</h2>
<br/>
<div> As chatbots become more intuitive, these are some of the major chatbot automation trends of 2021.
<div/>
<br/>
<div> 1. Data privacy is crucial to ensure seamless bot-human interaction. Capturing only relevant data and ensuring its security through adequate measures, is the foremost strategy.
<div/>
<br/>
<div> 2. Through NLP, AI-powered bots are leveraging predictive analytics and sentiment analysis. These are facilitating deeper customer insight, resolving queries in minutes by decoding the intent.
<div/>
<br/>
<div> 3. The intuitive chatbot platforms are becoming increasingly interactive, gathering profound user insight. These practices are in a way, used to train the interface through sentiment analysis to perform more human-like capabilities. Sentiment analysis is crucial to understand the customers’ emotions, enabling prompt human intervention for an overall delightful customer experience. <div/>
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<div> 4. Businesses are leveraging the omnichannel chatbot contact center to offer a faster resolution, streamline the experience, identifying queries and purpose,  and improving customer experience through behavioral prediction.  
<div/>
<br/>
<div> 5. One of the major chatbot trends is the automated payment options through bots. Businesses are welcoming automated payments through AI-powered bots for instant results and improved customer satisfaction.
<div/>
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<h2 class='heading2 blog-unitHeading semiBold'> The Major Benefits of Chatbot Automation
</h2>
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<img class='blog-images' src="https://amygb-web-static.s3.ap-south-1.amazonaws.com/0b3eb330-cc5f-11eb-afc3-05ac885a0432_Chatbot%20Benefits%202.jpg"  alt=’This is my alt text' />

<div> Chatbots are undoubtedly the most calibrated interaction framework supplementing the efforts of the human workforce.  Through AI, bots comprehend customers’ inquiries and draft suitable responses with an underlying logic. Bots also communicate with third-party APIs to retrieve information and provide a comprehensive solution to the queries.
<div/>
<br/>
<div> With plenty of benefits, Bots are becoming integral for a successful business campaign. Here are some of the prime impetus for the development of intuitive, conversational AI-powered bots.
<div/>
<br/>
<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'> 1. Enhanced Process Efficiency with Quick Turnaround: </h3>
<br/>
<div> Manual mapping of Diagnosis to corresponding ICD codes is an intensely laborious, time-consuming, and error-prone activity, mostly demanding the skill of medical practitioners. Intelligent Document Processing platforms are built to scale, capable of processing hundreds of documents at a time, thus significantly increasing process throughput. Machine learning algorithms train themselves by creating patterns from data, to ensure minimized risk of error. Besides, it can free up significant skilled resources to focus on core business activities or tasks requiring the skill of qualified manpower. <div/>
<br/>

<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'> - Customer Support Beyond Work Hours: </h3>
<div> Bots provide prompt resolutions to customers’ queries 24/7, working beyond defined work hours. With Deep Learning, the next-gen bots can learn in the background while addressing queries.
<div/>
<br/>

 <h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'>- Handling Countless Queries to Maintain TAT :
</h3>

<div> AI-powered bots are built to handle countless queries. Gone are those days when volume surges compromised the TAT promise. With the inception of next-gen bots, multiple queries can be addressed simultaneously, with reduced waiting time and human-prone errors.
 <div/>
<br/>

 <h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'> - AI-enabled Self Learning Capabilities:</h3>

<div> With the advancement in ML, the bots are infused with self-learning capabilities that enable bots to improve their performance and knowledge based on live interactions, thus providing improved accuracy with time.
<div/>
<br/>
<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'> - Minimum Human Intervention: </h3>
<div> The deep network models are capable of self-learning their algorithms, thus becoming more proficient in handling intellectually complex issues. By adapting based on customers’ answers, reactions, the bots adapt and continue to improve their accuracy resulting in minimum human intervention. <div/>
<br/>
<h3 class='subHeading2 semiBold blog-darkHeading headingLineHeight'> - Guaranteed Consistency without Errors: </h3>
<div> Often due to volume spikes, negligence can lead to grave human-prone errors. The intelligent bots make no room for such errors as providing wrong information or tagging inaccurately. They are built to scale by feeding critical information which ensures guaranteed accuracy. 
<div/>
<br/>
<h2 class='heading2 blog-unitHeading semiBold'> Understand Customers' Need with Chatbot Automation
</h2>
<div> Chatbots are instrumental in gathering and analyzing customer data. It boosts customer loyalty while automating routine work. AI-powered chatbots transform the customer experience and the contact center by augmenting conversational experience, empower users to close and open loops. Chatbots are emerging as the most innovative innovations performing the role of the virtual assistant, significantly impacting customers’ journey. In the coming days, automation in chatbots will further strengthen its operations, enabling further innovations. <div/>
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<div>
Innovation and AmyGB.ai go hand in hand. Our intuitive AI-powered, chatbot platform Assisted Closure leverages proprietary technologies like Intelligent Document Processing, Machine Learning, and Natural Language Processing that integrate seamlessly with the workforce interface. Features like omnichannel messaging support, sentiment analysis deliver accurate automated responses that transform traditional business communications. It is built to understand conversation context, rendering an enhanced customer experience with an accurate response every single time. <div/>
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With more and more businesses adopting AI-powered chatbots, the ways of interaction are revamping rapidly. Here is the update on the next big things in terms of chatbot automation.

The Next Big Thing in ChatBot Automation

<div class='blog-desc desc'>
        <br />
        <div>Customer Service is the key differentiating factor for brands and an important parameter that forms the basis of how customers perceive brand value.. A recent Forbes report suggests that as much as $75 billion worth of business is lost in the US alone, due to poor customer service. Bain & Co validates that a customer is 4 times more likely to buy from a competitor if the problem is related to service than the product.</div>
        <br />
        <div>The relationship between customer service and customer experience is thus becoming a key determinator to establish and differentiate one’s presence amid the competition. Our previous blog titled <a class='blog-link' href='https://amygb.ai/blog/out-of-the-box-email-automation-solutions-for-insurance-companies/'>Out of the Box Email Automation solutions for Insurance companies</a> highlights the importance of process automation in elevating customer experience by improving the quality of communication with exponentially quicker resolution time.</div>
        <br />
        <div>This article aims at identifying the processes involved in the customer support department of a typical insurance company, that can greatly benefit from using Intelligent Automation.</div>
        <br />
        <div>Data suggests that majority of the customers prefer email and chat based communication to resolve their queries. Even though such channels of communication may have some lag time to respond, customers are increasingly getting impatient, looking for immediate resolutions, whichever be the medium of communication. </div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>What is Intelligent Automation?</h2>
        <br />
        <div>Intelligent Automation is the use of Artificial intelligence, Machine Learning, Natural Language Processing and process automation to make processes smarter, more efficient and accurate, while also being more cost effective.</div>
        <br />
        <div>Let’s take two examples of how email automation has helped the Insurance Customer Experience industry:</div>
        <br />
        <div class='blog-tabList'>
          <h3 class='subHeading2 semiBold blog-darkHeading blog-li'>1 Email Automation for General (Motor) Insurance:</h3>
          <br />
          <div>Insurance companies receive thousands of support requests from their customers through various channels, including chat and email. The current process involves agents manually reading through all these emails to respond to their requests. </div>
          <br />
          <div >There are 2 main problems with this approach:</div>
          <br />
          <div class='blog-tabList'>
            <h4 class=' semiBold blog-uli blog-darkHeading headingLineHeight'> High Response Time</h4>
            <div>During peak volume surges, agents face a huge backlog of unresponded emails which negatively impacts the TAT commitment, thus giving rise to customer frustration.</div>
            <br />
            <h4 class=' semiBold blog-uli blog-darkHeading headingLineHeight'> Quality</h4>
            <div>Many a time, in lieu of trying to complete the task list or due to lack of adequate skills, we find emails being incorrectly tagged leading to inaccurate responses or even worse, junk data in the CRM, leading to poor customer insights.</div>
            <br />
          </div>
          <br />
          <div>Intelligent email Automation can help do away with the erroneous and time-consuming manual verification process, to delight customers with a shorter response time and instant resolution of their service requests.</div>
          <br />
          <div>For example, let’s take a typical example of a customer’s Endorsement request for an address change in his policy. The typical process entails an agent downloading the request form along with attached KYC details, validating the authenticity of the customer information from databases and manually entering this information into the CRM - an approval process that takes approximately 3 - 5 business days.</div>
          <br />
          <div>Consider a scenario where an intelligent bot is capable of reading and responding to all customer emails using NLP and Machine Learning technology. Yes, you read that right. AmyGB’s MailERA is an intuitive, self learning end to end email automation bot that reads incoming emails, categorises them correctly, reads the attachment using it’s IDP (Intelligent Document Processing) Platform and responds to the customer request within minutes, after fetching the relevant details from the database.</div>
          <br />
          <br />
          <div class='rowFlex centered blog-darkHeading'>EXAMPLE ILLUSTRATION: Automation of Endorsement Request for change of Vehicle Registration number</div>
          <img class='blog-images' src='https://amygb-web-static.s3.ap-south-1.amazonaws.com/Mailera-blog-img1.jpg' alt='Automation of Endorsement email request for change of vehicle registration number in Motor Insurance Customer Support' />
          <br />
          <div>Other general Insurance processes that have shown tremendous success with automation using MailERA’s email bot are:</div>

          <div class='blog-tabList'>
            <div class='blog-li'>1 Automation of Soft and Hard copy requests</div>
            <div class='blog-li'>2 Automation of endorsement requests</div>
            <div class='blog-li'>3 Claim Status requests</div>
            <div class='blog-li'>4 Claim settlement requests</div>
            <div class='blog-li'>5 Policy renewal request</div>
          </div>
          <br />
          <div>The above service request categories easily contribute to more than 70% of customer support emails. The nature of these requests being repetitive, and advancements in AI technology getting more sophisticated and intuitive, why still rely on outdated, laborious, time consuming and error prone manual processes? Insurance companies have greatly benefited by saving on resource time, utilising them to service more complex requests or customer complaints. </div>
          <br />
          <h3 class='subHeading2 semiBold blog-darkHeading blog-li'>2 Email Automation for Life Insurance:</h3>
          <br />
          <div>The Life Insurance industry receives emails of fairly similar nature to those in GI, namely soft copy & hard copy requests, Addition / deletion of nominees etc. However, a few differences are notable, for example Death claim status requests, Life certificates, receipt of hospital bills and discharge summaries. </div>
          <br />
          <div>MailERA’s email bot, along with it’s IDP counterpart VisionERA has successfully solved the challenging nuances of the Life Insurance industry through its advanced NLP & Deep Learning technology along with intelligent use of database integrations.</div>
          <br />
        </div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>Endorsing MailERA</h2>
        <br />
        <div>MailERA is an intuitive, self learning, intelligent platform that decodes the unstructured information in the emails, deciphers the intent and decides on a response template to provide instant resolution to customer requests.</div>
        <br />
        <div>MailERA has a proven track record with implementations across several Insurance giants, delivering more than 98% reduction in TAT with 300% productivity gain and significant cost reduction.</div>
        <br />
        <div>Some of the many benefits of MailERA are:</div>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Out of the Box, Self-Learning Model</h3>
        <br />
        <div>As explained above, MailERA differs from other automation software as it requires minimal training data and comes with a unique, first-of-its-kind self-learning interface that allows users to self-train the algorithms to provide instant value from day one.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Better Productivity</h3>
        <br />
        <div>AmyGB has gained domain expertise by virtue of working with leading insurance firms.  Our automation software handled an enormous volume of surges, that too with a limited workforce. Yet they have shown to increase their team’s productivity by more than 300%.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Human Assistance</h3>
        <br />
        <div>MailERA can be trained to raise flags for human intervention, or classify emails basis priority buckets, to ensure efficient handling of complex and important customer queries/complaints.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Cost Efficiency</h3>
        <br />
        <div>Our customers have achieved a near 70% reduction in cost by re-deploying human agents to more productive tasks. There has been a significant shift in priorities where urgent cases could be solved faster and effectively. Besides, appreciating their skill sets, automation has alleviated the burden of tedious manual processes.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Open to Less Human Errors</h3>
        <br />
        <div>MailERA has successfully achieved beyond 98% accuracy in email categorization, surpassing human accuracy by more than 40% of the use cases in leading Indian insurance firms.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Turn Around Time</h3>
        <br />
        <div>MailERA has proven to notably lower the time taken by the agents to respond to customers’ queries time by more than 98%, providing instant, error-free and effective responses to a set of very happy customers.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Customer Satisfaction</h3>
        <br />
        <div>AmyGB’s MailERA has helped double the Customer Satisfaction (C-SAT) scores by 2x, with an increased number of happy and loyal customers, overjoyed with the speed, efficiency, and dependability of responses.</div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>Let Automation Lead you to the Future</h2>
        <br />
        <div>The value of effective email automation in the insurance sector holds an important significance to sustain a hygienic customer relationship. Automation is transforming the Insurance sector by categorizing and decoding a flurry of unstructured data into comprehensible structured data. Thus the value of accurate and diligent automation that can effectively respond to customer communication cannot be underestimated.  MailERA streamlines the repetitive and trivial queries which can be successfully addressed by AI.</div>
        <br />
        <div>This empowers the insurance companies and the employees to engage progressively with customers. They are encouraged to perform more meaningful work and the comprehensive productivity increases.</div>
        <br />
        <br />
      </div>

Talk to our automation experts now,  and book your free demo slot

This article aims at identifying the processes involved in the customer support department of a typical insurance company, that can greatly benefit from using Intelligent Automation.

Customer Excellence Use Cases with Intelligent Email Automation in the Insurance Industry

<div class='blog-desc desc'>
        <br />
        <div>The traditional Optical Character Recognition (OCR) technology had left a lot desired to make it ideal for large-scale implementation. In recent years, IDP has managed to fill the void left by traditional OCR software by offering artificial intelligence (AI) and machine learning (ML)-driven solutions that are gaining popularity with every passing day.</div>
        <br />
        <div>With IDP, you can convert physical documents into editable digital formats within no time and with high accuracy levels. Whether the physical documents are digitally typed and printed or handwritten, IDP offers the expertise to convert them all. Today, let us look at some of the Intelligent Document Processing benefits and offer some tips to help you choose the right solution for your business.</div>
        <br />
        <div>There are numerous service providers offering IDP solutions today. While the core concept is leveraging AI and ML technologies to make physical document processing simpler, the service is known by different names. The essence is using modern technologies to achieve a high level of accuracy while converting physical documents to editable digital versions.</div>
        <br />
        <div>An Intelligent Document Processing software extracts data from documents and feeds it in a structured and simple manner into an online system that helps process the data. One of the primary Intelligent Document Processing benefits is the ability to automate the entire process and minimize human intervention and errors. There are various types of IDP solutions available today. Here is a quick look at them.</div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>Types Of Intelligent Document Processing Solutions</h2>
        <br />
        <div>IDP software uses innovative technology to solve data extraction challenges. These applications can have different approaches that lead to different types of intelligent document processing applications. Here are some common types of solutions available in the market:</div>
        <br />
        <div class='blog-tabList'>
          <div class='blog-uli'> Innovative solutions</div>
          <div class='blog-uli'> Legacy solutions</div>
          <div class='blog-uli'> Niche solutions</div>
          <div class='blog-uli'> System Integrators</div>
          <div class='blog-uli'> Technology Providers</div>
        </div>
        <br />
        <div>Let’s take a quick look at each of them:</div>
        <br />
        <h3 class='subHeading2 semiBold blog-darkHeading'>Innovative Intelligent Document Processing Solutions</h3>
        <br />
        <div>AI and ML technologies provide an endless enigma of possibilities. While automation has made life easier, it has its own set of challenges. While some challenges are managed by tweaking the existing systems, the demanding ones require innovation and the use of the latest technologies. This can be applied to document processing too. Most organizations have simple requirements from the solution that manages its document processing needs. However, there are some complex requirements that need an innovative approach and the power of AI, ML, NLP, and other newer technologies.</div>
        <br />
        <div>Innovative IDP solution providers approach document processing with a keen eye on the future and allow you to build processes and systems that are sustainable and efficient. If innovation is your need, then choose an innovative partner and use the intelligent document processing benefits to your advantage.</div>
        <br />
        <div>Some examples of leading Innovative IDP vendors include:</div>
        <div class='blog-tabList'>
          <div class='blog-li'>1 Hyperscience</div>
          <div class='blog-li'>2 Rossum</div>
          <div class='blog-li'>3 Infrrd</div>
          <div class='blog-li'>4 AmyGB</div>
          <div class='blog-li'>5 Datamatics</div>
        </div>
        <br />
        <h3 class='subHeading2 semiBold blog-darkHeading'>Legacy Intelligent Document Processing Solutions</h3>
        <br />
        <div>Some legacy OCR or RPA (Robotic Process Automation) providers may add AI or ML into their legacy platforms to offer IDP solutions. Hence,, the focus of these legacy platforms is not IDP but a gamut of automation services. Many organizations opt for Legacy IDP solutions to either save costs or have a comprehensive tool for their automation needs. These solutions usually work well for organizations that have large volumes of easy-to-convert documents without variations. However, it is important to remember that these solutions can have limitations. Hence, it is important to assess if the solutions offered by the existing vendor meet your requirements. If your document automation challenges are not met, then you might want to consider moving to a different type of intelligent data processing tool.</div>
        <br />
        <div>Some examples of leading Innovative IDP vendors include:</div>
        <div class='blog-tabList'>
          <div class='blog-li'>1 ABBYY</div>
          <div class='blog-li'>2 AntWorks</div>
          <div class='blog-li'>3 Automation Anywhere</div>
          <div class='blog-li'>4 UI Path</div>
          <div class='blog-li'>5 Kofax</div>
        </div>
        <br />
        <h3 class='subHeading2 semiBold blog-darkHeading'>Niche Intelligent Document Processing Solutions</h3>
        <br />
        <div>‘Niche’ is a specialized segment of the market. In the age of super-specialization, every product and service is available in generic as well as niche variants. For example, shirt manufacturers would make average-sized shirts in the past but now there are different fits for different body-types. In fact, many of us are accustomed to using tailored products/services. IDP is no different. There are many companies that offer intelligent document processing solutions targeted towards a specific market or a specific use case. If your organization has bespoke document processing requirements, then look for such niche IDP solutions</div>
        <br />
        <div>Some examples of leading Niche IDP vendors include:</div>
        <div class='blog-tabList'>
          <div class='blog-li'>1 Capsys</div>
          <div class='blog-li'>2 Evolution AI</div>
          <div class='blog-li'>3 Ikarus</div>
          <div class='blog-li'>4 Instabase</div>
          <div class='blog-li'>5 Mitek</div>
        </div>
        <br />
        <h3 class='subHeading2 semiBold blog-darkHeading'>System Integrators with IDP</h3>
        <br />
        <div>System Integration companies like Accenture, Deloitte, KPMG, etc. work towards integrating all the processes, applications, and software into a single consolidated environment. In recent years, with an increase in demand for AI-driven OCR or IDP solutions, many system integrators have started offering IDP services as a part of the set of solutions offered. Some system integrators develop IDP solutions in-house while most others have an intelligent document processing partner. Most companies in the system integration space are large and responsible companies that endeavour to offer efficient solutions to organizations. However, since IDP is only a part of the package, it might lack the specificity required by your documents. Ensure that you understand the features and benefits of intelligent document processing offered by such providers carefully.</div>
        <br />
        <div>Some examples of system integrators that provide IDP capabilities include:</div>
        <div class='blog-tabList'>
          <div class='blog-li'>1 Accenture</div>
          <div class='blog-li'>2 Deloitte</div>
          <div class='blog-li'>3 EY</div>
          <div class='blog-li'>4 KPMG</div>
          <div class='blog-li'>5 PWC</div>
        </div>
        <br />
        <h3 class='subHeading2 semiBold blog-darkHeading'>IDP Technology Providers</h3>
        <br />
        <div>If you are technologically savvy or run an organization that has technical experts, then you can use third party technology software components like computer vision, OCR, etc., and develop IDP capabilities in-house. These are not full fledged IDP solutions, however, organisations having fairly simple document processes may prefer to develop these capabilities internally using third party software. However, it can be a time and cost consuming process and would require a dedicated team of IT professionals managing it at all times, besides spending a lot of time, resources and cost in developing an in depth know how. If you are an organisation that requires quick and accurate implementation, it might be a good idea to turn to dedicated IDP players that have gained in depth knowledge and experience with several implementations in their basket.</div>
        <br />
        <div>Examples of third party technology providers include:</div>
        <div class='blog-tabList'>
          <div class='blog-li'>1 Amazon Textract</div>
          <div class='blog-li'>2 Google Cloud Vision</div>
          <div class='blog-li'>3 Microsoft Azure Computer Vision</div>
        </div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>How to Choose the Best Intelligent Document Processing Software and Platform?</h2>
        <br />
        <div>Before you start looking for an IDP solution, remember that it is much more than a modern version of an OCR. It is a tool driven by artificial intelligence, machine learning, and neuro-linguistic programming (NLP) that can transform your business and boost the efficiency of processes.</div>
        <br />
        <div>You can use the following steps to find a document processing solution that is best-suitable for your organisation.</div>
        <br />
        <div>The best way to find the ideal IDP solution is to select the type of document which comprises more than 50% volume of your raw data.</div>
        <br />
        <div class='blog-uli'> Identify the  document types that comprise more than 50% of your monthly  volume.</div>
        <br />
        <div class='blog-uli'> Then look for vendors whose solutions can effectively process your high volume.</div>
        <br />
        <div class='blog-uli'> You might want to take into consideration quality variances in documents, and the contribution of poor quality, illegible documents to your database before finalising an IDP solution. A good IDP vendor should be able to process documents of varied quality, unless illegible even to the human eye.</div>
        <br />
        <div class='blog-uli'> You could check for customisation options that could further improve results. This might require the expertise of a niche, innovation based IDP vendor.</div>
        <br />
        <div>A solution that can manage these cases with ease will be able to manage most of your document processing requirements too. Once you know the type of IDP solution you need, select the best vendor based on the following four pillars:</div>
        <br />
        <div class='blog-tabList'>
          <div class='blog-li'>1 The core capabilities of the solution offered by the vendor. While it is relatively simpler to measure the success of an IDP solution on the basis of accuracy, it is equally important to choose a solution that is able to effectively flag a document or field that it cannot read, and pass it for human intervention. This substantially reduces the load for the human quality check process, and allows humans to intervene only when and where required.</div>
          <br />
          <div class='blog-li'>2 The vendor must have a technology ecosystem to allow you to realize the full potential of intelligent automation.</div>
          <br />
          <div class='blog-li'>3 The intelligent document processing market is in its nascent stages. Hence, look for a vendor that offers training courses that are ideally self-paced with sufficient material allowing your employees to get a grip over the technology. Also, make sure that the vendor has a good track record of offering robust product support and maintenance for a smooth experience.</div>
          <br />
          <div class='blog-li'>4 The fourth and essential aspect is the price. There are different pricing models available. The pricing models can be as follows:</div>
          <br />
          <div class='blog-tabList'>
            <div class='blog-uli'> Some vendors offer a fixed-price solution where you can process as many documents you like from one machine for a fixed fee.</div>
            <br />
            <div class='blog-uli'> You can also find a pricing model based on the volume and complexity of documents.</div>
            <br />
            <div class='blog-uli'> Some vendors offer pricing plans that are based on the accuracy of the output.</div>
            <br />
          </div>
        </div>
        <div>Before you start looking, ensure that you assess the document processing requirements of your business and research the market thoroughly. The factors mentioned above can help you narrow down to the best IDP solution for your business.</div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>Summing Up</h2>
        <br />
        <div>Remember, the future belongs to businesses that can leverage artificial intelligence, machine learning, NLP, etc. to make processes more efficient and error-free. When you are looking for an Intelligent Document Processing Solution, ensure that you consider your current and future requirements.However, it is also important to note that there is no magic when it comes to AI based automation software. For better results and to achieve best in class accuracy, it is important to understand that even the best Machine Learning algorithms require training specific to your data and business requirements. Intelligent Automation is effective if understood and used wisely. Get a grip over this new technology and use it to your benefit.</div>
        <br />
      </div>

In recent years, IDP has managed to fill the void left by traditional OCR software by offering artificial intelligence (AI) and machine learning (ML)-driven solutions that are gaining popularity with every passing day.

Choosing the Right Intelligent Document Processing (IDP) Solution

<div class='blog-desc desc'>
        <br />
        <div>Meeting customer expectations is one of the most essential issues for the banking sector post digitalization. A great CRM is now more critical than ever before. The prevalence of customer relationship management is imperative for a tailored approach towards customer data, personalized outreach at scale, and proactive insight to keep up with the competition. CRM helps the banking sector to build a customer-centric business model to deliver effective and fast digital engagements. The CRM is significant for reducing loads of the bankers by helping them collect and streamline data for better customer engagement thus helping in strengthening customer relationships.</div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>AI Integration in the CRM</h2>
        <br />
        <div>Artificial intelligence is almost omnipresent across the post-modern world. AI algorithms make human lives easier with a seamless human and machine synergy. The significance of providing better customer service can profoundly guide the business in the banking sector to boost the decision-making process.
        As per a McKinsey report, 75% of online customers expect a response within 5 minutes of their approach. Thus, in order to drive real-time data-driven business decisions, AI integration in customer relationship management is ushering a newfound sense of innovation for more efficient data management.
        As per a report in Forbes, less than 0.5% of all data can be appropriately analyzed and used. Thus adopting AI technology in the CRM of the banking sector is imperative for an enhanced customer experience at each node of the sales funnel. Banking, now more than ever, is driven by customers and a research by Bain & Co proves that customers are 4 times more likely to buy from a competitor if the problem is related to service than the product.
                </div>
        <br />
        <div>This article will primarily focus on how the use of an AI enabled Mail Bot can boost operational efficiency and productivity, bringing a profound sense of customer satisfaction and loyalty by automation of customer support email responses. The results are multifold, from reduced human errors, fraud detection, efficient resource allocation, identifying patterns from past decisions to making workers more productive.</div>
        <br />
        <div>Stereotypical email responses and the problems with manual response management:</div>
        <br />
        <div class='blog-tabList'>
          <h3 class='subHeading2 semiBold blog-darkHeading blog-uli headingLineHeight'> Less Output Value and High Input Time for Repetitive Tasks:</h3>
          <div>From manual data entry to updating the CRM, responding to repetitive customer queries via email, more than 80% of the tasks can be automated, allowing more work to be completed in less time. The operations team can thus utilize their time in more constructive higher-quality work. As per Microsoft’s State of Global Customer Service report, 51% of all customers feel that most brands do not take action on customer feedback. </div>
          <br />
          <h3 class='subHeading2 semiBold blog-darkHeading blog-uli headingLineHeight'> High Turnaround Time (TAT):</h3>
          <div>Without automation, human efforts can be overwhelmingly time consuming, especially with backlog of emails during peak seasons. A McKinsey report suggests that 75% of online customers expect help within 5 minutes, and 60% Customers expect the same standards even in non-working hours. Automation of repetitive queries brings down the TAT by more than 90%, resulting in more satisfied and loyal customers.</div>
          <br />
          <h3 class='subHeading2 semiBold blog-darkHeading blog-uli headingLineHeight'> Human Error:</h3>
          <div>Increased dependency on manual response management runs the risk of human error and poor quality of communication. Automation ensures constituent quality with better than human accuracy.</div>
          <br />
          <h3 class='subHeading2 semiBold blog-darkHeading blog-uli headingLineHeight'> Operational Inefficiency:</h3>
          <div>The constant attrition of agents coupled with seasonal volume fluctuations causes an operational havoc within contact centres. This compromises productivity by increasing the duration of the learning curve, also incurring a huge cost on the training of new agents.</div>
          <br />
          <h2 class='heading2 blog-unitHeading semiBold'>Email Automation in Banking</h2>
          <br />
          <div>A growing number of customers choose email as a channel for communication, thus emerging as the most preferred digital platform for customer service. Email automation using a mail bot automates mundane and repetitive tasks leaving more time for agents to handle complex queries.</div>
          <br />
          <div>MailERA is a self learning, out of the box email automation tool pre-trained on customer support queries for the Banking industry. With several implementations across the BFSI sector, MailERA is the predominant domain expert to drive automation in banking customer experience.</div>
          <br />
          <h2 class='heading2 blog-unitHeading semiBold'>How MailERA Transforming the CRM through Email Automation</h2>
          <br />
          <div>The application of email automation as a technological capability renders renewed opportunities to achieve business goals. MailERA’s deep Learning capabilities combined with robotic process automation, natural language processing, and machine learning algorithms provide a delightful omnichannel customer experience.</div>
          <br />
          <div>MailERA is an intuitive platform that connects the mailbox with your CRM to automate responses to customer queries. It scans through emails, processes content, automatically tags emails into predefined buckets, extracts relevant information from the email and validates the same with the CRM in order to draft automated responses with minimal human effort.</div>
          <br />
          <h2 class='heading2 blog-unitHeading semiBold'>Banking Use Cases Running in Automation Mode</h2>
          <br />
          <div>Complete automation has been achieved in some of the most repetitive, mundane, and time-consuming use cases that occupy the highest bulk of incoming email in a banking CRM. Some of the many use cases that have undergone complete automation with MailERA’s Deep Learning based automation are:</div>
          <br />
          <div class='blog-tabList'>
            <h3 class='subHeading2 semiBold blog-darkHeading blog-uli headingLineHeight'> KYC Status</h3>
            <div>MailERA uses NLP to identify emails of customers requesting for their KYC status.  Using APIs, it fetches the required  information and addresses the request instantly, using customised response templates.</div>
            <br />
            <h3 class='subHeading2 semiBold blog-darkHeading blog-uli headingLineHeight'> Offers Reading Cash Back</h3>
            <div>MailERA reads and understands the query and communicates with the database to quickly draft relevant Applicable offers.</div>
            <br />
            <h3 class='subHeading2 semiBold blog-darkHeading blog-uli headingLineHeight'> Queries Regarding the transaction</h3>
            <div>MailERA addresses such repetitive queries seamlessly to provide instant relief to the customer seeking reasons for the freezing of their transactions such as</div>
            <div class='blog-tabList'>
              <div class='blog-uli'> Credit Freeze</div>
              <div class='blog-uli'> Debit Freeze</div>
            </div>
            <br />
            <h3 class='subHeading2 semiBold blog-darkHeading blog-uli headingLineHeight'> Explanation of Various Charges</h3>
            <div>Banking includes subsequent explanation of various charges incurred by the customers such as alerts charges, debit card charges, POS charges, cheque book charges, NB pin charges.  MailERA quickly gathers the correct information from the CRM, verifies the customer’s inputs, and automatically reverts with a comprehensive explanation behind the charges in less than 5 minutes, without involving human intervention.</div>
            <br />
            <h3 class='subHeading2 semiBold blog-darkHeading blog-uli headingLineHeight'> Request for Static Data Updation</h3>
            <div>Customers often request to change or update basic KYC related information such as email ID, mobile number, PAN number, Aadhaar Number etc. MailERA automates this process by capturing the information provided by the customer and verifies it with the supporting documents attached in the email using its proprietary OCR tool to quicken the process and avoid the risk of fraud.</div>
            <br />
          </div>
          <div class='headingLineHeight'>Some other repetitive banking queries that have benefitted from Automation are:</div>
          <div class='blog-tabList'>
            <div class='blog-uli'> Account Statement Requests</div>
            <div class='blog-uli'> Transaction Status Requests</div>
            <div class='blog-uli'> Unable to carry out Transactions requests etc.</div>
          </div>
          <br />

        </div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>Conclusion</h2>
        <br />
        <div>MailERA’s  advanced NLP capabilities combined with deep learning technology identifies and decodes intents from the email body using a unique pattern-based recognition approach. It further categories and tags emails with more than 90% accuracy. It is a complete end-to-end platform that can fetch, extract and update the information in the CRM from the e-mail, and can generate tickets through the CRM when needed. What’s more, with immense domain expertise with several implementations in the banking sector, MailERA is now available as an “Out of the box” tool that can be trained in-house, and tailored to fit customised requirements without the need to share sensitive data outside the organisation’s premise. An AI powered tool that trains itself using data limited to the walls your organisation. What more could you look out for!</div>
        <br />
        <br />
      </div>

This article will primarily focus on how the use of an AI enabled Mail Bot can boost operational efficiency and productivity, bringing a profound sense of customer satisfaction and loyalty by automation of customer support email responses.

Email Automation Use Cases for Efficient Customer Support in Banking

<div class='blog-desc desc'>
        <br />
        <div>Communication is the key to sustain relationships and develop better possibilities. As the era progressed, with technological innovations and globalization, vast possibilities opened in the front of trade. With increased competition amongst enterprises, customer support gained centrality for the holistic growth of any company. It is the pillar of customer relationship management. Failure in customer retention is a huge drawback for companies as great customer experience is a major competitive advantage that drives sales. 45% of companies regard experience management as their number one priority.</div>
        <br />
        <div>Proper utilization of customer data helps companies provide quicker and more personalised support to their customers. After all, happy customers are what contributes to enterprises’ good reputation.</div>
        <br />
        <div>This article seeks to enlighten the broadened possibilities of adopting email automation to significantly enhance customer satisfaction with reduced turnaround time in the insurance industry which deals with sensitive information.</div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>The Traditional Methods of Email Response in an Insurance Company</h2>
        <br />
        <div>An insurance company gets a vast number of emails within and beyond its operational hours. Since insurance is an avenue to protect from emergencies, urgent requests can pour in at  any given point of time across the year. AmyGB.ai's deployment data suggests that approximately 50-75% of customer e-mails typically revolve around queries for insurance soft copy, renewal of policies, endorsement requests, claim settlement and claim status requests.  As of today, a typical email response management process involves hundreds of e-mails pouring into a ticketing desk, which allots emails to agents either on a round robin basis, or based on specific skill sets. Agents are expected to read the contents of the email, tag the email into a predefined business category, fetch information from the CRM or backend databases and appropriately respond to the customer’s request. However, this manual process visibly involves the following difficulties:</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>1 High Turnaround Time</h3>
        <br />
        <div>Agents are often immersed in a backlog of unresponded emails. Also, manually reading, tagging, searching and responding to support requests is hugely time consuming, resulting in obnoxiously high resolution times. While most organisations promise their customers a response time of 24-48 hrs, our data suggests that in more than 35% of cases, this timeline is breached, resulting in unhappy, angry and irate customers.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>2 Operational Inefficiency</h3>
        <br />
        <div>As businesses expand, huge volumes of emails flood their email desks with an overwhelmed set of agents working relentlessly trying to cater to the volume surges, thus negatively impacting response time or quality.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>3 Volume Surge</h3>
        <br />
        <div>Seasonal Businesses such as Insurance typically go through peaks and dips in demand, thus creating operational havoc for Customer Support leaders.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>4 Human Error</h3>
        <br />
        <div>The quality and consistency of customer communication largely depends on the training and varied skill sets of manual agents. This not only gives way to more errors, but also impacts uniformity in communication.</div>
        <br />
        <div>Manually responding to routine email inquiries can adversely affect a company’s resources by marginalizing complicated issues. The arrival of artificial intelligence can aid agents with custom responses to cut through huge volumes of support emails. Until recently, using AI based automation posed the following challenges:</div>
        <br />
        <div class='blog-tabList'>
          <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Limited Understanding of Text</h3>
          <br />
          <div>For long, understanding of large, unstructured pieces of text posed a big problem area for automation, with accuracy dipping below 50%.</div>
          <br />
          <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Lack of Schema or Structure</h3>
          <br />
          <div>Emails are considered the most unstructured form of communication due to the sheer variance in style, nature and quality of communication, with little control over communication type, unlike in chatbots.</div>
          <br />
          <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Operational Errors</h3>
          <br />
          <div>Anyone who understands AI, would know that the output gets as good as the data used for training. Unfortunately, due to tagging errors made by manual agents (which goes as high as 40% in incorrect tagging of emails), poor data quality led to poor accuracy.</div>
          <br />
          <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Legacy Systems</h3>
          <br />
          <div>Integrations with legacy systems created a bottleneck for implementation of third party AI software.</div>
          <br />
          <h3 class='subHeading2 semiBold blog-uli blog-darkHeading'> Data Security</h3>
          <br />
          <div>Many insurance companies are sensitive about data security and privacy policy, and express discomfort over sharing email data to third parties for training.</div>
        </div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>Introducing MailERA®- A Comprehensive, End-to-End Email Automation Platform</h2>
        <br />
        <div>AmyGB, with its team of expert data scientists, has successfully developed and deployed a unique, self-learning end-to-end email automation tool that works out of the box to provide value from day one.  MailERA® is capable of reading emails using Natural Language Processing, identifying the intent using Deep Learning and pattern recognition models, automatically tagging the emails, extracting relevant information from the mail body, fetching data from the CRM and sending auto-responses to resolve customer queries instantly. What makes MailERA even more delightful to data sensitive companies is that our out of the box model requires minimal training and has self learning capabilities that allow organisations to train the algorithms by themselves, using a very simple interface.</div>
        <br />
        <div>MailERA® has acquired its domain expertise in the insurance sector by virtue of having deciphered complex unstructured data of leading insurance giants like Reliance General Insurance and Bharti Axa. The problems of manual working, human error, subjectivity, and time need a trailblazer technology that understands unstructured text with high accuracy, fast turnaround time with minimum training effort with limited data requirement.</div>
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>Automation and its Benefits</h2>
        <br />
        <div>Automation ensures more error-free data entering the system, and hence a significant reduction in customer complaints regarding claim status, soft copy requests, renewal requests and endorsements status, and changes.</div>
        <br />
        <div >Automation ensures more error-free data entering the system, and hence a significant reduction in customer complaints regarding claim status, soft copy requests, renewal requests and endorsements status, and changes.</div>
        <br />
        <a class='blog-link' href='https://amygb.ai/blog/customer-excellence-use-cases-with-intelligent-email-automation-in-the-insurance-industry/'>Read our blog on Insurance Customer Support Use cases solved by Intelligent Automation</a>
        <br />
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>Advantages of MailERA® Driven Automation</h2>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>1 Out of the Box, Self Learning Model</h3>
        <br />
        <div>As explained above, MailERA differs from other automation software as it requires minimal training data and comes with a unique, first of its kind self learning interface that allows users to self train the algorithms to provide instant value from day one.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>2 Turn Around Time</h3>
        <br />
        <div>MailERA has proven to reduce customer response time by more than 98%, providing near instant responses to a set of very happy customers.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>3 Productivity</h3>
        <br />
        <div>AmyGB’s customers have shown to increase their team’s productivity by more than 300%, with the automation software being able to handle enormous volume surges without the need to ramp up their teams.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>4 Cost Efficiency</h3>
        <br />
        <div>Our customers have achieved a near 70% reduction in cost by re-deploying human agents to more productive tasks that appreciate their skill sets.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>5 Minimised Errors</h3>
        <br />
        <div>MailERA has successfully achieved a beyond 98% accuracy in email categorisation, surpassing human accuracy by more than 40%.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>6 Customer Satisfaction</h3>
        <br />
        <div>AmyGB’s MailERA has helped double the Customer Satisfaction (C-SAT) scores by 2x, with an increased number of happy and loyal customers, overjoyed with the speed, efficiency and dependability of responses.</div>
        <br />
        <h3 class='subHeading2 semiBold blog-li blog-darkHeading'>7 Document Processing & Fraud Detection</h3>
        <br />
        <div>MailERA is equipped with the Computer Vision capabilities of our IDP product “VisionERA”, which extracts data from attached documents and processes the information for insights or entry into the database. The tool also helps minimise risk of fraud by validating the authenticity of the documents and triangulating data with other sources to identify and flag possible fraudulent transactions.</div>
        <br />
        <a class='blog-link' href='https://www.amygb.ai/success-stories/'>Read about our customer success stories on how implementation of MailERA has helped improve customer experience for Insurance giants</a>
        <br />
        <br />
        <h2 class='heading2 blog-unitHeading semiBold'>Choose MailERA® for an Enthralling Automotion Experience </h2>
        <br />
        <div>MailERA®’s superior machine learning capabilities is adding profound value to the Insurance sector’s customer experience by doing away with dependence on manpower for repetitive tasks, especially during such times of limited workforce availability (<a class='blog-link' href='https://www.amygb.ai/success-stories/how-reliance-general-insurance-increased-their-productivity-by-300-percent/'>Read how Reliance General Insurance continued to provide assistance to its customers with the same spirit of speed and reliability even during the COVID-19 induced Pandemic</a>). It is no wonder that CX leaders all over the world are resorting to automation solutions encompassing AI to minimise risk of errors and providing a more enthralling support experience to their esteemed customers, whose satisfaction and loyalty forms the backbone of any organisation.</div>
        <br />
        <br />

      </div>

Talk to our automation experts now, and book your free demo slot

This article seeks to enlighten the broadened possibilities of adopting email automation to significantly enhance customer satisfaction with reduced turnaround time in the insurance industry which deals with sensitive information.

Out of the Box Email Automation Solutions for Insurance Companies

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        <div>Intelligent Document Processing or IDP is a technology that can help automate the process of extracting data from physical documents. These can be digitally typed and printed documents or even complex handwritten ones. While such processes were handled by human beings, businesses had to factor in a lot of cost and time to get these projects done. Of the various intelligent document processing platform benefits, the primary one is offering an opportunity to B2B businesses to create a new value proposition and drive business outcomes that are disruptive and transformative. So, what are the top benefits of intelligent document processing? And how can it revolutionize your businesses?</div>
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        <h2 class='heading2 blog-unitHeading semiBold'>Intelligent Document Processing Platform Benefits</h2>
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        <div>Most businesses face a lot of pressure to reduce costs, comply with regulations, and satisfy the ever-growing needs of their customers. Hence, the reliance on unstructured information like images and documents has been on a steady rise. Further, most businesses are turning to Big Data for better insights into their processes and customers making the need to accurately capture data more critical. Most businesses can leverage the following benefits of intelligent document processing platform to design more efficient processes:</div>
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        <div>Consider a bank, for example, that receives hundreds of different documents a day, from multiple sources like fax, post, and email and in multiple formats like PDFs, forms, and images. These documents have to be categorized based on type (new account applications, insurance claims, credit card applications, identity proofs, etc.) and the data has to be manually extracted, processed, filled and sent to the next step in the workflow. Current manual data entry processes are laborious, time-consuming and highly error prone. IDP integrates right from the start of the data lifecycle to the end taking over all manual operations. A good IDP solution should be capable of automatically categorizing documents, extracting, validating and grouping data, and automating its flow to the right workstream.</div>
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          <div class='blog-uli'> Boost the efficiency of the existing processes by reducing human intervention in a document-related process. Automation ensures that the overall efficiency of the process improves.</div>
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          <div class='blog-uli'> Helps save time and costs. Traditional, manually driven processes to convert physical documents into editable digital data is a time and cost-consuming process. With IDP, businesses can use automation to save both time and money.</div>
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          <div class='blog-uli'> Businesses with Large volumes of data can benefit largely from automation of processes at scale. Larger the number of documents, higher is the efficiency and optimisation derived.</div>
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          <div class='blog-uli'> IDP can be implemented in any industry, for any process, and/or business of any size. It is inherently scalable and can be used for a wide range of documents.</div>
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          <div class='blog-uli'> If a business has complex regulations and compliances to take care of, then IDP offers a digital trail that can be used to audit and ensure compliance with these regulations.</div>
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        <h2 class='heading2 blog-unitHeading semiBold'>Examples of Intelligent Document Processing (IDP) Use Cases</h2>
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        <div>An IDP platform can benefit a wide range of industries and processes. Here is a quick look at some businesses where IDP can play a crucial role in making the processes more efficient.</div>
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        <h3 class='heading2 blog-industryHeading semiBold'>Banking Industry</h3>
        <div>Physical documents such as Handwritten forms, applications, background verification documents, etc. are synonymous with banks. While most banks have been trying to automate processes and embrace digital options, many processes still bank on physical documents that require manual processing. Data is a crucial resource for the banking industry. From customer onboarding processes to the loan department, banking processes are heavily reliant on data. Today, banks also have to offer digital services to the customers which require them to have all the historical data in the digital format. An intelligent document processing platform benefits banks by ensuring that the data captured is structured and error-free with real-time analytical insights.</div>
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        <h3 class='heading2 blog-industryHeading semiBold'>Accounting Processes</h3>
        <div>Accounts need to be maintained across all industries and organizations. It involves a lot of documents like bills, invoices, purchase orders, contracts, etc. While traditionally all these documents have been processed manually with data being entered by humans in an accounting system, IDP can help extract data from these documents and convert them into a digital format with ease. This can help improve the efficiency of the process and save a lot of time.</div>
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        <div>To take an example, most B2B businesses process several invoices in a month. Most invoices are physical documents that are sent to the accounting team for processing. An intelligent document processing platform benefits these processes by extracting data from these documents automatically and entering it into the ERP or accounting software. This invoice processing automation saves time, costs, improves the efficiency of the invoice processing process, and reduces the risks of making late payments.</div>
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        <h3 class='heading2 blog-industryHeading semiBold'>Mortgage Firms</h3>
        <div>Firms that offer mortgage loans have to deal with volumes of paperwork like application forms, credit and verification reports, legal documents, etc. Manually processing and handling these documents can use up a lot of the firm’s human resources. Small firms can also process hundreds of documents per week. An intelligent document processing platform benefits such firms by managing all types of physical documents, automatically extracting information, and improving the overall efficiency of the workflow.</div>
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        <div>These firms need to verify the applicant’s personal information, credit report, collateral-related documents, and a range of legal papers before approving/denying the loan. If the loan is approved, then the firm needs to keep records of all the documents in its software. With an IDP, this can be done in no time with minimal manual intervention.</div>
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        <h3 class='heading2 blog-industryHeading semiBold'>Human Resources</h3>
        <div>Like accounting, human resources (HR) is an integral part of all businesses. The HR team manages volumes of data pertaining to employees, recruitment, financial records, training, career progression of employees, employee reviews, etc. Most of this data is collected regularly and larger organizations can see huge volumes of data in different formats being sent to the HR team. Managing and processing it can be a huge task for HR employees.</div>
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        <div>This is another area where an intelligent document processing platform benefits the organization. With an automated IDP platform, the HR team can manage large volumes of physical documents with relative ease. Hence, there is no loss of important information or a backlog of documents to be processed. The team can focus on gathering insights and making the necessary changes in the organization.</div>
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        <h3 class='heading2 blog-industryHeading semiBold'>Healthcare Industry</h3>
        <div>The healthcare industry lays a lot of emphasis on the medical records of a patient. It is important for all healthcare providers to maintain these records and make them available on-demand if the need arises. This is a critical industry where a delay of a few minutes can be fatal. Traditionally, most healthcare providers kept patient data in physical files and folders in their record rooms. Hence, if the documents of a particular patient were needed, then the staff had to sift through the paperwork to find what they needed. This took time and the risk of missing out on an important document was inherent to this process.</div>
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        <div>The intelligent document processing platform benefits the healthcare industry by extracting information from physical documents automatically and storing it in the healthcare provider’s database. This allows for easy and timely access to a patient’s medical records when needed and gives medical professionals a complete overview of the patient's history at a click of a button. Apart from maintaining health records for Hospital Management Systems, IDP can also help optimize data management in clinical trials and quicken claims processes by automating information extraction from discharge summaries and hospital bills and automating medical coding processes.</div>
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        <h3 class='heading2 blog-industryHeading semiBold'>Travel Expense Management</h3>
        <div>Many travel management firms offer business travel management services that include the management of itineraries, meeting schedules, local transport, travel expenses, and reimbursement. These firms ask users to scan and upload travel-related receipts and deposit the money in the bank.</div>
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        <div>These firms process receipts manually which involves a lot of manual work and time. Such firms can use intelligent document automation and process the receipts within no time with reduced errors and increased accuracy.</div>
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        <h2 class='heading2 blog-unitHeading semiBold'>Summing Up</h2>
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        <div>In the digital world of today, data management plays a crucial role in the success of a business. The efficiency of managing data can impact the operational costs, performance of services, and influence the bottom line of any organization. Companies that leverage the intelligent document processing platform benefit from improved productivity, reduced costs and focused growth and expansion. IDP is a technology that can open new doors to success and prepare your organization for the future.</div>
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Intelligent Document Processing or IDP is a technology that can help automate the process of extracting data from physical documents.

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