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December 30, 2022
Learn about the economic impact of VisionERA post implementation.
Paper and unstructured data can form 90% of enterprise data. Certain paper processes in banking, insurance, manufacturing, and supply chain are at the core of business operations. However, most automation systems are unable to decipher, process, and use this unstructured information. This results in manual data entry and repetitive tasks at several points in the process. Intelligent Document Processing bridges this gap in automation. It extracts data from unstructured documents and pushes the data in the automation systems in a structured format, eliminating swivel chair operations.
Faster and more accurate document processing. With an IDP solution such a s VisionERA, less manual
intervention is required to process documents, which reduces errors. It is easier for companies to scale their document processing as needed.
Enhanced document classification and entity recognition processes allowed the organizations to classify documents and recognize entities more efficiently. Less manual effort is required to review and classify the documents.
Intelligent Document Processing (IDP) automates data extraction from complex, unstructured documents, helping enterprises create a new value proposition for their organizations and customers. Until now, only humans could process these kinds of documents, costing companies time and money. By removing manual data processing bottlenecks with IDP, enterprises can drive new, transformative business outcomes.
IDP’s business impact is clear and immediate. Most clients achieve ROI in just a few months by removing the manual processing bottleneck.
Some economic impact that an IDP platform such as VisionERA can have on an organization are-
A study by SnapLogic indicated that 90% of employees are burdened with repetitive tasks that could be automated. Moreover, that causes the losses equal to 19 working days per employee in a year.Instead of time-consuming paperwork and document classification, your Accounting or Finance Team should focus on tasks that generate more value for the whole business, while the document workflows are automated. Think of invoices processing using AI, where the Accounts Payables team can increase their capability in document processing if data extraction and manual entry into the ERP system is automated.In other words, the same amount of employees can significantly improve their efficiency thanks to document automation.
Another critical benefit is simplified internal document communication. This may sound like a headache for the biggest fish in the pond. However, even mid-market businesses employ various ERP and CRM systems that generate documents.IDP does the heavy lifting of transforming data from a plethora of multiple documents and streamlining that data into a standard format. All team members will be looking at data processed in a standardized manner.
While we’ve been focusing mostly on invoices so far, there are other types of documents that can vastly improve other processes, i.e. complaints processing.By establishing specific templates for your complaints, IDP can help quickly extract critical data from complaint forms and boost the performance of your Customer Success team.
Well, that’s about that. After that long read, you (hopefully) feel encouraged to learn more about the implementation of VisionERA’s IDP. VisionERA is a state of the art IDP platform with ready-to-deploy use cases in HR, Accounting, and much more.
We’re also adding more use cases and expanding to new markets. If you’re ready to start automating your document processing, click below to schedule a demo with our automation experts now.