Tracking records can be a tedious task. The challenge increases if the work is done manually. Amidst all this, how are you supposed to turn your organization smarter? Let our IDP solutions be your guest in digitally maintaining your cluttered documents!
Various organizations deal with piles of documents every single day. Regardless of their industry they belong to, large documents can be difficult to manage and maintain. 80-90% of enterprise data is unstructured that is virtually impossible to leverage within standard systems. Moreover, 80% of documents are papers for which 65% of workers are deployed to structure and store them properly.
Tracking records can be a tedious task. The challenge increases if the work is done manually. Amidst all this, how are you supposed to turn your organization smarter?
Let our IDP solutions be your guest in digitally maintaining your cluttered documents!
Benefits of Automated Document Processing in Retail
Here are a few top reasons that will make you choose our document data extraction solutions to escalate your retail organization’s revenue:
- Companies adopting automated data capture for automating their workflow have not only reduced processing time but also lowered labor costs by as much as 30%.
- Not only this, AI document extractions can reduce processing time by 50% or more, eradicating errors and having a radical effect on productivity and efficiency.
- Implementing best accounts payable solution for retailers in the office generates 30-200% ROI in the first year, mainly in labor savings. Since staff no longer have to work on time-consuming tasks, they can better utilize their creative time for the company.
- AI document extraction can save $2.9 million a year by helping the enterprise reduce its manual extraction staffing by 50%.
- IDP can be used to cut its RFP response time down to a week from three weeks, and process 400% more RFPs than it could with a staff of 80 people reading complex diagrams in documents.
- Your industrial organization can increase proposal win rates by 40% with effective and robust IDP solutions.
- AP software can reduce the risk of human errors by 52% or more, depending upon the industry type and the way technology has been executed.
- Automated document processing can reduce document processing times by 50-70% and document verification time by 85%.
Process of Implementing AI Document Extraction Systems to Your Organization
Implementing a document processing solution in an organization typically involves the following steps:
- Requirements gathering: Identifying the business requirements for document processing and defining the scope of the project.
- Evaluation and selection: Evaluating different document processing solutions available in the market and selecting the one that best fits the organization's requirements.
- Implementation planning: Developing a detailed plan for deploying the selected document processing solution, including setting up the infrastructure, configuring the systems, and defining the processes.
- Deployment: Installing the document processing solution and configuring it to meet the organization's requirements.
- Integration: Integrating the document processing solution with other systems and tools used by the organization, such as content management systems and data storage systems.
- Testing: Conducting functional and performance tests to ensure the document processing solution is working as expected.
- Training: Providing training to the users and IT staff to ensure proper use of the document processing solution.
- Maintenance and support: Ongoing maintenance and support of the document processing solution, including software upgrades and bug fixes.
However, the exact process may vary based on the specific document processing solution, the size and complexity of the organization, and the existing IT infrastructure.
Need to Turn Your Organization Smarter Using IDP Solutions
There are several reasons why organizations may choose to implement document processing solutions in the form of accounts payable solutions to become "smarter":
- Improved efficiency and productivity: AI document extraction automates repetitive manual tasks, such as data extraction, data validation, and document classification, reducing the time and effort required to process documents.
- Increased accuracy: Automated invoice management can help to reduce the risk of human error and improve the accuracy of information captured from invoices.
- Better decision-making: AI document data extraction can extract meaningful data from documents and provide insights that can inform business decisions.
- Compliance: Automated data capture solutions can help organizations meet regulatory requirements by automating document-based processes and ensuring the secure storage and retrieval of sensitive information.
- Better customer experience: Invoice automation can help organizations provide a better customer experience by reducing processing times and improving the accuracy of information.
Features of Hi-Tech AP Software That Can Make Organizations Smarter
A good AP software should have the following features:
- OCR (Optical Character Recognition): Ability to accurately extract text and data from scanned images or PDFs.
- Data extraction: Ability to extract specific data fields from documents such as names, addresses, and numbers.
- Document classification: Ability to automatically categorize and sort documents based on their content and type.
- Workflow management: Ability to automate and streamline document-based processes, such as approvals and routing.
- Integration: Ability to integrate with other systems and tools used by the organization, such as content management systems and data storage systems.
- Security: Robust security measures to ensure the confidentiality and privacy of sensitive information.
- Scalability: Ability to scale up or down based on the organization's needs.
- User-friendly interface: Easy-to-use interface for both IT staff and end-users.
- Reporting and analytics: Ability to generate reports and provide insights into document processing activities.
- Technical support: Availability of technical support and maintenance services to ensure the solution is up-to-date and functioning properly.
The adoption of Intelligent Document Processing solutions is a crucial step towards a smarter and more efficient organization. With its ability to automate the extraction, categorization, and analysis of information from various types of documents, IDP can significantly improve document management processes and business operations.
By reducing manual data entry, improving accuracy, and providing new insights into business processes, IDP can help organizations to reduce costs, improve performance, and enhance the customer experience. With the next-generation IDP solutions available, organizations have a unique opportunity to streamline their processes and stay ahead of the competition in today's fast-paced business environment.
Currently, VisionERA can be implemented in your organization at $ invoicing. Want to learn more about VisionERA and its compelling features, simply set up a demo with our automation expert by clicking here. You can also use the trial version.
FAQs on Intelligent Document Processing
- What is Intelligent Document Processing (IDP)?
Intelligent Document Processing (IDP) is a technology that uses artificial intelligence and machine learning algorithms to automate the extraction, categorization, and analysis of information from various types of documents, including structured and unstructured formats such as invoices, contracts, forms, and others.
- What are the benefits of intelligent document processing in retail?
By automating the extraction of data from documents, document processing automation makes it possible to gain new insights into business processes and operations, allowing organizations to make more informed decisions and improve performance.
- Can IDP automate invoice processing and reduce manual errors?
Yes, IDP can automate invoice processing and reduce manual errors. By using machine learning algorithms to extract data from invoices, intelligent document processing can automate the process of data entry and reduce the risk of manual errors. This can lead to faster processing times, improved accuracy, and increased efficiency.
AmyGB.ai is an AI research company that builds Intelligent Document Processing software to solve real world problems using advanced technology such as Computer Vision, Machine Learning and Natural Language Processing. Using proprietary AI technology with zero third-party dependency, AmyGB.ai’s products are set to revolutionize document heavy business processes by streamlining multiple channels so as to deliver end-to-end process automation. They aim to move towards a paper free, efficient and intelligent processes. In addition, whether you're looking for a custom AI IDP application or seeking to integrate IDP solutions into your existing systems, AmyGB.ai has the experience and expertise to help you achieve your goals.