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.
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.
What is Intelligent Document Automation?
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.
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.
Top IDP Use Cases in Manufacturing Industry
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:
Invoice Processing in Manufacturing
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.
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.
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.
Order Form Processing
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:
- Specific products and services provided by a supplier.
- Communication of payment terms.
- Describing the volume of items requested.
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.
Change Request and its Management
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.
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.
Management of Proposals
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.
Quality Records Management
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.
Management of Sales Order
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.
Order Processing Management
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.
EXIM Process Management
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.
How can VisionERA ease Document Processing in the Manufacturing Industry?
VisionERA 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.
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.
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.
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.
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.
Want to learn more about VisionERA and its role in the manufacturing industry? Take a demo now.
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