IDP can be a game-changing solution for your logistics business. Learn more details on how exactly it is possible.
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?
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.
This article looks at everything you need to know about IDP systems and how they can benefit your business.
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).
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.
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.
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.
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.
IDP brings along with it a range of benefits for your logistics business. 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.
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.
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.
Here are the various benefits of using intelligent document automation processing for your logistics business.
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.
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.
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.
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.
VisionERA 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.
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.
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.