IDP (Intelligent Document Processing ) for B2B is a technology that can help automate the process of extracting data from huge volumes of unstructured documents. To understand its application from a business perspective, we have written this article.
With document processes being handled by humans, businesses had to factor in a lot of cost and time to get their document processing work done. Intelligent Document Processing or IDP is a technology that can help automate the process of extracting data from digital and handwritten documents. It can perform its operation on structured to unstructured documents with ease.
Out of the multiple benefits of IDP for B2B, the primary one is an opportunity for businesses to create a new value proposition and drive business outcomes faster that are disruptive & transformative in nature.
So, what are the top benefits of intelligent document processing? And how it can revolutionize your business? Simply read ahead and find out for yourself!
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 ever evolving.
Adding to it, most businesses are turning to Big Data for better insights into their processes for higher customer retention and satisfaction. It makes the need to accurately capture business data more critical. Most businesses can leverage the following benefits of intelligent document processing platforms to design more efficient processes.
Consider a bank that receives hundreds of different documents daily 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 needs 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 developed for B2B businesses integrates right from the start of the data lifecycle to the end taking over all manual operations.
An IDP platform created for B2B can directly benefit a wide range of industries and processes. Here is a quick list of industries and IDP applications that you should know about.
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 their 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 can be exported or forwarded as meaningful information. Also, it is error-free with real-time analytical insights.
Firms that offer mortgage loans have to deal with volumes of paperwork like application forms, credits, verification reports, legal documents, etc. Manually processing and handling these documents can use up a lot of human resources. In fact, even SMEs can end up processing hundreds of documents per week.
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. An intelligent document processing platform benefits such firms by managing all types of documents, automatically extracting data, and improving the overall efficiency of the workflow.
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.
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.
Logistics is primarily based on documents. There are so many document checkups and verification at multiple levels. From multiple custom documents i.e. bills of lading, certificate of origin, packing list, etc to warehouse documents such as labels, invoices etc, logistics workflows are quite document intensive.
Ideally, the ERP system’s databases are utilized in the industry to manage the business data management. The data is manually entered into the ERP systems that use their internal logic to produce different logistics documentation. However by using an IDP, the logistics industry would have the comfort of direct data entry into the ERP system. An IDP platform would scan the batch of documents submitted, and with the help of logic provided by the user will extrapolate all the information directly into the ERP system.
Manufacturing industry offers a variety of document processing use cases that can be directly catered by IDP. For example order form processing, quality assurance, proposal management, etc. However, the biggest challenge manufacturing faces is in terms of manual reconciliation of invoices.
With invoice processing, the industry often loses on early payment benefits and discounts that also often ends up tampering the relationship between manufacturers and the supplier. Although by deploying an IDP platform, the industry can fasten this process to meet the deadline. The IDP platform would directly extract data from the invoices and verify it with the internal database or the document submitted for verification. This similar function can also be repeated for other document processing use cases in manufacturing. An IDP would automate their workflow end-to-end and provide workable data that is free of errors and inefficiencies. In fact, one can even apply business logic to cater the regulatory requirements with minimal manual intervention.
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 for B2B 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.
For example, most B2B businesses process hundreds and thousands of 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, and improves the efficiency of the invoicing process. This predominantly reduces the risks of making late payments.
Like accounting, human resources (HR) is also 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.
This is another area where an intelligent document processing platform can benefit the organizations a lot. 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.
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.
These firms process receipts manually which involves a lot of manual work and time. Such processes can use intelligent document automation and process the receipts in no time with reduced errors and increased accuracy.
The industries and use cases mentioned above are simply the tip of the iceberg and can be applied to almost any document processing use cases. It is because IDP platforms such as VisionERA can be molded as per the requirement. VisionERA has the feature of custom DIY workflow. This feature allows its user to create their own custom workflow and even update an existing one without any coding. Besides this, IDP platforms such as VisionERA also offer other compelling features such as table detection system, checkbox detection, bucketization of documents, etc.
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 benefit of intelligent document processing platforms gain improved productivity, enjoy reduced costs, and focus more on growth & expansion. IDP is a technology that can open new doors for B2B businesses to succeed and prepare their organization for the future.
Note: Want to accelerate your B2B business’s document processes using VisionERA? We have great news for you. We are offering VisionERA at $0 invoicing to help you unwind all your data processing challenges. To understand the terms & conditions in detail? Use the link here.
You can also try out VisionERA for yourself? Simply use our Free trial and upload your documents.
To get a free consultation from our document automation experts, book a demo by clicking on the link provided.