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Intelligent Document Processing or IDP is a technology that can help automate the process of extracting data from physical documents. These can be digitally typed and printed documents or even complex handwritten ones. While such processes were handled by human beings, businesses had to factor in a lot of cost and time to get these projects done. Of the various intelligent document processing platform benefits, the primary one is offering an opportunity to B2B businesses to create a new value proposition and drive business outcomes that are disruptive and transformative. So, what are the top benefits of intelligent document processing? And how can it revolutionize your businesses?
Intelligent Document Processing platform benefits
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 on a steady rise. Further, most businesses are turning to Big Data for better insights into their processes and customers making the need to accurately capture data more critical. Most businesses can leverage the following benefits of intelligent document processing platform to design more efficient processes:
Consider a bank, for example, that receives hundreds of different documents a day, 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 has 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 integrates right from the start of the data lifecycle to the end taking over all manual operations. A good IDP solution should be capable of automatically categorizing documents, extracting, validating and grouping data, and automating its flow to the right workstream.
Boost the efficiency of the existing processes by reducing human intervention in a document-related process. Automation ensures that the overall efficiency of the process improves.
Helps save time and costs. Traditional, manually driven processes to convert physical documents into editable digital data is a time and cost-consuming process. With IDP, businesses can use automation to save both time and money.
Businesses with Large volumes of data can benefit largely from automation of processes at scale. Larger the number of documents, higher is the efficiency and optimisation derived.
IDP can be implemented in any industry, for any process, and/or business of any size. It is inherently scalable and can be used for a wide range of documents.
If a business has complex regulations and compliances to take care of, then IDP offers a digital trail that can be used to audit and ensure compliance with these regulations.
Examples of Intelligent Document Processing (IDP) Use Cases
An IDP platform can benefit a wide range of industries and processes. Here is a quick look at some businesses where IDP can play a crucial role in making the processes more efficient.
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 the 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 is structured and error-free with real-time analytical insights.
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 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.
To take an example, most B2B businesses process several 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, improves the efficiency of the invoice processing process, and reduces the risks of making late payments.
Firms that offer mortgage loans have to deal with volumes of paperwork like application forms, credit and verification reports, legal documents, etc. Manually processing and handling these documents can use up a lot of the firm’s human resources. Small firms can also process hundreds of documents per week. An intelligent document processing platform benefits such firms by managing all types of physical documents, automatically extracting information, and improving the overall efficiency of the workflow.
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.
Like accounting, human resources (HR) is 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 benefits the organization. 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.
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.
Travel Expense Management
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 firms can use intelligent document automation and process the receipts within no time with reduced errors and increased accuracy.
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 intelligent document processing platform benefit from improved productivity, reduced costs and focused growth and expansion. IDP is a technology that can open new doors to success and prepare your organization for the future.
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