by Shashi Bhargava, on Jan 12, 2024 4:40:18 PM
Key takeaways from the blog
- Intelligent Document Processing helps bridge the automation gap between ERPs and manual paperwork.
- TruCap+ IDP has in-built document ontologies to expedite process automation in a contextually sensitive environment.
- TruCap+ Marketplace is a proprietary repository of document ontologies or encodings that help speed-to-value.
Businesses selecting ERPs as a secondary automation solution for record maintenance tend to increase their technical debt in the long run. The approach still retains paper processes in their original form, resulting in swivel chair operations. Intelligent Document Processing helps businesses to bridge this process gap and at the same time improve business productivity.
How does Intelligent Document Processing help jumpstart automation in paper-intensive processes?
Intelligent Document Processing works with semi-structured and unstructured data in documents. It extracts the free-flowing textual data by using a highly intuitive framework in a contextual environment powered by Artificial Intelligence (AI). Intelligent Document Processing uses its in-built template-free approach and document ontologies to help businesses hit the road running from day one. For example, TruCap+ Intelligent Document Processing (IDP) automated Data Capturing Of Import Collection Documents For A European Bank
What are the challenges encountered by businesses in adopting IDP?
Common challenges in adopting IDP include:
- Poor document quality and low resolution.
- Different formats of unstructured documents.
- Integrating with different pre-existing infrastructure.
Solutions offered by modern IDP solutions, such as TruCap+ IDP, circumvent about these common challenges:
- Offer advanced image-processing to improve data extraction quality.
- Offer AI-driven template-free contextual understanding for different document formats.
- Provide robust API capabilities for integrating with enterprise applications.
With high workloads, how can you navigate around the downtime during automation deployment?
Intelligent Document Processing automation solution is exclusively used for processing heavy paper-driven workloads and is a plug-and-play platform. Its deployment results in practically no downtime! Intelligent Document Processing directly integrates with downstream systems. It incorporates the unstructured data extracted from documents in a structured form into the business systems. It uses Document Ontologies for jumpstarting document automation.
What are Document Ontologies?
Document Ontologies are in-built set of document encodings and frameworks in Intelligent Document Processing platforms. Each document ontology is carefully researched and designed to incorporate all the fields mostly found in a certain category of document, such as purchase order or invoice. The platform uses ontologies for identifying and classifying documents before data extraction and document processing. Business users can directly use these ontologies or modify them, if required, to process any unstructured or multi-structured document. The Intelligent Automation Document Processing solutions of people’s choice usually have in-built document ontologies to expedite the process automation related to high volumes of unstructured data. They are also mostly available in the Azure Marketplace.
What is the Intelligent Document Processing Marketplace for Document Ontologies?
Intelligent Document Processing (IDP) Marketplace is a proprietary repository of Document Ontologies and document frameworks that is available on the TruCap+ IDP platform. It helps business users jumpstart the automation of document-intensive processes by using the AI-powered TruCap+ IDP platform. The marketplace complements the AI-driven template-free approach of the TruCap+ IDP platform, enabling businesses to go live with the document data extraction automation right from day one.
How does the Marketplace for Document Ontologies help speed-to-value?
The Intelligent Document Processing Marketplace hosted on the TruCap+ IDP platform has a pre-built library of document frameworks or document ontologies. With a template-free approach and the potential to go live using the plug-and-play mechanism, TruCap+ in combination with the marketplace of document ontologies ensures faster return-on-investment and speed-to-value.
How do the document-specific ontologies help to quickly remodel the solution?
The in-built set of TruCap+ document ontologies are document-specific. That is there is a unique ontology for invoices, contracts, agreements, and KYC documents, respectively. Each document ontology is highly researched, designed, and developed to incorporate almost all the fields that are usually found for a particular document class, for example, an invoice. The ontologies can be easily modified, as required, and quickly deployed for maximized output.
How does Intelligent Document Processing offer flexibility as per innovation appetite?
Intelligent Document Processing platform TruCap+ is highly flexible and integrable with most ERPs and downstream systems, including robotic process automation and business intelligence solutions. TruCap+ IDP seamlessly integrates with licensed Generative AI solutions and allows querying on lengthy and tedious unstructured documents, such as contracts and agreements. The approach helps to discover points that are best for the business interest or are detrimental to it. This Information Discovery is pertinent to most business functions, such as legal, procurement, manufacturing, logistics, etc. TruCap+ IDP can be integrated with more than one automation solutions to bring forth Intelligent Automation or end-to-end automation in the most complex business environments, such as Trade Finance.
What is the return-on-investment (RoI) for TruCap+ IDP solution?
The RoI on TruCap+ IDP is significant and realized within 6 to 12 months of implementation. The primary metrics for monitoring the RoI are:
- Cost savings: A significant reduction in manual operations and rework results in savings in operational costs.
- Productivity gains: Automation of manual processes frees up the human resources to focus on high-acumen tasks, leading to higher employee engagement.
- Higher accuracy: AI-driven TruCaP+ IDP improves data capture accuracy and eliminates manual error and rework.
- Faster cycle time: Quicker turnaround leads to accelerated document processing, improved customer engagement, and better revenue cycles.
- Faster time-to-value: TruCap+ IDP offers a plug-and-play model along with ready-made document ontologies, which translates into faster time-to-value.
What are the success stories for TruCap+ IDP?
- Media company: MullenLowe Lintas, a powerhouse in the advertising industry, overcame the inefficiencies of manually collating media coverage about their customers and sifting through vast amounts of unstructured data, validating it, and keying it into the business systems by using TruCap+ IDP. This advertising company automated data extraction with high accuracy across different physical newspapers, e-newspapers, and articles. It enabled the company to keep their customers informed about their media presence in real-time. TruCap+ IDP enabled MullenLowe Lintas to reduce the turnaround time from days to 25 mins with highly accurate outcomes.
- European bank: Norway’s largest financial services group overcame the challenges of manual bottlenecks and slow processes by leveraging AI/ML-powered TruCap+ IDP for Trade Finance processing. It efficiently dealt with behind-the-scenes challenges that required processing letters of credit, cover letters, invoices, certificates of origin, etc., that arrived in different formats. They leveraged TruCap+ IDP along with TruBot RPA to improve the trade finance document processing turnaround time by 800%, improve productivity by 90%, and reduce operational expenditure by 50% with very high accuracy.
What is the pricing model of Datamatics TruCap+ IDP?
Datamatics TruCap+ pricing is flexible and scales according to the business requirements. Its subscription-based model is based on the number of documents to be processed. Flexible pricing allows businesses to start small and scale as per their requirements. Most prospects start with a paid proof-of-value to gain a buy-in from their leadership team before an enterprise roll-out.
Simply put
Intelligent Document Processing solutions are important for bringing paper-intensive processes in the ambit of automation at an accelerated pace. These solutions have inbuilt document ontologies (frameworks or encodings) that help auto-identify and auto-classify the documents received for processing. TruCap+ IDP has Intelligent Document Processing Marketplace or proprietary repository of document ontologies. These ontologies along with an AI-driven template-free approach, enable businesses to jumpstart automation, ensuring faster return-on-investment and speed-to-value.
