Why Intelligent Document Processing?
by Vikram Rahul Kanodia, on Feb 4, 2022 9:11:10 PM
Estimated reading time: 3 mins
Paper and unstructured data can form 90% of enterprise data. Certain paper processes in banking, insurance, manufacturing, and supply chain are at the core of business operations. However, most automation systems are unable to decipher, process, and use this unstructured information. This results in manual data entry and repetitive tasks at several points in the process. Intelligent Document Processing bridges this gap in automation. It extracts data from unstructured documents and pushes the data in the automation systems in a structured format, eliminating swivel chair operations.
What does Intelligent Document Processing offer enterprises?
Intelligent Document Processing or IDP uses AI/ML to extract semi-structured and unstructured data from business documents. IDP adds intelligence to data extraction, over and above the capabilities of OCR. Its template-free approach enables it to understand and decipher the different fields in a document type (such as an invoice or a purchase order) without using a template. With minimal setup effort, it uses a single document definition for a particular document type delivers value from day one. Businesses see optimized operational costs, quicker time-to-information, higher information accuracy and faster cycle time. . It is cloud-ready, highly scalable, and brings flexibility with location-free, universal cloud-access.
What does Intelligent Document Processing mean to the BFS Industry?
Banking and Financial Services (BFS) have been the early adopters of business automation. Intelligent Document Processing allows them to improve turnaround time related to many paper-based processes, which involve manual data processing of unstructured data. These could include onboarding of customers and partners in different products and forums, account opening, KYC, Re-KYC, C-KYC, data ingestion in anti-money laundering and fraud detection engines, processing mortgage and loan documents, etc. BFS companies that have adopted IDP have seen improved customer satisfaction and net promoter score and also increased employee engagement.
Read more about Banking and Financial Services IDP use cases >>
What does Intelligent Document Processing mean to Insurance and Healthcare Industry?
Insurance and Healthcare process a voluminous paper workload almost on a daily basis. These sectors involve scanning and uploading documents from different satellite branches across geographically distant locations followed by central processing. The common claim form that is filled is mostly hand-written. Almost all the supporting documents that are received along with the claim form are in different formats. Manual data capture is arduous and erroneous followed by claim adjudication, evaluation, and settlement. It results in lengthy claim fulfillment cycles. Intelligent Document Processing provides a strong fillip to the claim processing cycle. The AI/ML-enabled unstructured data ingestion along with its template-free approach expedites the data capture and the maker-checker processes followed by eyeball verification.
Read more about IDP use cases related to Insurance and Healthcare >>
What does Intelligent Document Processing mean to Manufacturing Industry?
Manufacturing, Logistics, and Supply Chain Management are complementary to each other. As a unit, they involve numerous paper-driven processes, right from supplier onboarding, supplies, and product inventory management, production fulfillment, warehousing, transport, export, trade finance, and many more. In a digital economy, shorter turnaround cycles are a business norm. Intelligent Document Processing empowers businesses to operate seamlessly and efficiently, reducing process failures and saving costs. This directly improves the bottom line and works to fulfill the expectations of their customers and the vendors. It acts as an important connector for connecting and integrating the paper environment with the digital world.
Read more about IDP use cases related to Manufacturing and Logistics >>
Intelligent Automation is the next natural step for Intelligent Document Processing in the evolving automation continuum. Intelligent Document Processing converts unstructured data into structured and brings it into the ambit of automation. Whereas Intelligent Automation makes this data more usable across processes of higher complexity through a push-pull mechanism. It enables enterprises to achieve a faster time to value and higher business profitability through higher orders of scalability and sustainability at much lower operational costs. The move towards Intelligent Automation offers enterprises highly tangible results.
Benefits of Intelligent Document Processing
Intelligent Document Processing enables enterprises to integrate the data extracted from paper and other unstructured documents with the existing automation solutions. It further –
- Automates data extraction from unstructured printed forms and hand-written documents
- Accelerates paper-based processes
- Improves productivity and efficiency
- Offers a scalable and flexible set-up through cloud enablement
- Provides an AI/ML-enabled template-free environment to reduce setup and maintenance effort
- Improves engagement of customers and employees by reducing process latency
Intelligent Document Processing enables enterprises to extract and integrate the data from unstructured formats. It bridges the inherent gaps in existing automation solutions and empowers them to ingest and process paper-driven data. Intelligent Document Processing enables businesses to run better and faster even while continuing to deal with unstructured data.