Businesses of all shapes and sizes are benefiting from their investments in digital transformation (DX) technology. According to research from Keypoint Intelligence, IT decision makers who invested in data and document workflows said that it increased efficiency, automated tasks, made it easier to comply with regulations, and saved time and money for their companies. Workers were also very pleased with the results in the investment as it freed them from laborious, time-consuming tasks and helped them mitigate challenges with technology.
Most of you would be pleased with better, faster, and more efficient processes. But there is a way to get even more out of existing investments. With intelligent document processing (IDP), you can supercharge your digital investments so that you can automate tasks that computers can do better, faster, and more accurately than your staff, in turn allowing your staff to focus on the things that require a human touch.
What Is IDP?
Intelligent document processing technology enables businesses to scan, read, extract, categorize, and organize information in hardcopy and electronic documents. It can take care of the vital yet draining tasks like data entry and information processing without the need for any human intervention.
IDP is a three-step process. First is recognition and classification. When you feed information into an IDP solution, it uses artificial intelligence (AI) to “read” and identify what kind of document it is dealing with based on prior training data. If you were to scan 50 disparate documents, it would be able to classify any document it recognizes. The next step is extraction. Once the IDP solution knows what kind of document it is dealing with, it starts to extract the requisite information from that document. For example, if it recognizes an invoice from a particular vendor, it will start extracting the pertinent information (like the invoice number and invoice total) on its own. The last step is the organization of information. Here, all the information that is extracted by the IDP is sent precisely where it is needed next in the form.
What Are the Benefits of IDP?
- More time for more important things: Workers spend a lot of time sifting through documents and parsing information to complete a job. With IDP, computers step in to handle time-consuming tasks so your staff can focus on mission-critical affairs.
- Prevent little mistakes from creating big problems: Half of IT decision makers reported that IDP technology improved their data accuracy. If I gave you 1,000 invoices to process, odds are you will make a mistake in processing at least If I give a computer 1,000 invoices, not only will it make fewer—zero!—mistakes than a human, but it will complete the task in a fraction of the time.
- Stay in compliance: IDP helps businesses automate regulatory compliance procedures, protecting your business from the repercussions of violating the rules.
Is IDP Right for Me?
Intelligent document processing is not for every task. Odds are, however, that you can benefit from IDP in many ways. Because if you can think of some information-centric tasks that are creating problems for your business, then you can probably rely on IDP to solve it for you.
Want to learn more about how IDP can help your business? Take the next step on your digital transformation journey…
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