The benefits of intelligent document processing are not just limited to saving time and money, but it also speeds up the entire process of document processing and makes it more accurate.
The benefits of intelligent document processing are increased productivity, faster document retrieval, increased accuracy, reduced manual efforts, improve processes efficiency, automate document classification, and many more.
Intelligent document processing (IDP) is the process of analyzing, extracting, and transforming information from unstructured documents. It is an integral part of any enterprise or organization that uses documents to do business.
It is important for IDP to exist because it provides automation of tasks that would otherwise need to be done manually. It is also important because it can make use of natural language processing and machine learning algorithms to automatically extract data from a given set of documents.
In addition, it helps organizations make more informed decisions, which in turn helps them save time and money while improving productivity, compliance, and accuracy.
In this article, we will look at the top benefits of intelligent document processing that businesses can use to extract data from unstructured documents.
11 Benefits of Intelligent Document Processing
Document processing can be a very powerful tool for organizations. It can automate certain tasks, make processes more efficient, and improve the quality of documents.
Here are a few benefits of intelligent document processing:
1- Increased productivity
IDP is a new software innovation that can help organizations increase productivity and reduce the time spent on repetitive tasks. Document processing is a time-consuming process, but with it, managers are able to automate tedious tasks like data entry and record management.
Reducing the time spent on repetitive tasks can increase productivity in organizations.
Manual document processing can take up to 70% of a worker’s time.
2- Faster document retrieval
IDP provides a means of automatically identifying and extracting textual content from documents, and then classifying, clustering, and linking the extracted information with other relevant literature.
This way, it becomes easier to find relevant information within thousands of documents and automate tasks that are usually performed manually (e.g., document classification).
Faster document retrieval is among the top benefits of intelligent document processing.
3- Increased accuracy
Some benefits of intelligent document processing include increased accuracy and speed in retrieving data. In addition, this process can be used to digitally sign or encrypt the documents which ensure that they can’t be altered or tampered with.
Using IDP solutions to automate data extraction will boost the accuracy of extracted data and eliminate errors, making the document retrieval process more accurate and saving time for employees to make educated business choices.
4- Reduced manual effort
IDP has long been seen as a way to reduce human effort. The latest developments in AI can process documents by extracting information from an image, sound, or video and then transforming it into text. This is usually done through natural language processing (NLP), where the AI can read and understand the content of a document rather than just seeing it as code.
One of the most significant advantages of intelligent document processing is the possibility to eliminate human intervention and free up employees’ time to focus on more critical inventive tasks.
5- Improved processes efficiency
IDP can help make processes more efficient. It can eliminate the need for manual data input and create a seamless workflow between different departments. This has the potential to save time, reduce costs, and increase revenue for an organization.
Manual data entry can take several minutes of an employee’s time and is a tedious operation. However, with IDP solutions, this process may be automated and completed in seconds, reducing process execution time and increasing efficiency.
6- Automated document classification
One of the major benefits of intelligent document processing is the ability to automatically classify documents and generate distinct categories that will assist organizations in organizing their document collection without the need for human interaction.
Automatic document classification is a very important practice in any document management strategy to be implemented.
7- Enhanced compliance
It can help organizations to automate and streamline their compliance processes by extracting data from documents and classifying it according to predefined criteria. This can help to reduce the time and cost associated with manual data entry and document review, and can also help to ensure that compliance-related information is accurately and consistently captured.
In addition, IDP can help to create a searchable database of compliance-related information that can be used for auditing or other purposes.
It is capable of automatically detecting sensitive information and reacting with high accuracy based on particular conditions on how to treat such information. In order to comply with various rules and regulations, sensitive information must be protected in all businesses.
8- Process large volumes of documents
One of the major benefits of intelligent document processing is the capacity to process large volumes of documents in a relatively short period of time. Depending on the size of your firm, you may be dealing with a large number of documents on a regular basis. Going through the paperwork one by one would cost you money and time.
Investing in an IDP solution would undoubtedly help your firm process enormous volumes of documents while saving you a significant amount of money.
9- Improved customer satisfaction
It can help improve customer satisfaction by making it easier for the customer to find what they are looking for.
10- Enhanced security
IDP can help enhance security by reducing the chances of human error and allowing for better document tracking and management.
Once documents are scanned, they can be viewed in various ways including connection to a document management system that helps protect tax data from unauthorized access. As time goes on, there are more and more ways to improve security. However, before we can do this, we have to make sure that the right people have access to the right information.
11- Increased flexibility
One of the major benefits of intelligent document processing is that it can help increase the flexibility of your organization’s document processing by allowing for custom workflows and document management.
Every business has a plethora of document-centric operations that must be completed on a regular basis, ranging from leave requests to petty cash or pay advances. The capacity to efficiently drive these processes aids firms in being more nimble and flexible.
IDP should be a major component of any document management effort. This technology will continue to improve by leveraging cutting-edge advanced technologies such as AI and ML.