Intelligent document processing (IDP) brings a host of benefits to the business world which are fundamentally transforming how organizations extract information. By seamlessly integrating advanced IDP technologies such as artificial intelligence and machine learning, it offers unparalleled advantages including enhanced accuracy and higher speed.
According to the insights presented in this article, IDP played a pivotal role in achieving substantial cost savings for a financial services company, amounting to an impressive $2.9 million annually. The key driver of this significant financial impact was the substantial reduction in manual extraction staffing by an impressive 50%.
Through the use of advanced AI technologies, it is possible to speed up document processing without any human intervention. Most companies that we talked with expressed that they achieved ROI in just a few months by removing the manual processing bottleneck.
The benefits of intelligent document processing are:
Benefit #1- Automated document classification
Automated document classification stands out as one of the most critical benefits of intelligent document processing (IDP) due to its transformative impact on information management.
IDP automatically categorizes and classifies documents based on their content, structure, or context with over 99% accuracy across 1000+ document types and the good thing is that it learns from past experiences to improve future categorization. This capability not only streamlines the organization of document repositories but also ensures a systematic and consistent approach to managing documents.
Benefit #2- 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.
Benefit #3- Enhanced accuracy
IDP’s superpower is its ability to navigate through complex structures of documents to increase the accuracy of its data extraction capabilities. Unlike traditional methods that are prone to human errors, it makes sure that the retrieved information is extremely accurate and can be used in the daily business operations.
Organizations that are operating in crucial industries where compliance and financial data demands robust measures, it has proved throughout the years that employees can rely on it to take confident decisions by still adhering to different rules and regulations available.
Benefit #4- Faster document retrieval
Having the ability to automatically organize documents based on their content and types with high accuracy plays a crucial role in helping employees get faster access to their business documents which ultimately improves productivity and efficiency of business operations.
IDP streamlines this process by assigning metadata and tags to documents to help making it quicker to be retrieved by different targeted searches. Its ability to recognize patterns and context ensures that relevant documents are quickly identified, contributing to a significant reduction in retrieval times.
Benefit #5- Reduced manual effort
By automating tasks such as information retrieval, sorting, and classification, IDP minimizes the need for labor-intensive, error-prone manual processes. Time-consuming activities like checking data from documents are replaced with automated algorithms that swiftly and accurately do this job which will significantly reducing the burden on human resources.
In a latest study, it shows that IDP can reduce processing time by 50% or more which will allow employees to focus on more innovative tasks and projects and increase their self-career satisfaction.
Benefit #6- 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, this process may be automated and completed in seconds helping in reducing process execution time and increasing efficiency.
Benefit #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.
Benefit #8- Process large volumes of documents
IDP emerges as a game-changer when it comes to efficiently handling large volumes of documents. Traditional manual approaches to processing can be overwhelmed by the sheer quantity of information, leading to delays, errors, and increased operational costs. IDP, however, is designed to effortlessly manage massive document volumes through its automated capabilities.
This will surely give advantage for your company against your competitors as it will allow you to analyze documents faster and have the available information ready to be used by your high management to take the most informed business decisions ever.
Benefit #9- Integration capabilities
This functionality enables a homogeneous collaboration between IDP and other crucial business applications such as customer relationship management (CRM) systems, enterprise resource planning (ERP) software, and content management systems.
By fostering integration, it ensures that processing becomes an integral part of broader organizational workflows. This not only streamlines information exchange but also enhances overall operational efficiency.
Organizations benefit from a cohesive and interconnected data ecosystem where IDP works in parallel with existing tools to allow for a more comprehensive and synchronized approach to document management.
Benefit #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 using the latest OCR software, 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.
Benefit #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 plenty 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 help organization become more agile and flexible.
