Driving Business Growth with Intelligent Document Processing

Driving Business Growth with Intelligent Document Processing

With various document sources holding key business data, many companies search for a solution to unlock these strategic insights. Intelligent Document Processing (IDP) is the answer to this plea.

Your ability to swiftly process incoming documents and emails can greatly impact the strategic direction of your business. How? Not being able to access your data quickly enough can mean missing out on game-changing opportunities or failing to adapt to new circumstances in time. Imagine if that were the main reason you're lagging behind.

That’s why many data-driven businesses turn to Intelligent Document Processing (IDP). IDP can instantly extract relevant data from a variety of document formats and integrate it into decision-making or reporting systems for various purposes, from marketing insights to accounting reports.

It could be THE solution to bring your company to new heights. Does this sound like a competitive edge you can't afford to miss? In this article, explore how IDP can drive your business growth by automating all of the document workflows.

What is Intelligent Document Processing (IDP)?

Intelligent Document Processing (IDP) utilizes technologies such as artificial intelligence (AI), machine learning, and robotic process automation (RPA) to capture, extract, and process data from documents across different formats and sources.

This innovative approach surpasses traditional document processing methods by strategically integrating multiple technologies at different stages of the process:

Such a combination makes IDP one of the most advanced document solutions for modern businesses. But what exactly does IDP offer? Let’s dive into what makes IDP so popular amongst business owners. 

What Makes IDP So Attractive for Businesses? 

There are multiple reasons why IDP is the go-to for many. In this section, we’re going to go over some of the most significant advantages that can affect businesses on almost every level. 

Unmatched Cost Efficiency

By automating document tasks, businesses free up time and resources to focus on more critical strategic initiatives. Consider a typical scenario where a clerk might spend an entire day sorting through and inputting data from 30 incoming invoices, all while trying to manage other tasks. And barely succeeding because this amount of invoices can exhaust anyone.

With IDP, these invoices can be processed in almost real time at a cost often less than €0.50 per document. This translates to a total expense of just €15, compared to a full day's wage. Imagine reallocating that saved time and money into areas like market research, customer service, or new product development. 

High Processing Accuracy & Speed

IDP systems are designed to process documents with high accuracy and speed. And we’re not talking only about paper documents, IDP can take on various formats like PDF, TXT, and even email correspondence with the help of email parsing.

Imagine reducing the document processing time from 5 minutes each to a mere 1 to 2 seconds. Consider the impact with 100 documents per week: what used to take over 8 hours can now be completed in less than 35 minutes. All while getting the data you can rely on at all times.

Unlimited Scalability

As businesses grow, so does the volume of documents and data that need to be processed. IDP systems can easily scale to handle increasing volumes without the need to proportionally increase human resources. It ensures that your document processing capabilities are future-proof, making IDP a smart choice for forward-thinking leaders.

If you want to expand to different markets and all of a sudden need to process documents in different languages, it would require hiring at least one more person for a different language. Well, with IDP you don’t have to worry about it. IDP can take on documents in multiple languages and formats if they differ per country. One solution for all of your documents.  

Improved Compliance with Regulations

IDP is a safeguard against compliance risks. With its precise data handling, IDP not only reduces the likelihood of costly errors and fines but also bolsters your company’s reputation by maintaining high standards of compliance. 

Even with the most meticulous workers, mistakes are inevitable—key details might be overlooked, or documents may be misplaced. With IDP, you remove the risk of human error, making sure that all of your document data is recorded accurately and remains accessible.

Enhanced Customer Experience

In the competitive race to win customers’ hearts, every second counts. IDP accelerates document processing which in turn speeds up service delivery. Imagine the impact if your customer service team could respond almost instantly with the right data on hand, or your customers could receive their loyalty rewards seconds after submitting a receipt.

How IDP Drives Business Growth for Various Industries

We think that it’s becoming quite clear that the applications of IDP are not limited to any industry. Regardless of the company, there are always financial documents, forms, applications, emails, PDFs… it’s all a part of business. It’s no wonder why the market of IDP is growing faster than ever.

Let’s see some of the real-life examples of how with “just” document automation, your business can sky-rocket: 

  1. Banking and Finance: IDP can automate the processing of loan applications, account openings, and customer inquiries, significantly reducing processing time. No more manual back-office tasks and long waiting times for your customers.
  2. Healthcare: By automating the processing of patient records, prescriptions, and insurance claims, IDP can automate archiving and record keeping, all while improving patient care with the ability to input or access patient data in seconds.
  3. Insurance: IDP can be used to process claims and policy applications faster, and helps in reducing fraudulent claims through better data analysis, which, in the long term saves a lot of money, and gives you a competitive edge by making you an insurance company with the fastest payout times.
  4. Manufacturing: In manufacturing, IDP helps in automating the supply chain documentation, purchase orders, and invoices, which improves the efficiency of the supply chain operations and reduces bottlenecks.
  5. Retail: For retail businesses, IDP can enhance inventory management, streamline order processing, and improve the customer shopping experience by automating data-intensive tasks.
  6. Marketing: Loyalty programs can significantly benefit from the automated processing of invoices and receipts that help with detecting the right item on the document in seconds, making it possible to allocate loyalty points as soon as the customer uploads their proof of purchase.

What unites all of these use cases is that IDP takes on all these repetitive document tasks that can take hours each day, and gives you that time back to make strategic decisions, improve customer service, or enable more interesting career paths for your workforce. When routine document processing is out of the way, everyone gets to do more meaningful work.

What to Look At When Picking Your IDP Solution 

When selecting your IDP solution, there are a few things you need to take into account. While all IDP systems aim to automate document processing, their capabilities can vary significantly. To find the best fit for your organization, below are several key factors you should carefully evaluate.

Document & Language Support

Consider the variety of document types your business handles regularly. An ideal IDP solution should be able to process any of your documents effectively, from identity documents to regular invoices.

Additionally, if your company operates on a global scale, the solution needs to support multiple languages to accommodate all geographical markets you serve.

Accuracy & Performance

The core of a good IDP solution lies in its accuracy and performance. The software should not only capture data correctly but also process documents swiftly to keep up with your business demands. Evaluate potential solutions based on their error rates and processing speeds, as these factors directly impact operational efficiency.

Processing Functionalities

While basic IDP functionalities like data extraction might suffice for some businesses, your needs may be more complex. If you require advanced features like document conversion, fraud detection, classification, and data anonymization, look for solutions that offer these capabilities.

Supported Integrations

Your IDP system should be able to seamlessly integrate with your existing IT infrastructure. This includes compatibility with ERP systems, CRM software, and other critical business management tools. Effective integration capability ensures that data flows smoothly across all systems. 

Level of Flexibility

With some solutions, you have to pre-configure every setting before integrating the software so you won’t be able to switch between different document processes. On the other hand, there are also intelligent document processing platforms that enable you to automate multiple document workflows at once within one intuitive interface.

Think if you need a company-wide solution or a solution for one specific document process. Neither is better or worse as long as it matches your business goals!  

Data Privacy & Security

Security is paramount when handling business documents. Make sure any IDP solution you consider has robust security protocols in place, including data encryption and secure access mechanisms, to protect against data breaches and unauthorized access. Regular security audits and compliance with industry-standard data security practices should be a given.

Regulatory Compliance

Check if your possible solution is compliant with international data privacy standards such as GDPR, HIPAA, or other regulations relevant to your industry and location. Adherence to these regulations not only protects your company from legal repercussions but also helps maintain customer trust by safeguarding their personal information.

With the right system in place, you're well on your way to transforming your document processes and getting all the data you need for decision-making in no time. Weigh all the pros and cons, and choose what’s best for your organization!

Key Takeaway

Intelligent Document Processing is not just a technological upgrade; it is a solution that can redefine how your business operates and drive growth. Regardless of your industry, by automating document-centric processes, you can achieve higher productivity, improved accuracy, and enhanced compliance. If you want to be a top player as we shift towards digital transformation, the adoption of IDP is non-negotiable!

Sam Makad is a business consultant. He helps small & medium enterprises to grow their businesses and overall ROI. You can follow Sam on Twitter, Facebook, and Linkedin.

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