Though modern-day technology harnesses many benefits of a digitised workplace, the biggest challenge faced by businesses today is managing large volumes of data – whether digitised or not – in an efficient and cost-saving way. With data coming from various formats and sources, the human workforce is burdened now more than ever with handling such large volumes of information without any scope of errors.
Many companies turn to technologies built to handle large varieties and quantities of data with ease and accuracy – helping them avoid grim outcomes such as "Fat Finger". This is where we introduce Intelligent Document Processing (IDP).
What is Intelligent Document Processing?
As the name implies, intelligent document processing (IDP) is a technology that intelligently captures information from documents – often regardless of its format or language. IDP is a popular alternative to manual data extraction. It can process documents far quicker than any human can – no matter if the data originates from electronic, handwritten, structured, or unstructured sources. The outcome of using IDP, for many companies, is that it increases productivity and efficiency in processes that directly and indirectly deal with data.
How Does Intelligent Document Processing Work?
An IDP system usually conforms to the following three steps: capture, automate, scale. Once IDP captures data, is it automatically exported to business processes/workflows. Employees can then use this newly extracted and automated data to make faster and better business decisions – all while being scaled to suit the company's needs.
Use Cases of Intelligent Document Processing:
Countless industries benefit from harnessing Intelligent Document Processing, including banking, logistics, healthcare, and legal. Here are the use cases explained in further detail:
A large portion of the financial industry is devoted to writing and reading financial documents. It's often the case that clients need documents and data processed swiftly, with zero errors. IDP is a popular software providing a solution that guarantees reliability, efficiency, and accuracy for both the bank and its clients. The automated data extraction software can also capture and understand words/numbers intelligently, as a human would – such as contextualising insurance policy numbers, client addresses, etc. Furthermore, while data extraction plays an integral role in the banking industry, IDP is more often used to advance fraud detection – monitoring the authenticity of transactions.
Logistics companies process large volumes of orders and price inquiries every day - with an eye-watering number of documents in the midst. Intelligent document processing is crucial when companies wish to process large amounts of data efficiently and effectively. There are multiple departments within logistics companies that benefit from IDP: back-office workers, sales & marketing, planning, and analytics. Moreover, logistics companies can enhance their predictions and strengthen their after-sales service.
Sustaining patient health records is cardinal in the healthcare industry. Seamless and on-demand access to patient data is critical as it can be needed at any given moment. Therefore, the digitisation of information is essential, and the IDP solution becomes beneficial to manage the medical history and record of a patient efficiently. Physical files and unstructured paper formats can get misplaced even with the most sophisticated filing systems, and sifting through all the paperwork during a time of need is risky and stressful. That is why IDP is being used to store all data in one place to be accessed on-demand.
Legal service providers cope with extensive archiving and auditing documents, mergers, and acquisition-related files and comply with strict regulations. Most of these tasks involve documentation in various formats that are usually unstructured. Therefore, maintaining a system that can manage all the time-intensive and sensitive information is fundamental. By deploying a document automation tool that uses IDP, lawyers can quickly access golden pieces of information while working on a case. They can also remove discrepancies and errors that were once unaware of when handling the client's paperwork.
Turning to technology, such as Acodis' intelligent document processing can ultimately enable documentation automation promptly while mitigating risks.
Get in touch to see how integrating an IDP solution could benefit your company. Feel free to request a free data extraction audit on your documents.