If you take a moment to look around your office, you’ll probably see stacks of paper, documents waiting to be processed, and maybe even a lonely fax machine gathering dust.
Well, it’s time to throw away your paper shredder and get your digital transformation underway with intelligent document processing (IDP).
So, exactly how does intelligent document processing work?
It automates the extraction of data from complex documents, transforming it into a structured format that can be easily used by machines.
This means your office documents turn into digital copies can be edited and stored as data.
The Magic Behind IDP
IDP swiftly identifies key information, comprehends the context, and organizes everything systematically. Just as you might scan a book to highlight essential points, IDP examines documents and extracts valuable data
But how does intelligent document processing work?
- Ingesting Documents: IDP can understand documents in various formats from different sources and can handle PDFs, Word documents, scanned images, and more.
- Processing Documents: Now that you have your document in hand, it’s time to prepare it for extraction. IDP then cleans up, rotates, and flips the documents to ensure they’re in the perfect position.
- Classifying Documents: IDP intelligently classifies your documents and matches them to existing document types, making access to data available in seconds.
- Extracting Data: Now, the real magic begins. IDP extracts data from your documents using artificial intelligence (AI) and machine learning (ML).
- Validating Data: IDP uses internal and external data sources to ensure the accuracy of the extracted data. If something looks a bit out of place, a human-in-the-loop steps in to review and make sure everything is on point.
- Integrating Data: Finally, the validated data is seamlessly integrated into various tools and applications, from business process management to robotic process automation, ERP, and CRM systems.
The Benefits of IDP
Now that we’ve uncovered the inner workings of IDP let’s talk about what it can do for you. Implementing IDP in your document processing brings a raft of advantages that can reshape the way you do business:
Cost Savings: No more wasted time and money spent on manual data processing. IDP reduces the time and expenses associated with processing large amounts of data, giving you the freedom to invest those resources in more valuable tasks.
Accessibility: Setting up and automating processes becomes easy. Accurate data will be at your fingertips, ready to power your workflows.
Productivity: How does intelligent document processing work in minimizing the manual effort required for document processing? By freeing up your team to focus on high-value tasks that drive your business forward.
Accuracy: Mistakes happen, but with IDP, they become a thing of the past. It ensures 100% accuracy in data extraction and validation, reducing errors and costly blunders that could harm your business.
Efficiency: IDP automates document processing tasks, cutting processing time and reducing the need for manual intervention. It’s like having a team of tireless document processors working for you 24/7.
Strategic Automation: By taking care of mundane tasks, IDP frees up resources for more strategic outcomes. Whether it’s improving customer satisfaction or growing revenue, you’ll have the time and energy to focus on what really matters.
Compliance: Keeping up with regulations can be a headache, but IDP is here to save the day. It ensures data accuracy and processing according to predefined regulations, helping you stay on the right side of the law.
Happier Customers: Speed and efficiency are the keys to customer satisfaction. With IDP, you’ll provide faster turnaround times and increased straight-through processing, making your customers happier than a magician with a standing ovation.
Supercharge Your Organization with IDP and RPA
Now, picture a world where IDP’s incredible capabilities join forces with the prowess of a digital workforce. How does intelligent document processing work alongside other technologies like robotic process automation (RPA)?
RPA acts as the trusted sidekick, working to streamline the automation process further. While IDP makes data easier to handle, RPA takes that data and runs with it, executing automations and turbocharging your straight-through processing. IDP takes care of the data, while RPA brings it to life.
IDP at Work: From Banking to Retail
Let’s have a look at some industries where IDP shines:
Financial Services and Banking: Banks and financial institutions drown in paperwork, but with IDP, they can automate tasks like invoice processing, receipt handling, loan and mortgage applications, and financial statements.
Insurance: The insurance industry has many document-heavy processes. IDP automates claims processing, policy management, and underwriting by extracting essential information from insurance forms, medical records, and claims documents.
Healthcare: Healthcare providers can accurately extract patient information, speed up reimbursements, and ensure compliance with regulations. IDP works its magic on medical records, billing and insurance forms, and lab reports.
Retail and E-commerce: How does intelligent document processing work in the retail world? By automating document-intensive processes, reducing costs, improving accuracy, and delivering on your customer satisfaction promises.
Manufacturing: Manufacturing companies thrive on seamless operations and adherence to industry standards. With IDP, they can effortlessly process purchase orders, ship documents, and bills of lading, making sure everything runs like a well-oiled machine.
Public Sector: Government agencies face the challenge of managing citizen services, documents, and compliance. IDP steps in to process applications, permits, and licenses, making it easier to serve citizens while staying in line with regulations.
Bringing the Magic to Your Organization
Ready to extract the potential of IDP within your organization? Here’s how you can get started:
Assess Your Needs: Take a moment to understand the volume and types of documents you need to process. This knowledge will guide you in finding the ideal IDP solution that perfectly suits your requirements.
Implement and Integrate: Once you’ve discovered the ideal IDP solution, it’s time to seamlessly integrate it with your existing systems, such as RPA, ERP, CRM, and BPM tools. This collaboration ensures your digital workers and digitized documents work hand in hand, harmonizing your workflows.
Train and Optimize: IDP gets better with practice and training it on your specific document types continuously optimizes it for improved accuracy and efficiency. The more you use it, the more it thrives.
Happier Customers: Speed and efficiency are the keys to customer satisfaction, but how does intelligent document processing work to provide that? It offers faster turnaround times and increased straight-through processing.
Power-Up Your Organization with IDP and RPA
Now, imagine if all the magic of IDP could be combined with the power of a digital workforce. That’s where robotic process automation (RPA) comes into play. RPA, the digital assistant to your IDP magician, works hand in hand with IDP to simplify the automation process.
While IDP makes data easier to read and work with, digital workers powered by RPA can use this data to run automations, improve straight-through processing, and help you scale your automation efforts faster and even more efficiently.
IDP in Action: From Banking to Retail and Beyond
But how does intelligent document processing work in certain sectors? Let’s take a look at which areas of business IDP is powering to new heights:
Financial Services and Banking: Banks and financial institutions are drowning in paperwork. But with IDP, they can automate processes like invoice processing, receipt handling, loan and mortgage applications, and financial statements.
Insurance: The insurance industry has its fair share of document-heavy processes. IDP can automate claims processing, policy management, and underwriting by extracting relevant information from insurance forms, medical records, and claims documents.
Healthcare: Healthcare providers can use IDP to accurately extract patient information, facilitate quicker reimbursements, and ensure regulatory compliance. IDP works its magic on medical records, billing and insurance forms, and lab reports.
Retail and E-commerce: In the world of retail, IDP can automate document-intensive processes, reducing costs, improving accuracy, and enhancing customer satisfaction. From invoice processing and inventory management to order fulfillment and customer queries.
Manufacturing: How does intelligent document processing work in manufacturing? Easily process purchase orders, ship documents, and bills of lading, ensuring everything runs like clockwork.
Public Sector: Government agencies face the challenge of managing citizen services, documents, and compliance. IDP can assist in processing applications, permits, and licenses, making it easier to serve citizens and comply with regulations.
Ready to unleash the magic of IDP in your organization?
Here’s how you can get started:
Assess Your Needs: Take a moment to understand the volume and types of documents you need to process. This will help you find the perfect IDP solution for your requirements.
Choose the Right IDP Solution: Look for an IDP solution that fits your specific needs. Consider a solution that offers customization, easy automation development, and human-in-the-loop verification.
Implement and Integrate: Once you’ve found the perfect IDP solution, it’s time to integrate it with your existing systems, such as RPA, ERP, CRM, and BPM tools. This step ensures seamless collaboration between your digital workers and your newly empowered documents.
Train and Optimize: How does intelligent document processing work to become more efficient? You can train it on your specific document types and continuously optimize it for improved accuracy and efficiency. The more you use it, the better it becomes.
Step into the Future of Document Understanding with Sanad.ai and AI-powered Efficiency
Are you ready to propel your business into a new era of efficiency and productivity? With Sanad.ai‘s cutting-edge document understanding, GCC businesses can effortlessly capture and utilize their data, unlocking insights and streamlining operations.
With its multilingual capabilities and state-of-the-art machine learning, Sanad.ai’s OCR automation simplifies the complexities of data extraction, freeing up valuable time and resources for what truly matters. Say goodbye to manual entry and hello to operational excellence with Sanad.ai. Request your free trial now and embark on a journey toward unparalleled efficiency in document understanding. Ask us how.
