Why Intelligent Document Processing is Important
A significant obstacle that stands in the path of organizational digitalization is the persistence of outdated data capture solutions. This is evident when systems are tasked with the extraction of data from unstructured documents and various other formats. This can include but is not limited to sources like customer feedback, emails, and social media content. In fact, Industry Analyst estimates that close to 90% of business data is unstructured, making this quite a challenge.
Intelligent Document Processing (IDP) assists with opening more flexibility, eliminating many of the limitations mentioned above, by providing exceptional tools and structure to push businesses forward. In this article, we will look in detail into why IDP is important and how it is changing the landscape for many businesses.
Defining Intelligent Document Processing
Intelligent Document Processing offers a superior approach to data capturing by having the capabilities to capture data even if unstructured. IDP can do this through a combination of machine learning, natural language processing, and advanced optical character recognition. Because of this, it allows for adaptability, as IDP will continuously be learning new template formats and layouts. It can even read handwritten text and be able to understand what it will need to record. Surveys of various lengths and structure can be easily read and processed thanks to Intelligent Document Processing.
The power behind this tool comes with the amount of time and labor your business will gain back from implementing IDP. Organizations especially with growth will see a large increase in documents that will need processing. From invoices to employee records to all sorts of miscellaneous documents for the business. Intelligent Document Processing is extremely scalable, allowing it to match the increasing volume. It will handle all processes quickly and efficiently, while also continuing to learn and adapt to newer document styles that get added.
Compliance Ensured
Security and compliance is an important part of any business. Failure to abide by laws and regulations can, not only, drive your business costs up but can hinder your future business growth. Your company can lose credibility and trust with your customers. For that reason, Intelligent Document Processing ensures that your company can avoid this headache. This tool will ensure that all documents are present, and that sensitive data is handled properly, logged appropriately, and stored securely within a Document Management System.
Intelligent Document Processing will classify and store documents in the appropriate locations. Not only that but it will compare a list of required documents to what has been received so far and additionally can fire off workflow alerts that will notify staff about what is still missing within the document management system. These functions add another layer of protected security to keeping your business informed and making sure that documents have safely been filed away.
Faster Processing
IDP doesn’t just handle your document processing, it also speeds the workflow of the entire business. Documents are captured and identified by their type, and once the relevant index data is extracted, the information can instantly trigger a workflow that will prompt the necessary employee to act accordingly.
Additionally, thanks to Intelligent Document Processing, there is no need to verify or double check with other associates. The system already determines what decisions have been made, and what is or isn’t okay to do. This removes the need for unnecessary communication and removes the time it will take to reach out to an employee.
Intelligent Document Processing has changed the landscape of processing documents, by not only speeding up the process, but by handling the documents with high accuracy. Additionally, it will learn and adapt to documents of various structures, allowing for increased flexibility and scalability. With its seamless integration within document management systems, your business will increase its efficiency by such a large margin that it will be hard to go back. If interested in learning more about Intelligent Document Processing and other Document Management Solutions, consider reaching out to Summit Technology. We offer flexible deals and great leasing options to help optimize your business environment.