Every organization runs on data, relying on it to improve business processes, enhance the customer experience, and ultimately make sales and drive growth.
Still, with the rising pressure to cut costs, remain compliant, and stay ahead of customer demand, it can be hard to stay on top of extracting, classifying, and applying this data.
This becomes especially challenging when it’s unstructured data trapped inside PDFs, images, emails, and other documents – traditional automation often can’t handle these cases, so you and your team are stuck sorting it all out. But there simply aren’t enough hours in the day, so the resulting strain means you run a high risk of errors (and unhappy, overexerted employees).
The good news: Intelligent document processing (IDP) can help.
What are the Benefits of Intelligent Document Processing (IDP)
1. Streamlined Operations & More Efficient Processes
IDP introduces unparalleled efficiency by automating the capture, extraction, and processing of data from business documents. And not only does it automate these processes, but it does so at greater speeds than a human could manage, completing tasks that once took humans several minutes to do in sheer seconds. Additionally, it requires human intervention only when there’s an issue with the data that IDP solutions can’t fix, which doesn’t happen often. This way, your employees can spend more time on other value-added strategic initiatives instead of mundane document-driven tasks like data entry.
2. Reduced Risk of Human Error
Manual tasks like data entry naturally give way to human error – it’s just a reality when you’re trying to input high volumes of data as fast as you can. But by letting IDP take on these mundane tasks, its use of both advanced OCR technology and AI-driven skills ensures that data is extracted with remarkable precision. This effectively slashes your risk of human error and fosters trust and reliability in your business processes among your customers.
3. Cost Reduction
By reducing the reliance on manual document handling, your processing times will drop. This allows you to significantly cut your operational costs and avoid increasing headcount, allowing you to allocate your resources more effectively.
4. Rapid Deployment
IDP solutions are also known to be easy to deploy and expand. In the case of ABBYY Vantage, for example, you get access to a variety of pre-trained cognitive skills available in the ABBYY Marketplace. The right skills for you will depend on your needs and unique situation, but these skills are easy to access and implement, allowing you to expand your solution relatively quickly.
5. Scalability
Since you can apply IDP to multiple applications, it can be used to automate a variety of different processes throughout your organization as your needs change. And as your organization grows, IDP scales easily, supporting an increasing volume and variety of documents without compromising on performance. Whether you need it to handle 100 documents per day or thousands per minute, this technology can handle it, easily accommodating a wide variety of use cases big and small.
6. User Empowerment & Customer Experience
The platform’s user-friendly design empowers citizen developers to create, train, and publish their own skills, democratizing the use of AI within the organization. And that can be a game-changer, as your staff with less technical expertise won’t have to spend time waiting for developers to lend them a hand. And on the customer side, they’ll enjoy a more frictionless, speedy experience thanks to the efficiency boosts your document0driven processes receive.
7. Comprehensive Integration
IDP seamlessly integrates with existing software and hardware, ensuring a smooth transition and immediate value addition. It also means you won’t need to spend extra money on replacing your existing tech stack to make way for IDP.
8. Informed Decision-Making and Constant Learning
By providing a complete view of information, IDP solutions equip professionals with the insights needed to make better decisions and drive business growth. IDP is also continuously learning and self-improving. It achieves this through its use of deep and rapid machine learning, giving you a solution that truly just keeps getting better with time.
9. Simpler Regulatory Compliance
The platform’s intelligent data capture capabilities ensure that businesses stay compliant with industry regulations by accurately processing critical document information. IDP can automatically generate a digital trail and logs, which can immensely streamline compliance management and increase your transparency. IDP solutions also provide stronger data security by ensuring it’s safe and only accessible to authorized employees, which is vital today as customers become increasingly aware of how their data is being used and its security.
Embrace IDP Now
By embracing IDP, your organization can navigate the digital landscape with agility, ensuring that you remain competitive and resilient in this ever-evolving market we’re all experiencing. As we look to the future, the continuous evolution of IDP promises to further revolutionize the way we interact with information, making it an indispensable tool for any business poised for success. In other words, there’s no better time to start your IDP journey than now! Want additional guidance or have a question? Drop it in the chat below, we’d love to help.
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