Modernizing the way your organization manages content is a critical part of any digital transformation initiative. Yet this work is never a one-time project, but a continuous journey. Organizations need to constantly adapt and find new ways to reduce the time and energy they spend processing documents to improve business operations and keep costs in check. It is for this reason that Intelligent Document Processing (IDP) is emerging as a key focus for many enterprises.
But what is IDP? This blog answers that question and details the three key reasons why your organization should consider adopting an intelligent document processing solution.
What is IDP?
IDP is a business system that automates the process of capturing, understanding, classifying and intelligently routing key data that is trapped inside unstructured and semi-structured documents. It eliminates the need for employees to scour documents and enter this data by hand, saving teams time, reducing input errors, and enabling a more connected workforce as information is automatically shared across LOB systems.
IDP accomplishes data extraction and processing tasks that were previously difficult, if not impossible to solve, even with task automation tools like Robotic Process Automation (RPA). In fact, Deloitte describes IDP as combining the “arms and legs” of RPA with the “eyes” of OCR and the “brains” of machine learning.
By implementing IDP, your organization can significantly advance digital transformation goals and dramatically increase both operational and employee productivity.
Advantages of Using Intelligent Document Processing
Capture the data once – and only once – then use that same data multiple times to accomplish a variety of tasks. That is the mantra of intelligent capture. IDP’s highly accurate capture process reduces the risk for errors downstream and allows for selective data sharing across the business. Humans shift from data entry tasks to error checking and managing the process, giving them time to accomplish more value-added work that drives up employee and customer satisfaction. Here are the three top reasons IDP may benefit your organization:
IDP Delivers Accessibility Plus Security
The dramatic shift to a remote workforce brought on by Covid-19 has made it more critical than ever for organizations to develop centralized data repositories that give users access to content from anywhere, anytime, and on any device. Simply paring a solution such as Microsoft SharePoint Online with a browser-based document processing solution can accomplish this.
But with increased accessibility comes a greater need for security and compliance. IDP takes accessibility one step further by allowing content to be organized, comprehensible, and instantly findable — yet only accessible to those users with appropriate permissions.
IDP uses AI tools to automatically classify documents based on the content, and apply the appropriate permissions. This streamlines the flow of data and documents through the various business systems with information that is accurate, compliant, and secure.
IDP is Like Supercharged Capture
IDP delivers more effective, user-friendly capture of both unstructured and structured data than traditional capture. It also organizes it, classifies it, and ultimately makes it more accessible, available, and easier for businesses to manage.
Additionally, IDP takes capture to the next level with embedded Artificial Intelligence (AI) and Robotic Processing Automation (RPA) tools that actually understand documents and their contents. IDP can be configured to extract only the relevant information and route it to core downstream business systems and processes, saving teams tons of time.
Lastly, the enhanced document capture process of IDP ensures that data extraction is simple, fully automated, and fully integrated to allow users to maximize their personal efficiency and productivity.
IDP Means Pain-Free Document Search
Undoubtedly, having access to a solid document management system enhances the user experience and improves business productivity. But with an IDP platform, the overall process is even more efficient.
One of the challenges of any document management system is the need for humans to manually tag the content with keywords so it can be found later. With IDP, users don’t have to worry about this. Advanced classification and data extraction tools automatically tag and file content as it enters the process. With proper filing and tagging, the search experience becomes much more intuitive and powerful. Users don’t have to spend hours sifting through hundreds of documents trying to find the right one. IDP has already taken care of that.
Not only does a good intelligent document processing platform reduce the need for manual tagging, but it also allows users to work in the way that they want to, with seamless integration to tools such as Microsoft Teams, Office, and Outlook. Being able to work in line of business (LOB) applications users are familiar with rather than constantly switch systems to see critical data eases the adjustment of digital transformation and increases employee effectiveness and happiness.
Conclusions
The demand for IDP solutions is surging, and the need for IDP is getting stronger each year. In the past year alone, there has been a 35% growth in IDP solutions, and without doubt, this trend will continue to grow for the foreseeable future.
Companies that adopted IDP platforms are seeing significant ROI and building an edge over their competitors in areas such as increased security, centralized data, and high levels of organization and efficiency.
Soon enough, remote access, enhanced security, centralized data, and highly automated processes won’t be a luxury, but a necessity. By deploying Intelligent Document Processing now, companies can thrive in organized, user-friendly, digital automation.