General reasons for integrating the modern technology
Every enterprise relies on data. More specifically, companies depend on relevant and accurate data from a vast amount of documents and a wide variety of document types for virtually all of their processes. Intelligent Document Processing (IDP) provides companies with exactly this meticulousness of data, bringing them a big step closer to hyperautomation.
IDP in a nutshell:Intelligent Document Processing is an integral technology enabling hyperautomation across a company through the processing of structured, semistructured, and unstructured documents.
Table of contents
- Without Intelligent Document Processing: disadvantages for companies
- General reasons for Intelligent Document Processing
- With Intelligent Document Processing: advantages for companies
Without Intelligent Document Processing: disadvantages for companies
Without Intelligent Document Processing (IDP) to automate their document processing, companies are more and more at risk of losing out to their competitors due to digital transformation.
Some of the significant problems without an integrated IDP are as follows:
- At least 80% of documents are unstructured. Manual data capture and processing is holding enterprises back.
- This means slow process cycle times and corresponding productivity losses.
- The result is costly and error-prone interventions. Never a good combination.
- Valuable time resources are wasted, opportunities are missed.
- End-to-end processing and hyperautomation is not possible. Not even close.
General reasons for Intelligent Document Processing
There are numerous general reasons why Intelligent Document Processing (IDP) is ideal for enterprises. The following 7 are some of them:
- IDP is predestined for unstructured documents: IDP understands the context from data in unstructured and handwritten documents, just as a human does.
- IDP as an automation accelerator: IDP captures, classifies and extracts incoming documents in ways never seen before. IDP does not rely on templates, learns with more data and improves continuously. This is key to documentation variety in day-to-day business.
- Cloud-first: IDP comes cloud-first, which is a huge benefit in terms of flexibility and scalability.
- Fast & seamless integration: IDP is largely integrated into existing IT landscapes.
- Quality data & high accuracy: IDP provides high quality data for further processing.
- Not only high-volume documents, but also low-volume documents: Depending on the performance of the IDP solution, it is finally possible to automate the processing of not only high-volume documents, but also low-volume documents.
- Cost Reduction: Finally, IDP helps companies save these dollars.
Not sure how to select the appropriate IDP vendor for your company? Get an overview of relevant factors here.
With Intelligent Document Processing: advantages for companies
The more accurate the data, the better the processes: Crucial for companies. The more accurate the capture, classification and extraction of data, the more downstream processes benefit and the more workflows can be automated and optimized.
Increasing employee costs: It makes sense to assign employees to work that adds value to them and to the company at the same time.
High flexibility & scalability: IDP brings high flexibility to companies, with the ability to scale quickly and easily. In the age of more and more digital documents that need to be processed, this is of utmost importance.
Quick implementations: With IDP, new requirements in process automation projects can be implemented quickly.
No-code applications for ease of use: Today’s no-code applications help tremendously with usability in any business context and reduce the burden on the IT department.
Future-oriented technology: As an integral technology, IDP will solve the document problem and bring hyperautomation to enterprises.
For more insights on the essential technologies behind Intelligent Document Processing, please check here.