Growing market competition, ever-evolved customer expectations, and compliance pressures have paved the way for automation across all industries. As enterprises are moving towards digital with the advent of innovative technologies like RPA, and intelligent automation, documents are everywhere.
Business data is the heart of digital transformation, but unfortunately, 80% of data within the organization is embedded in unstructured formats like business documents, emails, images, and pdf documents.
And being able to handle a large volume of data coming from multichannel sources is a headache for the human task force. The major challenges in the manual intervention are-
- Understanding the context from an array of documents
- Extracting only required information from unstructured data types
- Merging the context and extracted information
- Routing the structured data into a process map with the right sequence
Tracking these challenges is a priority as well as an opportunity for the organization. And this opportunity lies in Intelligent Document Processing (IDP).
Intelligent document processing is a solution that transforms unstructured and semistructured data from documents into structured data. This solution merges the power of AI, ML, NLP, and OCR to accurately process all types of documents and feed the output in downstream applications.
According to a report, the global intelligent document processing market is expected to reach $12.81 billion by 2030. Considering the higher growth of IDP globally, adopting intelligent document processing in banking, healthcare, insurance and other industries is becoming the need of the hour.
Let’s have a look at some of the intelligent document-processing methods that make data processing easier.
- Invoice Processing
Processing invoices has never been so easy, and with remote work, it has become harder for the HR and account payable teams. Using paper processes and email to collect, route, and post invoices leads to high costs, inadequate visibility, and pose compliance and fraud risks.Also, the HR and account payable team shares the lion’s share of their day on manual repetitive tasks like data entry and chasing information that leads to delay and incorrect payment. But, Intelligent document processing ensures that every captured information is in a structured format and data extraction in workflow focuses on relevant information only. From receipt to payment, intelligent document processing helps in automating error reconciliation, data inputs, and the decision-making process for the account payable team. IDP ensures organizations can limit errors and reduce manual intervention.
- Medical Records
In the healthcare industry, seamless and instant access to medical records is paramount in providing service. Processing patient intake forms, enrollment documents, health insurance claims forms is a repetitive and time-consuming process for the account team.Additionally, healthcare professionals can’t afford to lose medical records as they need to review medical history before attending to patients.Hence, automation of medical records is necessary. Intelligent document processing technologies like OCR, ML, and NLP can smoothly capture and extract the data.
Then RPA can be applied for enhanced data validation and to put medical data into existing applications automatically. By keeping all medical records in one place, Intelligent document processing ensures easy access to information without any difficulties in the shortest time to healthcare professionals.
- Claims Processing
Insurance enterprises heavily rely on a paper-based system and often struggle with data processing because of unstructured data and variable formats such as pdf, email, scanned, and physical documents.Moreover, manual intervention leads to complex workflows, delayed processing time, high costs, increased error, and fraud. This whole manual process is lengthy for both insurers and customers.Nevertheless, intelligent document processing is an advanced solution that allows insurers to quickly analyze the high volume of information across structured and unstructured data and detect fraudulent activities quickly. By using AI technologies like OCR and NLP, insurers can easily classify, validate, and integrate the data automatically and provide faster claims settlement.
- Mortgage Document
As per the Mckinsey report, only 42-67% of borrowers said they are satisfied with the mortgage process and mortgage service involves several routine tasks and follows a set of predetermined rules for verification and validating applications. Also, handling high-volume mortgage documents in both structured and unstructured formats makes the mortgage process more fragmented.Hence, intelligent document processing with a machine learning algorithm can automate document creation by pulling data from various sources and producing in-depth reports and complex legal documents 24×7 without manual intervention.
Also, IDP ensures reduced operational risks, validated data, and every application is audited thoroughly before processing.
- KYC Process
The financial and banking industry of all shapes and sizes must perform KYC that helps in verifying and identifying new clients and risks involved with them. This whole process involves a long and tedious exchange of documents. As per a survey, many large banks spend upwards of $500 million on the KYC process. But the real question is how to make this information exchange shorter and less error-prone? Nonetheless, intelligent document processing captures data from the Aadhaar cards and PAN cards to categorize and extract them for further processing with AI technologies like OCR, ML, and NLP. Along with reducing manual efforts, leveraging intelligent document processing also ensures strong controls from governance and compliance.
- Payroll Transactions
Payroll processing every month is a time-consuming and recurring task for IT and other organizations. Also, the HR team has to manage payroll accurately and make sure every employee is paid on time.And this whole process requires significant data entry efforts by the HR team. Collecting information from multiple sources, extracting employees’ details, and processing transactions manually might lead to errors and delayed payments.However, intelligent document processing can easily check the consistency of employee data across the system, validate timesheets, and deductions.Also, intelligent document processing eliminates human errors, provides a faster way to turn unstructured data into structured ones, and simplifies data extraction work for you. IDP can easily automate end-to-end payroll transactions to avoid delays and inaccuracies.
- Fraud Detection
Processing a large amount of information leads to a surge in cases of document fraud. And the traditional method of manual checking of invoices and fraudulent documents requires a lot of manual effort. Any illegal financial transactions using document records can end up losing customer trust and increased operational costs. Implementing automated workflows for the validation and verification of document records is integral to effective fraud detection. Not just this, intelligent document processing can automatically flag and annotate problematic transactions for the fraudulent team. Furthermore, IDP not only reduces fraud losses but also relieves the operational team from manual work.
- Employee Onboarding
Employee onboarding is a critical process that requires data extraction for various documents such as proof of address, identification documents, and financial statements. Manually extracting documents and then verifying them with the system is a time-consuming and erroneous process. Here, an intelligent document processing solution can autonomously extract the relevant information from the system and verify the details the employee shares. Additionally, with extracted data, the intelligent document-processing solution enables organizations to gain data insights into employee behavior and preferences for giving them personalized experiences. Post-onboarding intelligent document processing solutions enable organizations to create comprehensive documentation, user guides, and FAQs to resolve employee queries instantly.
- Compliance & Regulatory Reporting
Maintaining regulatory compliance and reporting is paramount and challenging at the same time. One of the most significant challenges is navigating through the complex web of regulation, evolving technology landscape, and varied regional jurisdiction. Additionally, the manual extraction of clauses from contracts, privacy policies, and lease agreements makes it more challenging to maintain regulatory compliance standards. Here, intelligent document processing solutions can play their part. It can analyze and extract relevant information from the vast amount of unstructured documents that enable organizations to stay up-to-date with the latest compliance requirements and adjust policies and procedures accordingly.
- Customer Service and Support
To respond instantly to customers, the service desk must have information at their fingertips. But when there is a high volume of customer service requests, it takes time to respond quickly as the service desk team has to collect the information from diverse systems that too in an unstructured format. Here, intelligent document processing solutions can empower the customer service desk with an instant flow of information by automatically extracting data from the sources and processing it accordingly.Also, by gaining data from service tickets, organizations can create knowledge articles based on the information asked mainly by customers. This facilitates communication and ensures customer service requests are handled promptly, leading to better customer experience.
[Also Read : Intelligent Document Processing: The Complete Guide]
Conclusion
Nevertheless, to say, the number of documents is going to pile up with the digital transformation. And it’s going to be a challenge for the account and HR team to process them accurately. Hence, the adoption of intelligent document processing solutions helps businesses streamline their operations, reduce costs, and enhance employee productivity. And combining them with RPA enables organizations to scale up their automation program. By following the IDP way, data becomes more powerful even in varying formats and accelerates end-to-end business processes.
With expertise in Cognitive Automation, RPA, and AI AutomationEdge is transforming business, helping them enhance the operational efficiency of business processes with RPA and AI solutions. AutomationEdge would be happy to guide you to automate your document processing by providing a robust automation tool- DocEdge.
Why Choose AutomationEdge’s DocEdge?
- Intelligent digitization and data extraction capabilities
- Inbuilt OCR engine to digitize and Process scanned documents
- The solution supports all Image formats & PDF documents for digitization and data extraction
- Customized image quality enhancement and noise reduction capabilities
- Solution efficiently handles single or multiple pages, rotated images
- The solution handles photocopies, color or grayscale, front and back images
- Intelligent ML-based algorithm to identify & classify document
- Custom-built web service to read and redact/blackout Details
- Faster processing to handle a massive volume of documents
- On-premise implementation and support