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.
As per the Everest Group report “The global market for Intelligent document Processing is estimated at US$700-750 million in 2020 and is expected to grow 55-56% in next year.
However, the idea of the paperless industry is far from reality as industries like banking, healthcare, and insurance are riddled with paper documents.
But, Intelligent document processing in RPA is an opportunity to lower the cost through automation and improve operational efficiency and productivity.
Let’s deep dive into the top 7 use cases for intelligent document processing-
- 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. FThen 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. Hence, using automated workflows for validating and verifying transactions is integral to fraudulent transactions.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.
[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