If you are reading this, chances are that you are exploring intelligent document processing (IDP) systems for your business.
Many businesses are curious about this document automation process because, just like you, they may have heard about how it simplifies complex document layouts, captures data and organizes it for a seamless workflow.
In this article, we will explore:
- What Is Intelligent Document Processing?
- How Intelligent Document Processing works
- Benefits of Intelligent Document Processing
What Is Intelligent Document Processing?
Intelligent document processing uses Artificial Intelligence (AI), Machine Learning (ML), Optical Character Recognition (OCR), computer vision, and Intelligent Character Recognition (ICR) to automate data extraction from complex semi-structured and unstructured documents. This technology helps you categorize the extract data into a meaningful format that is easier for people or a system to comprehend. A popular use case for intelligent document processing is mortgage origination and decisioning, where applications can run into hundreds of pages.
Read more on how Intelligent Document Processing helps financial services organizations.
How Does Intelligent Document Processing Work?
IDP uses deep-learning AI technology to scan complex data, extract it and organize it into predefined categories. The best part is that this technology can be trained in up to 190 languages.
One of the best ways to understand how document processing works is to look into a few use cases first. Here are multiple ways in which IDP helps organizations from various industries to automate their data.
IDP for Human Resources
One of the popular intelligent document processing use cases is human resources. This paper-intensive industry has already transitioned to data automation by:
- Screening resumes and capturing the right skill sets that match a job description. This has helped HR teams avoid going through resumes manually and narrow down on candidates who are fit to take up the role, hassle-free.
- Keeping all the employee data in one place. Earlier, HR teams were forced to manage hundreds of thousands of files for new and existing employees. Not only was it hard to find specific data quickly, but it was hard to comprehend at times. But with IDP, it is easier to update and extract the employee data when need be.
- Simplifying the employee onboarding process by capturing employee information based on the forms filled in by them.
IDP for Mortgage Processing
Another data heavy use case you can refer to is mortgage processing. Given how vast the industry is, you can only imagine the number of documents that accumulate at every stage of the mortgage process. Let’s see how IDP simplifies document accumulation and data extraction for this industry:
- IDP is capable of processing high-volume mortgage data and identifying possible risks one may face during the process. With IDP, mortgage officers can identify the cause for rejection and inform approvers about these potential risks.
- Validating documents is time consuming. However, IDP helps you validate the data from documents with a button and offers you insights on whether to move ahead with the mortgage or not.
- You can also audit each mortgage application with IDP and that too without human intervention. It can be time consuming to audit documents for a mortgage even when you have a professional helping you out with the process. With IDP, you can save time and also check the authenticity of each document.
Top 7 Benefits of Intelligent Document Processing
- Increases Employee Productivity
One of the benefits of using IDP is its ability to increase employee productivity. Intelligent document processing helps employees free up their time that they spend on doing repetitive tasks such as data entry and record management. Lesser time spent on repetitive tasks helps increase their productivity.
- Helps Reduce Manual Work
IDP is also known for reducing manual work as it enables extraction of data from a document, an image, sound, or even a video using its AI technology. What’s more, the data extracted is then transformed into text, thereby helping employees reduce manual work on such tasks. It uses Natural Language Processing (NLP) that understands the content and converts that data into text.
- Automates Classification of Documents
Once the data is converted to text, it is classified into different categories, without the need for human intervention. This helps your organization with data collection and streamlining the document management process with minimal errors.
- Enables the Processing of Large Volumes of Documents
Another benefit of using IDP is processing large volumes of documents in one go. While humans take time to extract data from each document, the same isn’t true in the case of IDP. Unlike humans, a document processor can extract data from multiple documents simultaneously. You can tackle a giant database and avoid spending capital on a data entry team.
- Improves Data Accuracy
Humans are prone to make errors when feeding data to a database, especially when there are a large number of documents. This may hamper the overall authenticity of the database and may leave managers questioning its accuracy.
Thankfully, the same isn’t true in the case of AI and ML-based IDP technology. It is capable of entering the data accurately in the database and retrieving the same data with speed when its users need it on an urgent basis. In short, an automated document processor can extract accurate data and eliminate mistakes with an accuracy of more than 90%.
- Increases User and Customer Satisfaction
Intelligent Document Processing is capable of providing users with optimal responsiveness through the life cycle of work to be performed. With IDP, you can process evidentiary documents, extract the right keywords from a data set in less time. What’s more, the automated process can use keywords to route emails to the right department for faster throughput from start to finish. This helps speed up the response time between receiving an origination request to approving it, from a claim initiation to notification of completion, etc. Documents are no longer the bottleneck.
- Offers Data Security
When documents are managed manually or in disparate data systems, there is always a possibility of a data breach. But with IDP, documents can be kept in a secure, centralized location. This enables businesses to be more compliant with data protection regulations. In other words, you can make sure that the data saved never gets misused by anyone.
Maximize the Benefits of Intelligent Document Processing
Benefits such as these (and others discussed in the article above), will help you identify various reasons why a data extraction processes like Intelligent Document Processing are essential for your business. Once you decide to opt for intelligent document processing, it’s time to look for the right implementation partner.
Why Choose Blanc Labs’ Intelligent Document Processing?
Blanc Labs believes in driving improved operational efficiency and better business outcomes.
- Automate workflows for document collection, digitization and analysis
- Replace manual effort through intelligent data capture
- Connect with third party data providers for analysis and insights
- Analyze document data, provide status alerts, and flag fraudulent entries
- Secure documents in a drop box
- Deploy on premises, in the cloud or as a hybrid model
We hope that learning about these benefits will help you arrive at a decision faster and invest in the best document processing solution in the market.