How can you simplify enterprise document handling?
One of the significant challenges in many enterprises is managing large volumes of documents efficiently.
Data comes from many sources and in various formats, such as scanned images and unstructured forms.
The challenge then arises on how to understand the context of large volumes of data and how to extract only the useful information.
Intelligent document processing (IDP) is gaining a lot of traction because it provides solutions for automating challenging data extraction and processing tasks.
According to Everest Group, the global market for Intelligent Document Processing is expected to grow at a rate of about 60% over the next few years.
IDP uses technologies such as computer vision, natural language processing (NLP), and machine learning to extract, categorize, and classify useful data for enhanced decision-making.
In this article, we’ll discuss the 5 best use cases of Intelligent Document Processing for enterprises.
Let’s get started.
1. Finance
Information is central to the organizational workflow of financial institutions, such as banks.
However, most of them work with unstructured data from thousands of paper documents like pay slips, loan applications, and bank statements.
According to IDC, 80% of data in organizations is unstructured and comes in the form of emails, paper documents, or attachments to spreadsheets from multiple devices.
If a client applies for a loan, they need their documents and data processed fast and with minimal errors.
However, manual processes such as typing in the client’s data into the system is time-consuming, leading to longer waiting periods.
IDP uses artificial intelligence while incorporating OCR and Robotic Process Automation (RPA). As you receive more data, through IDP solutions with Document Conversion capabilities, you can accurately classify documents, automatically detect unclear text, and enhance productivity by reducing errors.
Accordingly, you can improve the customer experience with KYC (Know-Your-Customer) verifications and financial due diligence. Through image processing, you can make processes such as verifying signatures touchless.
Banks receive over 10,000 documents a year from clients applying for loans. Specialists manually record this data and check it to determine the credit score.
With the support of intelligent document processing, Acodis introduced a supporting software for automated payroll data. Employees can now check data virtually and make the necessary adjustments.
2. Healthcare
Seamless and on-demand access to patient data is critical for the operation of every healthcare institution.
However, many hospitals still have most of their documents in the form of paper form, such as patient intake and health insurance forms. As a result, it becomes challenging to access data from files as well as manage patient history information due to loss or damage of documents.
Consequently, administrators find themselves failing to communicate effectively when referring patients to other hospitals.
According to a survey by PMC Labs, 83% of the respondents reported occasionally encountering challenges due to inadequate information from the hospital.
One of the applications of intelligent document processing in healthcare institutions is the digitization of information through document conversion.
When implemented with cloud-based fax, AI-technologies can automatically convert and identify different healthcare documents for easier extraction of patient information. This data includes medical record number, date of birth, Social Security number, and date of service.
In fact, this is one of the most interesting use cases of intelligent document processing in healthcare. Through natural language processing, healthcare institutions can facilitate exchange of information for billing and administering prescriptions.
Marion County Public health was previously experiencing challenges with a lot of paperwork as they were using traditional paper charts to manage their document needs.
When they incorporated the Docsvault management system, they replaced the cumbersome chart and paper filing tasks with easier scanning and storage of documents.
3. Legal
When you think of the legal sector, a lot of paperwork immediately comes to mind.
These could be in the form of affidavits, contracts, or deeds that require corrections or signing for approval.
However, most of these result in unstructured data because they are in paper form. They, therefore, require manually driven processes, such as counter checking facts and figures.
Legal service providers are then forced to manually organize files to access data and still comply with strict regulations.
According to a study by the City University of London, lawyers need to do their due diligence and conduct comprehensive investigations, which are sometimes prone to mistakes.
Nonetheless, lawyers need to mitigate the risk of human error and quickly access large volumes of documents like contracts or evidence in record time. A Content Intelligence Platform leverages natural language processing and machine learning algorithms to convert, extract, and digitize data from documents.
Through AI Document Classification Tools, litigators can perform due diligence by uncovering previously hidden key information.
Some of the use cases of intelligent document processing in law firms include:
- Contract administration
- Fraud detection
- Information protection
Deploying a content intelligence platform can enable you to access golden pieces of evidence when working on a case. It can also eliminate errors and discrepancies that you were once unaware of when handling your client’s paperwork.
BAL Global receives many immigration documents every day that are manually scanned to PDF and entered into the system. Spring ML leveraged Vision AI and Google Cloud Platform to extract text from documents.
With automated document parsing, BAL was able to reduce manual effort while processing forms, ultimately increasing accuracy.
4. Logistics
It goes without saying that logistics companies process an eye-watering number of documents like bills of lading, purchase orders, and proofs of delivery. Transportation documents also have to be ferried across multiple locations before they are submitted for processing.
When a document goes through many hands, you can expect general wear and illegible handwriting that can lead to reading errors.
Lack of standard formats and variations in document quality is another challenge transporters must contend with. In fact, according to Shipamax, every year, ocean freight forwarders exchange over 12 billion documents that come in different formats.
An OCR Software, built with cutting edge Advanced Data Capture technology, enables you to set up new extraction parameters so that you can extract appropriate information from various documents like invoices.
These applications of intelligent document processing liberate actionable business data embedded in digital and analog documents in a cost-effective, scalable, and precise way. This, therefore, makes logistics one of the best use cases of intelligent document processing for enterprises.
Rhenus Logistics were able to partially automate their logistics and customs clearance processes through Acodis. As a result, their workers became free from repetitive and unmotivating data entry activities.
5. Governments
Documents and forms in many governance institutions are paper-based.
As a result, accomplishing tasks with government entities becomes slow and painstaking for both employees and citizens seeking their services.
Endless scans and piles of paper-based forms to sift through is a sight all too familiar with government agencies. This results in frustrated citizens and overworked employees due to limited document handling resources.
The use of intelligent document processing by local and federal government agencies helps in document conversion from paper-based forms to electronic documents through cloud-based solutions for better storage and access.
According to a survey by FedScoop, 64% of the federal agencies agree that moving their existing data center to a federally authorized cloud will offer the best ROI over the next few years.
In addition to that, through OCR solutions employees can extract data from contracts, surveys, and census forms. By greying particular areas like PIN numbers, they can protect sensitive information when there’s need to give access to particular departments.
According to Docsvault, governments encounter challenges like protecting sensitive data, retaining documents, and endless paperwork.
Document repository software addresses these challenges by storing documents in a centralized repository where they are secure from unauthorized access. It’s electronic workflows also help in automating document processes like approvals and reviews, ultimately saving on time.
Conclusion
If you’re currently handling large volumes of data and manually processing it, then you can attest to the fact that this is slow, tedious, and error-prone.
According to Delloite, IDP is expected to experience a 70-80% market growth in a few years. So incorporating intelligent document processing solutions into your workflows is clearly the next logical step forward because it increases efficiency.
You can use these applications of intelligent document processing in various industries, such as healthcare when billing patients and government agencies when protecting sensitive data.
To get started, leverage our leading content intelligence platform, Adlib Software, developed for document conversions and data analysis through natural language processing.
Read More: World Latest News Website thebuzzie.com and newdailyinformer.com also check tech social blog site igview.co
