5 common use cases for intelligent document processing
Data is one of the most valuable assets that today’s businesses possess. Collecting this powerful resource requires that teams in large enterprises, service operations, and shared services — to name just a few — must handle huge volumes of documents. From purchase orders to customer inquiries, managing this deluge of information poses a complex challenge.
Thankfully, an advanced solution can be found in Intelligent Document Processing (IDP). This technology extracts and organizes information automatically from a vast range of documents, so your business can manage its data as efficiently and cost-effectively as possible. Intelligent Document Processing wrapped around a solution like process orchestration can really drive forward your digital transformation journey. Today, we’re going to explore five intelligent document processing use cases. These real-world solutions demonstrate just how effective Intelligent Document Processing can be.
5 use cases for Intelligent Document Processing
1. Accounts payable automation
Challenge: Manual invoice processing is a slow and time-consuming task. Mistakes occur frequently, and it’s not cost-effective. Plus, delayed invoice processing can result in missed discounts, strained supplier relationships, and late payment penalties.
IDP Solution: Adopt an IDP solution and start reaping the benefits of automated invoice processing. The capture, extraction, and validation of invoices are all managed by IDP, and they are automatically matched to purchase orders and contracts. This saves a significant amount of time for your team while reducing errors and ensuring prompt payment.
2. Customer service and support
Challenge: Customer service teams often find themselves inundated by email inquiries and support requests. When they have to categorize and respond to each contact manually, response times become unavoidably slow, and customer service standards suffer.
IDP Solution: Incoming customer inquiries can be classified and routed by IDP based on their content and urgency. Automating these steps relieves the pressure on your customer service teams, making sure the right queries reach the appropriate person or department immediately. The customer’s experience is thereby greatly improved.
3. Contract management
Challenge: Those who work in a large enterprise will be familiar with the difficulties of managing an extensive portfolio of contracts. Keeping track of key dates, obligations, and renewals is a challenge, and dropping the ball can result in missed contract deadlines, costly disputes, and missed opportunities.
IDP Solution: Extract and index all contract information with the use of IDP. Important dates, clauses, and obligations can all be managed in this way. Plus, the system sends alerts for contract renewals and compliance deadlines. This minimizes the risk of costly mistakes or oversights.
4. Employee onboarding
Challenge: Anyone with experience of onboarding processes in a large organization knows how much paperwork is involved. From employment contracts to tax forms, every new starter requires a plethora of documents. Dealing with all of this manually is typically a slow and inefficient process.
IDP Solution: Seamlessly automate document collection, validation, and approval by integrating IDP with your HR systems. New hires can submit all their documents electronically, eliminating piles of manual paperwork. The IDP system checks that all required information is complete before onboarding is finalized. Altogether, the process is vastly more efficient.
5. Regulatory compliance
Challenge: Regulations are constantly being updated, and failure to stay compliant can result in expensive legal repercussions for businesses. As such, organizations must invest a lot of resources in keeping up with the documentation required for compliance, such as tax records and audit trails.
IDP Solution: With IDP, it is possible to automate and capture the storage of compliance-related documents. Missing or outdated documents are automatically flagged, making it easier to keep everything in order and demonstrate compliance during an audit or regulatory review.
Reasons to implement Intelligent Document Processing
Efficiency and Productivity
By automating time-consuming and repetitive tasks, IDP liberates your teams to focus their energies on higher-value work. As a result, productivity and operational efficiency improve.
IDP can complete tasks in a fraction of the time it takes to do them manually. Delays are therefore reduced, and resources can be used more effectively.
Using IDP minimizes the human errors often prevalent in manual document handling, increasing data accuracy and reducing costly mistakes.
Implementing IDP decreases the need for manual labor and paper-based processes, leading to long-term cost savings.
Enhanced customer service
Document-based customer service processes expedited by IDP result in swifter response times, leading to happier customers.
Compliance and risk mitigation
Regulatory compliance is made easier with IDP, reducing the risks of expensive penalties, legal disputes, and other non-compliance issues.
Altogether, IDP delivers a powerful solution to the problems inherent in document management. The automation of document-related tasks improves efficiency, reduces mistakes, and saves both time and money. This all contributes to better business outcomes, making IDP a strategic move that will give you a competitive edge during this time of digital transformation.
Obtain all the benefits of intelligent document processing with Enate AI. We’ve deployed IDP on our platform, so you can skip the costly model training and automate tasks effortlessly. Simply use Enate credits via the marketplace to begin taking advantage of IDP today.
Operational Soup is a term we use when work is being carried out, but businesses have little idea how much, by whom or exactly how it is processed.
Start orchestration in departments with strong use-cases to deliver value quickly. Often, good examples can be found in back/middle office process areas that have high variation and complexity such as finance or HR operations. Recent intelligence sourced through process mining suggests 80%+ of the work performed in a shared services organization is not performed in the ERP systems, but rather in Excel or Outlook. This is where Orchestration thrives.
Having orchestration implemented across our departments can be likened to having x-ray vision into your operations.
Global Head of Operations at TMF
Almost half of banking and investment CIOs (49%) and insurance CIOs (44%) indicated that they will increase their automation investments in 2021.
Source: Gartner, 2021