It’s no secret that businesses have to deal with countless paperwork daily. From invoices and contracts to forms and applications, the list goes on. Handling these documents manually can be time-consuming and lead to human error. This is where intelligent document processing can help.
Intelligent document processing (IDP) is a form of artificial intelligence (AI) that uses natural language processing (NLP) and machine learning (ML) algorithms to read and interpret business data automatically. This technology annotates, classifies, and extracts information from any given document, making it easier and faster for businesses to process large volumes of data. In other words, this document annotation tool platform can be a valuable asset for any organization.
Here are five benefits of intelligent document processing:
1. Enhanced accuracy
Accuracy is probably one of the most critical factors when dealing with paperwork. After all, even a simple mistake can have costly consequences. With intelligent document processing, you can be confident that your documents are being read and interpreted correctly. This is because IDP systems are constantly learning and improving their accuracy over time.
To give you insights, here’s a quick overview of how an IDP system works to achieve enhanced accuracy.
Read and analyze a document
As mentioned earlier, an IDP system uses NLP and ML algorithms to read and interpret data. That means it can understand the context of a document and identify the relationships between different pieces of information. As this tech reads more records, it becomes more accurate and can make better predictions.
Classify the document
The next step is classifying or indexing the document according to predefined criteria. For instance, an IDP system classifies an invoice according to the type of purchase, supplier, date, and more. This will help the system understand what type of document it is dealing with and how to interpret the data.
Extract key information
The IDP system extracts specific information from the document in accuracy-sensitive cases such as contract reviews. For example, it’ll identify the expiration date, the contract value, or the terms and conditions. This is where the system’s machine learning capabilities come in handy. By constantly learning from past data, the IDP system can become more accurate over time and extract the right information more precisely.
2. Streamline workflow
IDP technology can help businesses streamline their workflow in several ways. The system can automate the entire document processing pipeline from start to finish. Thus, you no longer have to rely on manual labor or resources to get the job done. They’ll also be able to eliminate steps that are no longer necessary, such as data entry.
Additionally, IDP systems can help companies route documents to the right people or departments for further processing. For example, if an IDP system detects that a document is an invoice, it can automatically send it to the accounts payable department. As a result, you don’t need to manually sort and distribute files, which can be time-consuming and error-prone.
On top of that, this tech trend can provide real-time insights into your business document processing pipeline. Moreover, the system can generate reports showing how the document method performs. With this information, you can quickly identify and address problems in your workflow.
3. Boost customer service
Customer service is one of the fundamental aspects of any business. After all, happy customers are more likely to stay with your company and recommend your products or services to others. And one way to achieve excellent customer service is by quickly responding to customer inquiries and requests.
IDP technology can be of assistance in your customer management strategies. For instance, if a customer sends an email inquiring about their order status, the IDP system can extract the order number and provide the latest update. As a result, you can deliver timely and detailed responses to your customers, improving their satisfaction levels.
4. Improve compliance
In today’s business environment, compliance is more important than ever. That’s because government regulations and standards are constantly changing, and companies must ensure that they’re up-to-date.
You can utilize the IDP system to manage or monitor your compliance-related documents. The system can help you track document versions, access control, and approvals. In addition, it can send alerts or notifications when a particular document is about to expire. This way, you can take action quickly and avoid any costly penalties.
5. Better security
Data security is another critical concern for businesses nowadays. With several cyber threats, companies must do everything possible to protect their data. Thus, an IDP system could be your go-to solution.
This technology uses advanced security features to safeguard your data. The system can encrypt sensitive information in documents. It can also restrict access to specific files to authorized users only. By implementing an IDP system, you can be sure that your data is well-protected from any malicious attacks.
Moreover, the IDP system can create an activity log that tracks every action taken on a document. This feature is helpful for auditing purposes and can help you identify any suspicious activity. It’s one of the security measures that you can implement to keep your data safe and secure.
There you have it—five benefits of intelligent document processing for businesses. Now it’s time to evaluate whether or not this technology is right for your company. Consider your needs and objectives, and decide to help you achieve your business goals.