5 Easy Automations using Intelligent Document Processing

Intelligent document processing is a technology that has the potential to revolutionize the way we process information. Intelligent Document Processing (IDP) enables the conversion of unstructured information into structured data. IDP converts paper documents, emails, or other electronic documents into a structured format such as XML, JSON, or CSV.

There are various use cases of this technology. For example, in a law firm, it can be used to process legal documents and find out the most relevant information to answer a specific question. In an engineering company, it can be used to find out which components are required for a particular project and then order these components from suppliers. In this article, we will look at how IDP can help organizations in many different ways. IDP can help organizations reduce costs, improve customer satisfaction, and increase the trustworthiness of their content.

The future of this technology looks very bright as more companies are investing in IDP.

1. Data Entry

Data entry can be a barrier to digital transactions. Did you know you could use AI to pre-fill forms and upload data in seconds? A good IDP solution can make all the difference. It can automate the process of scanning and digitizing your documents, in turn, making it pointless to spend time on manual input – which often leads to mistakes being made. This saves you loads of time and you’re able to focus on analyzing all the other benefits an IDP can offer.

Rather than waiting days to get an expense report processed, you can submit a digital copy for quick approval & hand-off. This not only saves time but also assures you won’t have to deal with the traditional hassle of paper documents.

It can be used in various industries such as banking, insurance, and law. The IDP can be used to extract data from the document and then transfer it into a database for further processing.

Some companies like Clavis Tech are providing IDP solutions to their customers. They offer intelligent document processing services which are designed for extracting data from documents and transferring them into databases for further processing.

2. Data Categorization

Documents typically need to be categorized before they can be processed, which requires a lot of manual input time. A quality IDP solution can help streamline this process, automatically sorting through different varieties of documents like purchase orders, contracts, employee contracts, and employment records. This solves the problem at a much faster and cheaper rate than humans could ever do it themselves.

For example, when a bank is considering giving you a loan, the documents in your loan application need to be sorted before being looked at. With an IDP solution, this process can happen quicker and more accurately. This means that lenders can analyze applications faster and provide more efficient loan decisions.

3. Data Extraction

If you’ve ever had to spend time trying to find documents or other information in your files, an IDP solution can take that off your plate. These systems can gather and extract data from any document in seconds. No matter whether it is a single document or the contents of an entire file, it will not take more than a few minutes.

There are many reasons to keep records. Records might be anything from old documents, family photos, or the content of your last phone call. All of these can have value, but it’s not always easy to find them and add them to your system. IDP makes it simple to not only find, but add value in your records – no matter how few or old they are.

4. Data Privacy Management

The federal government mandates that financial institutions and companies adhere to Financial Privacy rules to protect the privacy of personal and financial data of US consumers. People provide highly sensitive information, such as their personal and financial details, to protect themselves. Customers expect the institution to keep this data safe. Your company data is stored in a secure environment. If you want to access it, you log in with your credentials and review data without fear of someone else accessing it or tampering with it.

5. Compliance

Firms in the financial sector are governed by a number of regulations that cover everything from consumer privacy to non-discrimination. This can be a time consuming and never-ending part of doing business, which is why many finance firms choose automated processes to help manage compliance. However, when you use an IDP solution to digitize and manage your data, the system can maintain a digital trail of all activity. This audit trail ensures that you can audit your processes and data, which can help with maintaining compliance.

This process has many benefits including improved searchability and accessibility of the information. The conversion also provides an audit trail for the information in case it needs to be accessed later on. Intelligent Document Processing can be used by many different types of businesses and industries to improve their business processes and operations. Clavis Tech is an IDP provider that offers document processing services to help automate and optimize your workflow. They have been in the industry for over a decade and have helped many companies with their IDP needs. They are experts in the field and are always on the lookout to provide better solutions to our clients. Their software can be integrated with any custom or off-the-shelf enterprise content management system, or it can be deployed as a standalone solution. If you’re interested in intelligent data processing, they’ve got you covered.

Intelligent Document Processing is a new technology that automates the process of extracting and analyzing data from documents. This can be done in a way that it is both accurate and scalable. Clavis Tech is one of the best providers of Intelligent Document Processing.

Clavis Tech has been working on Intelligent Document Processing since the early days of this technology. They have developed a suite of tools to help companies automate document processing at scale, without compromising on accuracy or scalability.

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