The Benefits of Intelligent Document Processing – Clavis

Data is the backbone behind every important decision that modern age companies make. However, the need to cut costs, comply with regulations and meet increasing customer demand is putting more and more pressure on the business processes that rely heavily on data and information

This becomes excessively hectic when it comes to dealing with unstructured or semi-structured data such as documents, images, PDFs, and emails. Well, this is where Intelligent Document Processing comes in

Intelligent Document Processing or IDP is the process of converting both unstructured and semi-structured information from documents into structured information which is then be used for creating better insights and processes

Intelligent Document Processing can be broken down into 5 major steps:-

1. Pre-processing – IDP smartly applies techniques such as noise reduction, binarization and de-skewing to maximize the quality of documents.
2. Image processing – IDP first uses computer vision to understand document structure and identify “features” such as text, graphs and pictures. Older technologies for the same process includes OCR and ICR to extract text from the document. During this process, some IDPs create “digital twin,” that is useful for machine-reading.
3. Classification and data extraction – Using machine learning (ML) and NLP, IDP automatically identifies, separates and classifies document components. One of the key deliverables of IDP systems is their ability to pinpoint important information and extract it for future analysis or processing. IDPs often include a library of extraction models or a pattern matching tools , popular tools are – Regular Expressions (RegEx).
4. Data Validation –  IDP platforms often times leverage external databases and pre-configured lexicons to validate data extracted from documents. Not only does this process ensure the quality, but also that data is collected in the right format and ready for usage.
5. Integration – The last step of the IDP process is to integrate the validated data into large CMS, ERP and other workflows.

Some proven use cases of Intelligent Intelligent document Processing (IDP) are listed below:

FOR BANKING & FINANCIAL SECTOR

• Customer Risk-Profiling
• Mortgage Document Processing

FOR INSURANCE SERVICES

• Contract and Claims Form Processing
• Claims Processing
• Customer On boarding

FOR HEALTHCARE SERVICES

• Patient On boarding Process
• Patient Records Management

FOR LOGISTICS SERVICES

• Logistics Documents
• Bills of Lading Management

FOR MANUFACTURING

• Invoice Processing
• Order Form Processing

FOR CPG & RETAIL

• Proof of Delivery Management
• Category and Catalog Management

FOR GOVERNMENT & PUBLIC SERVICES

• Survey Data Capture & Analysis
• Application Verification – Property Registration

FOR TELECOM SERVICES

• Email to Ticket Automation
• Customer Correspondence Management

FOR MEDIA & ENTERTAINMENT

• Record Management
• Content Verification
• Competition Tracking

There are other various advantages of using a fully integrated document processing platform as well such as

1. Increased effectiveness and efficiency

simple manual document processing can cost anywhere around $6-8 per document. For more complex documents, average cost per document can go upwards of $40-50. 70% of businesses would fail within 3 weeks if they suffered a catastrophic loss of paper-based records due to fire or any other unforeseen disaster or accident. IDPs are the future or document processing

2. Improved compliance and security

An intelligent document automation solution’s impressive accuracy rate makes it a no-brainer for handling any compliance-related document or those that include sensitive information such as personally identifiable information or health records or even legal matters. As IDP eliminates the need for humans to open up, review or handle any of the data included documents, it also reduces the chance of data leaks by many folds

3. Enhanced data quality and usability

80% of an organization’s data is locked in emails, text, PDFs and scanned documents. Using RPA and AI-based tools, IDP can help companies unlock the true value of dark data by transforming it into actually high quality, structured data that is best suited for analysis

4. Promotes and scales automation

intelligent document processing is not only a workflow automation tool but also a powerful enabler of end-to-end process automation

The Powerful benefits of combining IDP with RPA!

With standard RPA systems, setting up data extraction to run automations is often a separate project, which adds ongoing costs as well as weak integration points making it a less efficient task defeating the whole purpose of integration

Effectively extracting data and structuring information is the name of the game that business processes of the future can bet on without relying on manual inputs and intervention. Embedding Intelligent Document Processing within the RPA platform enables businesses to automate processes completely end-to-end. When IDP and RPA works together in the same platform, you can unlock the biggest mysteries of data unlocked and ready to be used for better decision making. Combining IDP with RPA is the fastest way to make sure that your organization becomes unbeatable in efficiency and is able to focus more on tasks that really matter such as high quality decision making, closing deals, research and development etc

IDP and RPA ar the future of every organization looking to maximize their growth and truly scale without adding on to their human resource cost. Clavis Technologies has worked with several industry leaders in unlocking their true potential using Intelligent Data Processing and RPA tools working in perfect sync

Thinking of how you can Implement IDP in your Business or Organization today

If you have unstructured data that needs to be processed and analyzed by an AI engine for insights or just for automation purposes- then IDP may be a perfect solution. Experts at Clavis tech are best suited to assist you on your journey towards becoming a super efficient organization with the right implementation of IDP

Thinking of Outsourcing IDP?

Most of the company’s data is usually unstructured. Eventually, this piles up to the point where it becomes unmanageable, forcing organizations to deploy resources to sort data. When humans are deployed to handle this raw data, the paperwork becomes time-consuming and hectic, resulting in costly errors and waste of precious resources. That’s why organizations nowadays are gradually moving towards IDP solutions that enhance process efficiency with the least number of resources.

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