For organizations struggling to manage the “new oil”, i.e., data, intelligent document processing for business is a ray of hope. It can streamline operations by accurately structuring data and subsequently help achieve business goals.
Data is the fundamental element of every business process. It plays a vital role in facilitating business growth by improving the function of day-to-day operations. However, businesses face multiple challenges while managing this critical resource. They often find themselves on edge while handling the plethora of unstructured data in the form of images, emails, PDFs and other digital documents, as well as paper-based data that can be difficult to manage.
Additionally, managing unstructured data manually can be nerve-wracking and leads to errors that can disrupt business operations. Frequent upheavals in day-to-day operations tend to bring irrecoverable losses to the business entity.
The one-stop solution to this burning problem is the integration of intelligent document processing for business in the daily workflow to optimize data management safely and efficiently.
WHAT IS INTELLIGENT DOCUMENT PROCESSING FOR BUSINESS?
Simply put, intelligent document processing leverages artificial intelligence, computer vision, Natural Language Processing (NLP) and machine learning to automate the extraction and processing of data from different document formats. It ensures uninterrupted and accurate information flow throughout the business process. Intelligent document processing has several other benefits, such as:
ACCURACY
Speed and accuracy are vital aspects of streamlined business operations. Intelligent document processing for businesses facilitates the accurate extraction of data with minimal human intervention and effective time management. It digitally encrypts the data and minimizes the possibility of data tampering. It also eliminates potential manual entry errors. According to Gartner, adopting intelligent document processing systems saves finance departments almost 25,000 hours of rework, which is generally caused by human errors, amounting to $878,000 per year for an organization with an accounting staff of 40 full-time professionals.
EFFICIENCY
The intelligent document processing system can efficiently extract, manage, analyze and sort data embedded in multiple documents and present it in a structured manner in seconds. This feature facilitates smooth inter-departmental data sharing, resulting in a seamless workflow. Moreover, it enables employees to focus more on mission-critical tasks than data processing and management, thereby improving the efficiency of overall business operations.
COMPLIANCE
Since intelligent document processing systems accurately manage a wide range of data, they are perfect for processing sensitive information. They can smoothly identify critical data and ensure its security and protection. Several AI-enabled document processing solutions are engineered to generate reports and audits that meet all the compliance and regulatory requirements.
COST OPTIMIZATION
Maximizing ROI in every facet of business is the most important goal of business owners. Intelligent document processing can become a critical tool to achieve this objective. The software can reduce document processing time, eliminate the need to hire labor for manual data entry tasks and lower the overall cost of business operations. It can help optimize time management by reducing repetitive tasks and manually sorting data in an easily retrievable format. Business owners can accordingly engage their workforce in crucial tasks, enabling their businesses to thrive and prosper.
Businesses are under intense pressure to continuously enhance customer relationship management, reduce operational costs and adhere to regulatory requirements. Intelligent document processing for businesses is the perfect solution to achieve these goals. Most importantly, intelligent document processing eliminates the need for resources on data entry, improves efficiency and availability of critical information and helps businesses build a digital workforce.
