07 Nov, 2020 | Blogs
Data is the backbone of every organization’s workflow since it facilitates the daily progress of business processes. At the same time, the constant pressure to lower costs, comply with changing regulations, and satisfying ever-increasing customer demands are straining processes that rely heavily on information, particularly unstructured data like documents, images, and e-mails. So, how can you do all this while preventing employee burnout? That is where Intelligent Document Processing (IDP) comes in handy. One of the biggest benefits of intelligent document processing is that it transforms unstructured data into better insights and processes. Let us look at the top five benefits of intelligent document processing and how your business can leverage it to focus on critical aspects of their workflow.
Top Five Benefits of Intelligent Document Processing
Effectiveness:
One of the biggest benefits of intelligent document processing is that it reduces manual intervention in any document-centric workflow. With IDP, it only takes a click to capture, convert, sort, index, and route data from a document to its destined location to be stored in a structured format. The level of automation that IDP provides increases the overall process efficiency and operations of the daily workflow.
Savings:
It is a fact that companies adopting IDP solutions for automating their workflow have not only reduced processing time but also lowered labor costs by as much as 30%! Additionally, automated data processing saves operational costs by substantially completing a tranche of work in a shorter time.
Speed:
The most obvious benefit of intelligent document processing is the speed with which a large volume of data it processed. Manually processing information can be mind-numbing and labor-intensive, making data prone to errors and leaving employees disengaged after a while. However, when an IDP solution is used, it not only ensures error-free results but also completes the work in a fraction of the time.
Scalability:
IDP solution is process agnostic and can be applied to several applications in diverse areas. It needs no installation and serves as a platform where different types of document formats (image, faxes, excel sheets), sizes, and sources can be scanned and processed. All these features make IDP highly scalable and effective for any organization.
Simplified Compliance
Since an IDP solution substantially automates laborious tasks like data entry, information validation, and document sorting, it simplifies compliance. With automation, the IDP solution leaves a digital trail that can be used for auditing and ensuring compliance with complex regulations. It is also a secure technology that ensures data privacy to prevent misuse or manipulation of data and stores information in a secure location that can be accessed only by authorized personnel.
Read more on intelligent document processing here.
Why Outsource IDP?
Numerous reports claim that most of the company’s data is usually unstructured. Eventually, this data increases up to the point where it becomes unmanageable, forcing companies to deploy resources to sort data. Add to it, a lot of redundant data is preserved, while useful information is not fully utilized to its potential. When humans are deployed to handle this data, the paperwork becomes time-consuming and monotonous, resulting in unintentional yet costly errors and wasteful resources. It also means that companies need their employees to focus on such work instead of more demanding tasks.
Consequently, many organizations are gradually moving towards solutions that enhance process efficiency with the least number of resources. While many companies have the budget to outsource data entry jobs, others adopted intelligent document processing systems to optimize operations. The benefits:
- Companies can reduce the staff’s time spent on manually processing data.
- It gave businesses time to identify more demanding aspects of their business workflow and redeploy staff there.
- Outsourcing IDP saves time and increases overall business performance.
Know how Nuummite Consulting is helping companies automate their workflows by utilization IDP solutions such as Optical Character Recognition and artificial intelligence. We are a leading partner of digital transformation technologies providers and a trusted advisor to help you get started with these solution. Book a free consultation to know how our services can help you take a giant leap forward towards process efficiency and higher client satisfaction.