If you work in Global Business Services (GBS) in an Enterprise company, you know how important document processing is for your organization and how challenging it can be to handle large volumes of unstructured data from various sources and formats.
You may have experienced some of these common pain points:
- High operational costs due to manual labor, paper-based workflows, and legacy systems
- Low efficiency and productivity due to slow turnaround times, backlogs, and rework
- Poor quality and accuracy due to human errors, inconsistencies, and compliance issues
- Limited scalability and flexibility due to lack of standardization, automation, and integration
- Low customer satisfaction and retention due to delayed responses, inaccurate information, and lack of transparency
These pain points can negatively impact the performance and value of your GBS group, as well as the overall business outcomes and competitiveness of your company.
But what if there was a way to overcome these challenges and boost your GBS performance with a single solution? That’s where Intelligent Document Processing (IDP) comes in.
What is Intelligent Document Processing (IDP) and why this is the best option for your document processing?
Intelligent Document Processing is a technology that automates the extraction, classification, and validation of data from any type of document, such as invoices, contracts, forms, receipts, and more. IDP uses artificial intelligence (AI) techniques, such as optical character recognition (OCR), natural language processing (NLP), and machine learning (ML), to understand the content and context of documents, and to convert them into structured and actionable data.
IDP can handle documents in various formats, languages, and layouts, and can process them in real time or in batches. IDP can also integrate with other systems and applications, such as enterprise resource planning (ERP), customer relationship management (CRM), and robotic process automation (RPA), to enable end-to-end automation of document-centric business processes.
IDP adoption is growing rapidly and more and more businesses are recognizing the benefits of IDP for their document processing workflows. According to a recent report by Grand View Research, Inc., the global intelligent document processing market size is anticipated to reach USD 11.6 billion by 2030, growing at a CAGR of 29.7% from 2022 to 2030.
By implementing IDP, you can achieve significant benefits for your GBS group and solve all the challenges mentioned earlier, such as:
- Lowering operational costs by getting rid of manual work, paper-based processes, and outdated systems
- Boosting efficiency and productivity by speeding up processing times, clearing bottlenecks, and avoiding errors
- Enhancing quality and accuracy by reducing human mistakes, maintaining consistency, and complying with regulations
- Increasing scalability and flexibility by supporting standardization, automation, and integration across functions and business units
- Improving customer satisfaction and retention by delivering faster answers, reliable information, and better visibility
Discover our step by step guide on how to implement Intelligent Document Processing in your GBS model, in our next article. Stay tuned.
Choosing the right IDP solution matters
GBS groups are constantly looking for ways to optimize their document processing workflows and deliver more value to their customers. As said, IDP enables you to automatically classify, extract, and validate data from any type of document.
However, not all IDP solutions are created equal. Some IDP solutions are limited to specific use cases, such as invoice processing, and require extensive customization and maintenance. Others are based on outdated technologies, such as optical character recognition (OCR), that cannot handle complex and unstructured documents. And some are simply too expensive and difficult to deploy and integrate with existing systems and applications.
Parashift is different and provides a cloud-native IDP platform that can help you achieve your document processing goals.
Parashift’s IDP platform offers the following features and advantages:
- A cloud-based, scalable, and secure platform that can process millions of documents per day
- A plug-and-play, no-code, and low-maintenance solution that can be easily deployed and integrated with existing systems and applications
- A comprehensive, multi-tenant, and multi-language platform that can handle any type of document, such as invoices, contracts, forms, receipts, and so on.
- A self-learning, adaptive, and intelligent platform that can automatically improve its accuracy and performance over time thanks to its Swarm Learning technology
Parashift has been featured among the Top IDP vendors in the HFS Horizons Report – Intelligent Document Processing Products 2023, which recognizes the most innovative and impactful IDP solutions in the market.
Here’s how Parashift works:
As you can see, Parashift IDP platform allows you to extract all important data from bank statements automatically:
- General information: Bank name, bank address, billing period (from), billing period (to), bank statement creation date.
- Account holder information: Name and address.
- Line item data: Booking date, detailed description, amount of debit, amount of credit.
So the automatic extraction by Parashift does not only include general information like addresses, names and the date of the bank statement. Rather, you can also automatically extract all line item data, including the details of each entry. The accurate and effective extraction of this line item data in a structured form is essential to enable you to automate your business processes end-to-end in the future.
Furthermore, in addition to the hundreds of out-of-the-box document types, custom document types can also be customized in minutes directly on Parashift Platform.
How to get started?
If you are interested in boosting your GBS performance with IDP, you can request a demo of Parashift Platform and see how it works in action. You can also contact Parashift’s experts and get a free consultation and a personalized quote for your IDP project.
Don’t miss this opportunity to transform your document processing and take your GBS to the next level.
