As a GBS leader, you have a lot on your plate. Managing and delivering business processes across different functions and locations is a big challenge. You also face a huge amount of documents of all kinds. These documents can include invoices, contracts, purchase orders, receipts, forms, reports, and more. They can vary in format, language, and layout. They can have data that is structured, unstructured, or semi-structured.
Processing all this manually is a nightmare. It takes a lot of time, money, and effort. It also makes your GBS operations less scalable and flexible. That’s why you need a solution that can automate and optimize document processing using AI.
If you read this article is that you are probably thinking of Intelligent Document Processing (IDP) as the potential solution – Great job! -. IDP is a technology that can capture, extract, classify, and validate data from any type of document, using a combination of optical character recognition (OCR), natural language processing (NLP), machine learning (ML), and computer vision (CV).
IDP can help you transform your GBS model by enabling you to:
- Reduce manual work and human errors
- Increase speed and accuracy of document processing
- Enhance customer satisfaction and loyalty
- Improve compliance and risk management
- Unlock new insights and opportunities from document data
How to implement IDP in your GBS model in a simple and intuitive way?
Here are five easy steps to follow:
Step 1: Define your document processing goals and requirements
The first step is to identify what kind of documents you need to process, what data you need to extract, and what business outcomes you want to achieve. For example, you may want to process invoices faster and more accurately, or you may want to extract key information from contracts and compare them with your internal policies.
You also need to consider your technical and operational requirements, such as the volume and frequency of documents, the integration with your existing systems and workflows, and the security and compliance standards.
Step 2: Choose the right IDP platform for your needs
The next step is to select an IDP platform that can meet your goals and requirements. There are many IDP platforms available in the market, but not all of them are created equal. You need to look for an IDP platform that can offer you:
- A cloud-based, scalable, and flexible solution that can handle any volume and variety of documents
- A user-friendly, no-code, and self-service interface that allows you to configure and customize your document processing workflows without any technical skills
- A comprehensive, accurate, and reliable document processing engine that can capture, extract, classify, and validate data from any type of document, using the latest AI technologies
- A seamless, secure, and compliant integration with your existing systems and workflows, such as ERP, CRM, BPM, RPA, and more
- A transparent, affordable, and predictable pricing model that suits your budget and needs
Parashift Platform Keynotes
Parashift IDP Platform, recognized among the best in 2023, offers this crucial features.
Check more here.
Parashift can help you automate and optimize your document processing in your GBS model:
- It processes any type of document, such as invoices, contracts, purchase orders, receipts, forms, reports, and more, with high accuracy and speed.
- It integrates your document processing workflows with your existing systems and workflows, such as SAP, Salesforce, UiPath, Microsoft, and more, with ease and security.
- It helps you save up to 80% of your document processing costs, while improving your customer satisfaction and loyalty, compliance and risk management, and business insights and opportunities.
Step 3: Upload your documents and start processing
The third step is to upload your documents and start processing them.
If you decide to go with Parashift, uploading Documents or Batches to the Parashift Platform is super easy. You can do it in various ways, such as:
- Drag and drop your documents from your computer or cloud storage
- Scan your documents (choose a file via file dialog)
- Email your documents to a dedicated email address
- Use an API or webhook to send your documents programmatically
- More details here.
Once you upload your documents, Parashift will automatically process them and extract the data you need. You can also monitor the status and progress of your document processing in real-time, and view the results and reports in a dashboard or download them in various formats, such as CSV, JSON, XML, or PDF.
Step 4: Review and validate your document processing results
The fourth step is to review and validate your document processing results.
On the Parashift Platform, next to the files to be processed you can set different attributes in the body that influence how a document is processed like turning on/off human validation, outsourcing validation work or skipping workflow steps like Separation, Classification or Extraction.
Parashift provides you with a human-in-the-loop (HITL) mechanism that allows you to verify and correct the data extracted by Parashift, if needed. You can also use Parashift’s built-in validation rules and logic to ensure the data quality and accuracy. For example, you can check if the invoice date is within a certain range.
You can use Parashift’s feedback loop to improve the performance and accuracy of Parashift over time. Parashift uses your feedback and corrections to learn from your documents and data, and to adapt to your specific needs and preferences.
Parashift Platform Keynotes
This article will give insights into the different components and best practices when using Extraction Validation on the Parashift Platform.
Step 5: Use your document data to optimize your GBS model
The final step is to use your document data to optimize your GBS model. Parashift allows you to integrate your document data with your existing systems and workflows, such as ERP, CRM, BPM, RPA, and more, using various methods, such as:
- Export your document data to your systems and workflows via API, webhook, email, or file transfer
- Import your document data to your systems and workflows via Parashift’s connectors and integrations
- Sync your document data with your systems and workflows via Parashift’s bi-directional data exchange
You can now automate and streamline your business processes, such as:
- Pay your invoices faster and more accurately, and take advantage of early payment discounts and avoid late payment penalties
- Manage your contracts more efficiently and effectively, and ensure compliance and risk management
- Analyze your purchase orders and receipts, and optimize your inventory and supply chain management
- Extract insights and trends from your forms and reports, and improve your decision making and strategy
By using Parashift to implement IDP in your GBS model, you can transform your document processing from a burden to a benefit, and achieve operational excellence, cost efficiency, agility, and innovation.
Parashift Platform Keynotes
Importantly, you can delete documents without compromising the training capabilities of the system.
In today’s data-driven world, the ability to delete data while using it for AI training is vital for compliance and information security. Parashift announces a breakthrough in its data management practices—training on deleted Client Identifying Data (CID). This emphasizes the commitment to privacy, compliance, and showcases our dedication to AI innovation. This advancement not only safeguards sensitive information but also opens doors to enhance Parashift’s Document Swarm Learning AI, promising a future where data security and technological progress coexist for smarter and more secure solutions.
Conclusion
Intelligent Document Processing (IDP) is a technology that can help you automate and optimize your document processing in your GBS model. IDP can help you reduce manual work and human errors, increase speed and accuracy of document processing, enhance customer satisfaction and loyalty, improve compliance and risk management, and unlock new insights and opportunities from document data.
To implement IDP in your GBS model in a simple and intuitive way, you can follow these five easy steps:
- Define your document processing goals and requirements
- Choose the right IDP platform for your needs
- Upload your documents and start processing
- Review and validate your document processing results
- Use your document data to optimize your GBS model
If you want to learn more about how Parashift can help you implement IDP in your GBS model, you can request a free demo or contact us today. We would love to hear from you and show you how Parashift can transform your document processing.
