The digital transformation is in full swing worldwide. In 2022, spending on technologies and services in this area will reach $1.6 trillion, and is expected to reach as much as $3.4 trillion by 2026. A fundamental step in enterprise digitization is document processing, and thus the conversion of physical documents into digital ones. There are two ways to do this: through manual capture by your employees or with an automation solution.
If you are reading these lines, it is probably because you have automated processes only partially or not at all yet. The time to automate document processing has never been better, because: by 2023, digitally transformed companies are likely to generate more than half of global GDP.
In this article, we address two different starting positions and nine positive impacts that automated document processing can have on your business:.
1. Starting position: In your company, employees enter and process data manually.
2. Starting position: You have implemented an OCR solution that automatically captures data from a document such as an invoice.
- Your company processes documents manually: what will change with document processing automation?
- A- Reduce costs
- B- Save time
- C- Increase efficiency
- D- Increase customer satisfaction
- E- Reduce fraud
- Your company processes documents with an OCR solution: what will change with document processing automation?
- A- Increased flexibility
- B- Faster time to solution
- C- Faster turnaround times
- D- Significantly more economical
- What is the best document automation solution?
- A- Intelligent Document Processing (IDP)
- How to choose the best IDP solution for your business?
- Why Parashift IDP is the most powerful solution on the market?
- Automate your document processing with one platform
1. Your company processes documents manually: what will change with document processing automation?
Virtually all business processes involve documents in some form. Whether the documents arrive at your organization digitally as PDFs or via physical means, the result is similar in both cases with manual processing:
- Slow and inefficient process: Whether it’s invoices or other documents that your employees have to type the data from, if it’s done manually, the process is guaranteed to be slow and inefficient.
- Tedious Work: Repetitive work is tedious and demotivates your employees. You don’t want to use your skilled and expensive employees for such tasks.
- Error-prone: Manual typing from documents is error-prone. If the quality of the documents your employees have to enter is also poor, the error rate increases even more. And this leads to inaccurate data in downstream processes, which in turn leads to high correction costs.
So if your company is still processing documents manually – and you’re by no means alone – now is the best time to switch.
Automated document processing will change the following in your company for the better:
A- Reduce costs
Sure, document processing software is an investment. But one that will pay off. You’ll free your employees from manual tasks and use them instead for more valuable work, which in turn will save you money.
B- Save time
By integrating an automation solution, you regain some of your valuable time resources. You can use them more effectively in other essential parts of your business.
C- Increase efficiency
By digitizing and automating document processing, you increase the efficiency of your business processes in general.
D- Increase customer satisfaction
The factors of saving time and increasing efficiency result in better processes and the ability to respond more quickly to customer wishes and requirements.
E- Reduce fraud
The fewer employees have to interact manually with data, the lower the risk of fraud, including unintentional one.
2. Your company processes documents with an OCR solution: what will change with document processing automation?
Many companies, especially large ones, already use a traditional Optical Character Recognition (OCR) solution to automatically process parts of document processes.
Do you as well? However, this does not mean that you have implemented the best possible system with OCR document management. Rather, the capabilities of a traditional document management OCR are severely limited because they:
- depend on templates and rules,
- not suited for document variation,
- therefore very inflexible and
- expensive to maintain.
Among the advantages mentioned in the first chapter compared to a completely manual document processing, that is:
- reduce costs,
- save time,
- increase efficiency,
- increase customer satisfaction and
- reduce fraud
The integration of a powerful, intelligent document extraction software into your organization will additionally improve the following:
A- Increased flexibility
Unlike a traditional OCR solution, with an intelligent AI-based solution, different document layouts are no longer an obstacle. This system is not based on templates and not on rules, which increases flexibility exponentially.
B- Faster time to solution
Rapid implementation, a repository of instantly available document types, hardly any configuration and no training significantly shortens time to solution.
C- Faster turnaround times
Thanks to the powerful solution, even unstructured data is read out with a high degree of accuracy, which massively reduces turnaround times.
D- Significantly more economical
Compared to legacy OCR solutions, with intelligent document extraction you don’t have to spend a lot of money on setup and training time. You don’t need specialists for new use cases, which makes this solution much more economical.
3. What is the best document automation solution?
As briefly touched upon in the previous chapter, a capable system for the enterprise of the future must go in the intelligent direction. For the variety and complexity of business documents you handle on a daily basis, only an intelligent solution is suitable.
A- Intelligent Document Processing (IDP)
Intelligent Document Processing (IDP) or AI OCR (Optical Character Recognition based on Artificial Intelligence) is the most suitable solution for document processing automation. AI OCR is an integral part of intelligent automation.
The combination of advanced AI technologies makes IDP the perfect solution for automated document processing. It uses powerful AI technologies such as machine learning, deep learning, natural language processing, and computer vision.
This solution refers to the methods used to automatically capture data and feed it into the right computer systems and downstream processes. As an intelligent system, it understands the context of information from documents. Therefore, the data capture software is enormously flexible, requires no templates, hardly any configuration, and is able to learn from data.
4. How to choose the best IDP solution for your business?
The IDP provider market is ever growing. The wide range of choices doesn’t make it any easier for you to decide. However, there are several factors that a powerful and forward-thinking AI OCR should include.
Capabilities you want in your IDP solution:
- Ease of integration and compatibility with your existing software landscape
- An industry-agnostic solution for capturing, classifying and extracting unstructured data, even from complex documents
- A cloud-based solution that is easily scalable
- A user-friendly platform
5. Why Parashift IDP is the most powerful solution on the market?
The Parashift Intelligent Document Processing platform combines robust technologies into one system. Capabilities that make Parashift the most powerful solution on the market include:
- Document Swarm Learning: The unique approach is the best attempt to make 99.99% extraction accuracy a reality. The proprietary technology enables global AI training across all customers and across billions of data points. Progress is made continuously through all documents processed in the cloud and shared with all customers in the network.
- GDPR compliant cloud platform: Security and compliance are at the center of everything Parashift does. Organizations worldwide process the most sensitive data with the fully GDPR-compliant cloud platform.
- One platform for all documents: Parashift is gradually replacing niche solutions for individual use cases. Instead, you use one IDP platform for all your documents. As a result, you significantly minimize both complexity and operational costs.
- Out-of-the-box functionalities: Countless standard document types require no setup or configuration, but are ready to use right from day 1. In addition, you click together individual document types yourself quite simply and without IT knowledge. This significantly shortens time-to-value and ensures a fast ROI.
6. Automate your document processing with one platform
Already, with Parashift AI OCR and a single platform, you can automatically read hundreds of complex business documents. Furthermore, Parashift is working hard every day to further pave the way towards fully autonomous document extraction.
Want to see Parashift Intelligent Document Processing in action?