Even if it is a topic that slowly but surely no one wants to hear anymore: The relevance of digital transformation in companies continues to be high. This is also reflected in the figures for global spending: From an expected USD 2.16 trillion by the end of 2023 and USD 3.4 trillion by 2026, corporate spending on digital transformation technologies and services continues to rise.
To remain competitive in the digital age, companies must challenge solutions previously used and consider integrating new technologies. An important part of this is the automation of document management (and not uncommonly paper-based) and manual processes in order to optimize business processes and reduce costs. Efficient document management is therefore essential for the enterprise of the future.
The age of digital transformation for document management
With the rapid advances of technologies such as artificial intelligence (AI), the business landscape is currently undergoing an unprecedented evolution. And this is happening at what feels like lightspeed. This makes digital transformation in enterprises an equally exciting era with tremendous opportunities as well as an extremely challenging time to stay ahead and relevant in the market. Digital transformation in companies across all industries is characterized by the pursuit of efficiency, innovation and cost reduction.
Document management plays a crucial role in improving companies’ overall digital strategies. Digitizing and optimizing these processes yields clear benefits for companies, including the following:
Improved workflows – Digital document management enables organizations to create automated and streamlined workflows. Employees route data and documents digitally, reducing manual errors and ensuring more efficient approval.
Simplified collaboration – Digital document management facilitates real-time collaboration between employees, regardless of location. Cloud-based solutions enable documents to be accessed and edited simultaneously.
Improved regulatory compliance – Digital document management helps with regulatory compliance by ensuring secure data processing and proper record keeping.
Faster decision making – No more tedious searching for information or waiting for physical documents: Digital document management eliminates that, allowing quick access to relevant data for faster decision making.
Flexible scalability – As a company grows, the need for document management usually grows as well. With digitization, the business always remains flexible and uninterrupted as the volume of documents grows.
Lower costs – With digital document management, a company minimizes paper consumption and the need for physical archives, thus saving costs.
Document management redefined: the power of Intelligent Document Processing
As important as the digitalization of document management is, one essential part is still missing here: how do you capture the business-relevant data from any documents in your company and how do you process it further? This is precisely where many companies still fail. The result is employees who manually capture and transfer essential data from physical and digital documents into the business system. It is only with the integration of a powerful data extraction solution that companies can truly open the door to digital excellence in their digital transformation.
This powerful data extraction solution is called Intelligent Document Processing (IDP). IDP revolutionizes enterprise document processes by leveraging powerful capabilities based on artificial intelligence technologies. Intelligent Document Processing is the key to unlocking the full potential in document-based processes and for the digital transformation of your business. This is made possible thanks to the following capabilities of IDP:
Unprecedented data extraction – Intelligent Document Processing uses artificial intelligence technologies (including machine learning, natural language processing, and computer vision) to intelligently capture relevant data from unstructured documents in an automated way.
Minimized validation effort – Based on predictions of the quality of the results, documents are either sent directly to output or submitted to a staff member for review. This ensures minimized validation effort.
Efficient document processing – For the first time, IDP enables organizations to automate the entire document processing cycle. This includes processing documents in large volumes as well as efficiently processing documents in comparatively small volumes.
Cost savings – By automating document processing and achieving efficiencies, companies not only save time but, of course, costs that previously had to be spent on manual document processing.
Improved compliance – With high accuracy and unprecedented data extraction, Intelligent Document Processing enables organizations to better ensure compliance.
Seamless integration – An IDP solution can seamlessly integrate with existing ERP, BPM, DMS or workflow solutions without having to replace the entire infrastructure. This integration ensures a smooth transition without disrupting established processes.
Easy scalability – With IDP, growing organizations can effortlessly scale to handle the continued growth in document volume without sacrificing efficiency.
Thus, Intelligent Document Processing fundamentally changes the way organizations can handle complex documents and extract value from unstructured data.
Accelerate your digital transformation: IDP in action
With Intelligent Document Processing from Parashift and its powerful document capture and processing capabilities, you are able to significantly accelerate the digital transformation in your company. This results in benefits for both your business and your customers:
Fast and efficient processing of all documents – With the automation of all document processing, you will process all documents in an efficient manner. This results in shorter turnaround times, faster response times, productivity gains and cost savings.
Accurate information and continuous learning – IDP’s excellent data accuracy allows you to provide accurate and reliable information to your customers. In addition, thanks to the unique approach, the IDP solution continuously learns and improves during regular operation.
Increased data security and improved compliance – IDP’s high level of data accuracy ensures that sensitive data is always handled securely. At the same time, IDP helps with regulatory compliance: properly classified and processed documents ensure that data handling is compliant and compliance risks are reduced to an absolute minimum.
An all-around improved customer experience – With Intelligent Document Processing, you capture unstructured data and process complex documents in your core use cases faster than ever before. This ensures a better customer experience across the board, with faster response times to customer requests and inquiries, as well as digital and transparent processes.
The following case studies further illustrate how various companies in different industries are using Parashift’s Intelligent Document Processing solution to successfully drive their digital transformation:
Financial institutions use Parashift’s IDP solution for the mortgage process: For financial institutions, an important aspect revolves around fast and smooth interaction with customers. Since much of this is done digitally, the solutions implemented to process the documents must be top-notch. Especially in the mortgage process, it is essential for financial service providers to be able to process the mortgage file in the shortest possible time and with high efficiency. With Parashift’s Intelligent Document Processing solution, financial service providers achieve exactly that: an efficient and transparent mortgage process that puts the customer first.
You can find the complete case study here.
Insurance companies use Parashift’s IDP solution for claims processing:For insurance companies, claims processing is a core business process. Receiving, processing and disbursing claims is a constant touchpoint with customers for insurance companies. A smooth process here is essential for customer satisfaction. With Parashift’s IDP platform, insurance companies get a powerful solution for efficient claims processing.
You can find the complete case study here.
An electricity and water provider uses Parashift’s IDP solution to improve workflows: The use of different systems and interfaces often leads to inefficient workflows in companies. This was the case at an electricity and water provider. Managing critical customer data resulted in complex and time-consuming workflows. By integrating Parashift’s Intelligent Document Processing solution, the electricity and water provider was able to streamline internal processes and workflows, not only providing better service to their customers, but also reducing costs.
You can find the complete case study here.
Easy integration: Benefit from a state-of-the-art document processing solution for an intelligent future
Software solutions are often poorly interoperable, and integration with existing systems and workflows is correspondingly complex and time-consuming. Not so with Parashift’s IDP solution: Parashift Partners have developed integrations with various third-party systems (including M-Files, SAP, DocuWare, UiPath, JobRouter and ELO). Take advantage of this and use pre-built integrations that give you a short time-to-value. With Parashift’s IDP platform, you get a state-of-the-art document processing solution in your organization that will measurably drive your digital transformation.
Talk to one of our experts about your requirements and desires. We’re happy to help! Or book a demo and experience for yourself how Parashift’s Intelligent Document Processing can help you accelerate your digital transformation, improve customer experience and reduce costs.