5 reasons why Intelligent Document Processing (IDP) is so important for companies
Process automation enables significant optimizations and brings companies considerable benefits. But only if the process automation projects do not have to be constantly interrupted by manual interaction because the technology used is too error-prone and underperforming. With the integration of Intelligent Document Processing (IDP), this is a worry of the past.
As a forward-looking technology, IDP provides companies with new possibilities and applications in the face of ever-increasing demands. Below, we take a look at 5 serious disadvantages of manual interaction in process automation projects and 5 reasons why a state-of-the-art and powerful IDP is so important for businesses.
Parashift’s IDP platform: Not a 0815 solution of weak and outdated technologies, but rather a state-of-the-art IDP platform for the automation of complex processes
Brief overview of the importance of IDP
The integration of Intelligent Document Processing is highly significant for companies:
– Personnel costs increase = It makes sense to deploy employees in work that creates value for them and at the same time creates value for the company.
– Technology improves = With the implementation of IDP, new requirements in process automation projects can be implemented quickly.
5 Disadvantages when manual interaction is required
Manual interaction in automation processes not only provides a downside, but also brings a whole chain of disadvantages:
1. Slow process throughput times and corresponding productivity losses
2. Costly and error-prone interventions
3. Employees are used for work that is of little value
4. Valuable time resources are wasted
5. Straight-through processing is not possible
5 reasons why Intelligent Document Processing is so important for businesses
The more accurate document capture and processing is, the more downstream processes benefit. IDP brings high accuracy to businesses:
1. IDP combines all critical components in a single platform
2. IDP, as a future-oriented technology, makes it easier to implement new requirements in a short period of time
3. IDP enables rapid scalability and thus high flexibility
4. Processes can be continuously optimized
5. Significantly more straight-through processing is possible
Manual interaction vs. automated process
Let’s take the matching of the order confirmation with the order as a brief example. This part of the Procure to Pay (P2P) process makes it easy to see the difference between a weak automation process with manual interactions and a modern process automated with IDP.
Weak automation process with manual interaction:
– The order confirmation is manually matched with the order, and data may even be typed out by hand. This slows down the entire P2P process.
Automated process with IDP:
– Order confirmation is received, automatically captured, data is extracted and automatically matched against the purchase order. A smooth workflow is possible.