How ERP software vendors can gain a competitive advantage with Intelligent Document Processing (IDP)
Software vendors of Enterprise Resource Planning (ERP) systems focus on data management in their solutions. They don’t see capturing data as their job, which is understandable given the requirements of a document extraction solution.
What if ERP software vendors could easily extend their existing ERP (regardless of industry) with an intelligent, AI-based cloud platform for document extraction? And offer this to their customers as an additional module? And could differentiate themselves from their competitors through newfound USPs?
ERP software vendor executives will learn that this is not only possible for them with powerful Intelligent Document Processing (IDP), but can be realized without effort thanks to its integration into their own ERP.
Difference to classic capture solutions
Classic capture solutions are placed “in front of” the ERP, Parashift’s Intelligent Document Processing solution is placed “underneath” the ERP. The documents received by the end customer through all channels do not go through the IDP solution first, but rather enter the ERP first.
Once the documents enter the ERP, the system communicates with the Parashift IDP platform via a direct interface (REST API). The documents are automatically sent from the ERP to the IDP platform. There, Parashift classifies them and extracts the data which it then sends back to the ERP in a structured form via the interface (as shown in the figure below).
The end customer is not aware of the document extraction because Parashift fully integrates the solution within the ERP. This is a great advantage because employees never have to leave their familiar user interface.
Parashift thus solves major pain points for the end customers of ERP software vendors. In the future employees will only have to intervene in the event of clear discrepancies that are pointed out to them directly in the ERP.
Versatile use case possibilities with Parashift IDP solution
The use cases that ERP software vendors can cover with the Parashift Intelligent Document Processing (IDP) solution in their system are manifold. Ex: Check what Inacta can cover with Parashift
Some of the use cases for ERP software vendors include the following:
Manufacturing: Goods certificates, etc.
Procurement: Delivery bills, purchase orders, order confirmations, etc.
Transportation & Logistics: Air Waybills, delivery bills, etc.
Customs: Import and export declarations, etc.
Food Industry: Certificates of analysis for baby food, etc.
ERP software vendors create new USPs
Software vendors fully integrate the Parashift IDP platform into their ERP system. This creates new USPs for them:
- Differentiation from the competition becomes possible
By integrating the Parashift IDP solution, ERP software vendors clearly differentiate themselves from their competitors’ ERPs, very few of which have a sophisticated document extraction platform built in. End users work in the ERP as usual but without having to type data from documents. Rather, for example, purchase orders come in, the ERP picks them up and automatically sends them to the Parashift IDP platform via the interface. Parashift processes the unstructured documents and returns the structured data back to the ERP via the API.
- Solve end-customer pain points
ERP software vendors not only improve their ERP system, but also solve one of the biggest pain points of their end users, by eliminating manual data entry with the IDP solution. Companies can free up their expensive, highly trained and hard-to-find purchasing and accounting staff from this work and free up resources.
- Develop new sources of revenue
Software vendors integrate Parashift’s IDP platform and build a powerful solution for all document retrieval needs in their ERP system. This allows them to extend the ERP system, and market it as a new module to both end customers and potential new customers. For the ERP software vendor, the AI-based cloud IDP solution as a module opens up new revenue streams.