Intelligent Document Processing (IDP) in 2023: Don’t miss the opportunity!
Voilà, 2023 has arrived! Enterprise spending on digital transformation technologies is at an all-time high. It’s expected to reach as much as $3.4 trillion over the next three years. To keep your business competitive, you can’t afford to lose out in a number of areas.
One of these essential areas is document processing. Document automation is imperative, but must be done with a powerful solution. Intelligent Document Processing (IDP) is ideally suited for this. Read this article to find out what you can do to not miss the opportunity in 2023, but to stand out from the competition.
- What you need to do to stop struggling with your document processing
- A- Learn more about IDP
- B- Choose the right solution
- C- Why Parashift is the best IDP solution
- Use IDP to outperform your competitors in every aspect in 2023
- A- Reduce costs, increase efficiency
- B- Do not worry about hidden costs
- C- Increase customer satisfaction
- D- Reduce turnaround time
- E- Shorten time-to-value
- F- Increase flexibility
- IDP Case Studies
- A- How ocean freight payers reclaim overpaid ocean freight charges using Parashift IDP platform
- B- How Medica uses Parashift IDP to improve data processing and save time and money
- C- How a leading insurer uses Parashift to process claims in hours instead of days
- D- How EWB is using Parashift IDP to improve the customer experience and reduce costs
- What decision makers say about Parashift
1. What you need to do to stop struggling with your document processing
Your business relies on document processing to run as smoothly as possible. If your employees are struggling to process documents, then you’re falling far short of your true capabilities in 2023. Here’s what you can do to change that:
A- Learn more about IDP
The first step is to learn more about Intelligent Document Processing (IDP), also called AI OCR, and what the possibilities are with it. IDP combines various artificial intelligence (AI) technologies into one system. Not only does it finally make manual work obsolete, the system also provides your company with new sources of data with a high degree of accuracy. You use this data to optimize your processes and improve overall business operations.
Questions you’ll want to ask yourself in advance of integrating an IDP solution include:
- What is your current situation? What does your system landscape look like? Have you already implemented workflow technologies such as RPA?
- What are your requirements? What use cases do you need to cover? Do you need to process complex document types? Is unstructured data the norm in your documents? Do you need to be able to extract handwritten data? Do you have small volume documents that you also want to automate?
B- Choose the right solution
When evaluating the right Intelligent Document Processing solution for your organization, the following questions and factors may help guide you:
- Performance: How powerful is the IDP solution? Can unstructured data from complex documents be processed automatically? Does the solution learn with more data?
- Integration: How easy is the integration? How long does the integration take? Can the solution be integrated without also having to replace all the business applications you already have?
- Operation: Does the solution operate in a secure cloud infrastructure? How flexible is the system? Can the platform scale easily and quickly? How easy is it to operate? Can you make adjustments yourself when needed, or do you need specialists to do it every time?
- ROI: Will you achieve better straight-through processing (STP) with the solution? Can you cut costs while reducing cycle times?
- Roadmap: What is the IDP vendor’s mission and roadmap? Is there ongoing investment in the solution? Are there great people with a great vision behind the vendor?
C- Why Parashift is the best IDP solution
Several factors make Parashift the most versatile cloud-native IDP solution on the market. One of the key factors is that the Parashift Intelligent Document Processing platform is based on the fastest growing and most diverse data network in the document space – Document Swarm Learning.
The proprietary technology is at the heart of Parashift AI OCR. The unique next level AI approach enables global training across all customers and across billions of data points. Parashift does not build a model per document type, but rather ties all learnings to data point extractors.
The idea behind this is that document types share different data point extractors (for example, a date). Now, instead of repeating this for each document type individually, Parashift decouples this from the document type and lets a set of models learn only about that data point extractor. Document Swarm Learning technology makes Parashift Intelligent Document Processing the best solution for your organization:
- Hundreds of ready-to-use document types from day 1.
- A massive and global data network that is constantly learning.
- Highest recognition rates even for completely unknown documents.
- Performance that continuously improves during normal operations.
- Simple drag and drop functionality when creating custom document types.
2. Use IDP to outperform your competitors in every aspect in 2023
By integrating the Parashift Intelligent Document Processing solution, you bring the following benefits, among others, directly into your organization:
A- Reduce costs, increase efficiency
Purchasing document processing software is an investment. However, with it you can immediately free your employees from manual work. Instead, you use it for value-added work and save massive costs at the same time. Plus: automated document processing increases the efficiency of your business processes in general.
B- Do not worry about hidden costs
Unlike a traditional OCR solution, with intelligent document extraction software you don’t have to worry about hidden costs. There will be no unexpected costs for setup and training time.
C- Increase customer satisfaction
Better processes give you the opportunity to react faster to customer wishes and requirements. Or simply to pay your suppliers in a timely manner. In this way, you noticeably improve the customer relationship.
D- Reduce turnaround time
Thanks to high-performance, even unstructured data can be read out with a high degree of accuracy, enabling you to massively reduce throughput times in your company.
E- Shorten time-to-value
Several factors significantly shorten the time-to-value: the ultra-fast implementation, the repository of instantly available document types, hardly any configuration and no training.
F- Increase flexibility
With the intelligent, AI-based system, different document layouts are no problem. The technology is not based on templates, which increases flexibility enormously.
3. IDP Case Studies
So the benefits with the Parashift Intelligent Document Processing solution are pretty obvious. Want to see the experiences of companies that have already integrated Parashift into their business applications? That’s what you get in the form of case studies and from different sectors.
A- How ocean freight payers reclaim overpaid ocean freight charges using Parashift IDP platform
The transport and logistics industry is gradually going digital. Many companies still struggle to speed up the process when it comes to document processing. The documents are semi-structured or completely unstructured, which means they are only partially verified. This leads to an increase in delivery costs. By using Parashift’s IDP solution for processing invoices, audits and ocean freight charges, carriers can significantly reduce these errors. The platform automatically extracts the right information and structures it clearly and accurately. Understanding of the information is improved and communication between the different people dealing with the documents is smooth.
Read the case study here.
B- How Medica uses Parashift IDP to improve data processing and save time and money
Medica’s nonprofit health plan plays an important role in the United States by providing access to care for millions of people. When the process is done manually, the entire workflow is slowed down, which affects customer satisfaction. Therefore, automating the document extraction process was an important decision that guaranteed a reliable, fast and less costly process that benefits both the customers and the company itself.
Read the Case Study here.
C- How a leading insurer uses Parashift to process claims in hours instead of days
Claims processing is an important function in an insurance company. It serves as the central hub for the acceptance, processing, and payment of claims. For the insured customer, the claims department is often a frequent touchpoint and therefore an important factor in overall customer satisfaction. By using IDP, insurance companies can ensure a fast and efficient workflow that reduces processing time from weeks to hours and ensures the scalability of the process.
Read the Case Study here.
D- How EWB is using Parashift IDP to improve the customer experience and reduce costs
When reviewing its existing workflows, the Electricity and Water Department of the city of Buchs (EWB) found that using different systems and interfaces to manage customer information resulted in complex and time-consuming workflows. To improve workflows and provide the best possible customer experience, EWB decided to deploy Parashift IDP. By streamlining internal processes, the department is able to guarantee a high-quality service while reducing costs.
Read the case study here.
4. What decision makers say about Parashift
Parashift is pursuing great challenges and ambitious goals. However, the team could not achieve anything without the strong and competent partners in different sectors. These are some of the partners’ opinions about Parashift’s solution:
Thanks to the technology partnership with Parashift, our customers can significantly optimize document processing and reduce process throughput times. Parashift combined with BSI is the perfect match for intelligent document processing in customer management. – Kai Jesse, Community Manager Retail BSI
IMTF and Parashift are working together to simplify data management across organizations and drive operational improvements. This enables our customers to automate internal processes significantly and ultimately serve clients better. – Gion-Andri Büsser, CEO IMTF
By integrating Parashift with our Karedocs-Document Management System, we can offer a wider variety of improved use cases for value-added services to our clients. – Renjith Mohan, CEO NeoLotex Business Solutions
Parashift combines various new technologies with concepts previously unused in document extraction and thus, offers companies completely new possibilities. – Jürg Porro, Head of Business Consulting Inacta AG
You want to take document processing to the next level in your enterprise?