Today, if companies want to successfully maintain their position on the market in the medium and long term, they have to be extremely agile. This implies different requirements. The combination of a suitable corporate strategy with the right technologies is important, since nowadays a lot of things are related to digital transformation. For a successful implementation and the possibility of innovative processes, intelligent solutions take an important role. One of these solutions is Intelligent Document Processing (IDP), which fits seamlessly as part of document automation and for the automatic capture of document-based processes.
Key takeaways: To remain competitive, ongoing optimization is essential for businesses. In order to enable innovations such as optimized business processes in the first place, digital transformation plays an important role. This is where Intelligent Document Processing (IDP) comes in to automatically capture and process unstructured data from complex documents, bringing numerous benefits to companies in any industry.
The significance of digital transformation and innovation for companies
In today’s business landscape, digital transformation and innovation are critical factors for long-term business success. These concepts go hand in hand and have a significant impact on the competitiveness, efficiency and profitability of companies. Digital transformation refers to the process by which companies optimize their business models, processes and operations through the use of digital technologies. On the other hand, innovation entails different aspects, including the development of new ideas or the improvement of existing processes. Both concepts are essential because they enable companies to adapt to rapid changes in technology and market dynamics. In a world where competition is constantly growing, companies that do not invest in their digital transformation and innovation will quickly fall behind.
Innovation by improving document-based processes with IDP
Data is invaluable in today’s business world. Most business processes depend on information, yet managing, capturing and interpreting these documents is time-consuming, error-prone and costly. Extensive automation of data capture is critical to the successful implementation of digital transformation, as it eliminates manual and inefficient processes. This is where Intelligent Document Processing (IDP) comes into play. IDP brings all the characteristics to the table by combining artificial intelligence technologies into one system to automate document-heavy business processes, simplify processes and accelerate digital transformation. With this solution, benefits for businesses include:
- Increased efficiency and cost savings: With IDP, companies can automate document-based processes, which reduces labor time and increases processing speed. Employees can focus on more valuable tasks instead of dealing with manual data entry. Productivity increases and money can be saved.
- Better accuracy: IDP minimizes human error in data extraction and interpretation of documents. This leads to more reliable and accurate information, which in turn leads to better business decisions.
- Accelerated workflows: IDP optimizes document-related workflows and reduces bottlenecks and delays.
- Cost reduction: Automation of document-based processes significantly reduces operational costs by reducing the man-hours and resources required for data entry and processing.
- Scalability: IDP solutions can be easily applied to different document types and business areas. This provides the flexibility to adapt and grow with changes.
- Improved customer experience: Faster and more accurate responses to customer requests improve the customer experience.
- Security and compliance: Data is captured and stored securely, and regulatory requirements are met.
- Increased competitiveness: Faster decision making and better service quality positively set companies apart in the competitive environment.
What sets Parashift apart from other IDP vendors
Even though the term Intelligent Document Processing is now on everyone’s lips and many companies offer a solution, the capabilities can differ greatly. Parashift offers next-generation Intelligent Document Processing, which can be underscored by looking at the following capabilities:
- Process all your documents: While many IDP solutions focus on invoices, Parashift gives you access to over 400 pre-configured document types in addition to invoices that you can use right away. You can use standard documents or easily customize them (point 2).
- Use the platform without IT knowledge: In addition to the hundreds of pre-trained and ready-to-use standard document types, you can easily create additional ones yourself. Thanks to the no-code platform, you don’t need IT experts to do this, but configure new document types yourself within minutes.
- Modern technologies: Parashift uses state-of-the-art AI technologies to ensure top-notch extraction performance. The cloud-first approach gives you a service with the highest level of security and continuous software improvements.
- Innovative approach: With the proprietary Document Swarm Learning, Parashift enables global, platform-wide learning. The innovative approach enables cost and effort sharing with all users. In doing so, technological advances are continuously achieved through all documents processed in the cloud and shared immediately across the network. This enables a massive global data network that is constantly learning and improving during normal operations.
To successfully drive digital transformation in your business, you need an intelligent, powerful solution for your document processing. With Parashift, you secure a one-stop-shop for the efficient capture and processing of all your business documents, all on a single platform.
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Frequently Asked Questions:
1. What is Intelligent Document Processing (IDP)?
Intelligent Document Processing (IDP) is a system that combines various advanced Artificial Intelligence (AI) technologies such as Machine Learning (ML), Deep Learning and Natural Language Processing (NLP) to extract unstructured data from complex documents and without templates to automate business-critical processes.
2. What makes Parashift unique?
Parashift invented and developed Document Swarm Learning. Document Swarm Learning is a globally unique approach where learning occurs across all use cases and all clients on the platform. This generates a massive network of learning data for document intelligence while meeting the highest InfoSec and compliance requirements.
3. Is the Parashift IDP platform fully EU GDPR compliant? Can documents and extracted data be deleted without losing training data?
EU GDPR is at the core of what Parashift does. Parashift is fully EU GDPR compliant, which allows companies like banks, insurance companies, and healthcare providers to process sensitive customer data securely in the cloud. In addition, documents and data can be deleted immediately after the document has been processed, without losing any of the training data.