When it comes to processing business-relevant documents, companies of all sizes and industries continue to face significant challenges. In fact, the requirement is obvious: modern business processes demand modern solutions that ensure the efficient processing of complex documents. This is precisely the function that Intelligent Document Processing (IDP) takes on. Find out below what the functions and capabilities of this all-in-one solution are and what advantages companies from different industries can secure with it.
Intelligent Document Processing: The all-in-one solution for your data and documents
But what makes Intelligent Document Processing (IDP) so powerful? IDP combines advanced AI technologies into a single solution. Among these technologies are Machine Learning, Deep Learning, Natural Language Processing and Computer Vision, as well as Optical Character Recognition. Furthermore, with recent breakthroughs in Generative AI (Large Language Models), additional opportunities have emerged to combine these into one IDP platform as well.
An Intelligent Document Processing solution basically performs the following document processing functions:
Document capture: Before converting documents from paper or digital formats (such as PDFs) into machine-readable formats through Optical Character Recognition, IDP systems reduce image noise and improve quality.
Document classification: IDP solutions automatically distinguish between different documents thanks to machine learning algorithms. Document types can be classified accordingly.
Extraction of data: IDP systems again use the intelligent technologies to extract specific and relevant data from the individual documents. This is how structured data sets are created.
Validation of the data: Before the extracted, structured data sets are passed on to downstream systems or workflow solutions, they must be validated. This can be done using business rules, for example.
The comprehensive capabilities of an IDP solution enable smooth deployment in different industries and for different use cases:
The onboarding process in banks: When onboarding new customers, bank employees need to capture and match data from identification documents to verify individuals. With IDP, the Know Your Customer process can be automated as machine learning algorithms classify the documents and check them for completeness as well as data consistency. Finally, the data is extracted and the information is automatically checked against a database to verify accuracy. In case of incompleteness or suspected fraud, the IDP solution flags this for review by bank staff.
Inbox in real estate companies: Real estate companies process a large number of different documents. With IDP, they can automate the entire inbox, classify the documents and extract the important business data. This is followed by automated routing of the structured data to the downstream system.
The processing of transport orders in logistics companies: Goods accompanying documents in transport orders are diverse and often occur in paper form. With an IDP solution, logistics companies automatically capture the goods accompanying documents and extract the relevant line item data from them.
Claims processing in insurance companies: Insurance-specific documents vary greatly in form and layout, which makes processing difficult. With Intelligent Document Processing, however, the data is automatically prepared for further processing using business logic. This massively shortens processing times.
Invoice processing in accounting departments: Every company needs to process invoices in some way, which makes the automation of this hardly value-added process essential. With IDP, accounting departments will be able to process all their invoices (even those with handwritten notes) automatically in the future.
Easy integration, compliance, and agility: obvious advantages
As an all-in-one document processing solution, Intelligent Document Processing brings numerous clear benefits to enterprises:
Easy integration: What the vast majority of companies already have today is a mature IT landscape with well-established ERP or DMS solutions. It is therefore particularly important that a modern solution can be easily integrated with existing software solutions without interrupting central business processes. An IDP platform brings these features to the table.
Optimized document processes and improved efficiency: Clearly, one of the main reasons for integrating Intelligent Document Processing is to automate data entry and thus significantly speed up processing times. Intelligent Document Processing accelerates document processes across the enterprise. By tapping into new data sources, it increases the efficiency of business processes.
More efficiency and productivity with lower operating costs: With Intelligent Document Processing, organizations reduce costs by eliminating the need for employees to manually process documents. With fewer bottlenecks and optimized overall business process efficiency, companies can save on operating costs with IDP. At the same time, employees can be redeployed to truly value-adding work. In addition, by eliminating manual data entry, companies can reduce the burden on their employees, resulting in increased employee morale.
Scalability: With an Intelligent Document Processing solution, enterprises secure a system that can be easily scaled. This means that companies can always act flexibly, even with rapidly increasing document volumes.
Compliance and data security: IDP solutions process customer-centric data on a global scale, so a compliant solution with certifications to security standards is imperative. A modern IDP solution ensures compliance and high security standards 100%.
Further improve customer relationships: With IDP, documents can be processed in real time and with a high degree of accuracy. This enables companies to respond quickly to customer concerns and shorten their response times. This helps to further improve relationships with customers and suppliers: for example, claims processing can be handled more quickly or a delivery can be paid in a timely manner.
Environmental, Social and Governance: ESG (Environment, Social and Governance) is at the top of many companies’ agendas. By integrating an Intelligent Document Processing solution, dissolving paper archives and reducing paper documents, companies can demonstrate a positive impact on the environment.
Operational agility: By automating document processing with Intelligent Document processing (IDP), organizations can free up new time resources, improve operational efficiency and regain operational agility. In today’s fast-paced environment, this is incredibly valuable and can be a key factor in a company’s success.
Parashift’s technology enables organizations to reduce their document processing costs by more than 80% while solving new, previously “impossible” use-cases easily and quickly. And all this without replacing existing business applications. – Fabian Seimer, Head Information Management, Inacta AG
A single solution for processing all your business documents: Parashift’s Intelligent Document Processing platform (and revolutionary Document Swarm Learning) transforms your document processing, brings efficiency to your business processes, and minimizes costs along the way. Talk to our experts about your needs and requirements. Or test Parashift yourself right away.