The demand for modern, powerful and at the same time affordable solutions for document processing is increasing. This is only somewhat surprising: Due to complex documents in complex use cases, capture and processing often continues to be manual in many organizations. This leads to bottlenecks in critical business processes, dissatisfaction among end users, and real business losses.
As a consulting and integration company, and looking for the latest technologies, the demand for a powerful document processing automation solution presents a new opportunity for you: By partnering with a provider of a modern Intelligent Document Processing (IDP) solution and adding it to your portfolio, you’ll not only outperform your competition and make your direct customers, but everyone involved, happy.
Companies continue to face document processing challenges
Document-based processes dominate the business processes of companies. At the same time, companies are increasingly confronted with challenges because, contrary to popular belief, document processing is becoming more complex, not simpler. The variety and variability of documents as well as the use cases are more complex than ever. As a result, most companies still manually capture and process these documents, especially for use cases with a comparatively low document volume. With customers’ increasing expectations for accurate and, more importantly, efficient document processing solutions, this approach is neither good enough today nor fit for the future.
The good news is that immense advances in Artificial Intelligence (AI) in recent years have had a major impact on the capabilities and developments of relatively new technologies such as Intelligent Document Processing (IDP). For you as a consulting and integration company (or, if you are an independent software vendor (ISV), IDP is also of interest), this is exactly where your opportunity lies to partner and add an IDP solution to your portfolio, providing both your existing and new customers with a best-of-breed document processing solution.
At Parashift we focus exclusively on data extraction. The consulting and implementation of end-to-end document processes is demanding and Parashift is only ever a partial step in these processes. – Alain Veuve, Founder and CEO, Parashift
What is Intelligent Document Processing?
The commercialization of artificial intelligence has made innovations like Intelligent Document Processing (IDP) possible. But what is IDP? A brief overview:
- Intelligent Document Processing combines various sub-technologies of Artificial Intelligence (AI), including Machine Learning (ML), Natural Language Processing (NLP), Deep Learning, Computer Vision (CV) and also uses the basic technology of Optical Character Recognition (OCR).
- Different vendors call their IDP solution differently. IDP is sometimes called Intelligent Data Capture, Intelligent Data Processing, Intelligent Data Extraction, AI-OCR (Optical Character Recognition based on Artificial Intelligence) or Unstructured Data Processing.
- Modern IDP solutions are capable of automatically capturing and processing unstructured data from a wide variety of documents (regardless of layouts) and business applications.
- The capacity to automatically understand and extract unstructured data from complex documents makes IDP attractive for all document-based use cases in all industries and is seen as an integral part of process optimization.
- IDP is easily compatible with existing software landscapes, the combination with BPM ,DMS, ERP or workflow solutions improves these systems significantly in the document handling.
Intelligent Document Processing is not another BPM, DMS or ERP system. As a general rule, IDP vendors focus exclusively on Intelligent Document Processing functionalities. This is also the case for Parashift with its Intelligent Document Processing platform, which provides the following key functions in the document process:
Automated document separation – With this step in the process, organizations bypass manual sorting of documents and instead categorize them automatically. Organizations use intelligent separation to separate entire batches of documents into individual documents without manual intervention.
Document classification – The classification feature categorizes documents based on content and structure. For example, is the document a transport order or an ID, etc.?
Data extraction – In this process step, the relevant data is automatically extracted from the document. Thanks to intelligent technologies, only data that is relevant for the company is extracted. This also includes line item data.
Validation – Thanks to a modern user interface, the effort required for validation can be reduced to an absolute minimum. Based on predictions of the quality of the results, Parashift sends the documents directly for output or automatically submits them to an employee for review.
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
As a consulting and integration company, you want to offer state-of-the-art technologies
As a consulting and integration company, you always want to provide your existing customers as well as new customers with the latest technologies. For document extraction and processing, this is in the form of Intelligent Document Processing. Partnering with an IDP provider like Parashift offers you great benefits, including the following:
Expand your portfolio – By partnering with Parashift, you add a modern, powerful IDP solution to your service offering, which is exactly what your customers are looking for. As a result, you address a cross-industry customer need and not only remain competitive, but clearly differentiate yourself from other companies.
Get access to expertise – Parashift is solely dedicated to data extraction, making them experts in the field of Intelligent Document Processing. By working with Parashift, you gain access to expertise around data extraction, document processing and automation.
Profit from rapid implementation and deployment – Partnering with Parashift and gaining access to its proven IDP solution significantly speeds up the implementation process for your customers. Furthermore, it also significantly shortens the time-to-market for your customers.
Increase efficiency and productivity – The rapid implementation and deployment of the IDP solution also means that you can increase your efficiency and productivity. This gives you the flexibility to address more customer needs.
Increase customer satisfaction – By partnering with Parashift, you deliver an efficient solution for document processing and all of its use cases. This leads to higher customer satisfaction and strengthens long-term relationships.
You gain insights into emerging technologies – Partnering with a dedicated IDP provider like Parashift gives you ongoing insights into emerging technologies, innovations and trends. This insight and knowledge is paramount for you as a consulting and integration firm to stay ahead of your competition whenever possible.
Parashift combines cutting-edge technologies with aspects of artificial intelligence to extract metadata from documents with impressive precision, forming the basis for automated case processing and digital workflow control. – Dieter Bartsch, Founder and Managing Partner, opus consulting
A partnership with Parashift: great benefits for all parties involved
The benefits of partnering with Parashift as a consulting and integration company, and thus with a powerful IDP solution, are obvious:
- Future-proof expansion of your portfolio,
- Access to expertise around Intelligent Document Processing,
- Rapid implementation and deployment,
- Increasing your efficiency and productivity,
- Increase customer satisfaction and
- Insights into cutting-edge technologies.
These advantages are sensational for you as a consulting and integration company through a partnership with Parashift, but they do not mean the end of the entire value chain. Rather, it continues with the benefits for your customers and thus their end customers, who benefit from your partnership with Parashift in the following ways, among others. For ease of understanding, let’s take an example of a real estate provider who is your customer when implementing Parashift’s Intelligent Document Processing solution:
Frictionless use cases and processes – The IDP solution enables the real estate company to automatically capture and process all of the documents it receives in its inbox: Unstructured data from complex documents such as salary statements, land registry statements, and tax declarations that the real estate company needs to process as part of a mortgage application. With Parashift, it’s all done through a single platform. This makes the entire process smoother and results in fewer delays, which will please the end customer.
Fewer errors and improved accuracy – IDP automates data extraction from documents, reducing the risk of human error. This increased accuracy ensures that the end customer’s information is processed correctly, minimizing the risk of potential misunderstandings or incorrect data in transactions.
Secure solution – With Parashift’s fully GDPR compliant IDP solution, compliance and data security is ensured. This is key for both the real estate provider and the end users.
Transparent process – With the IDP solution, the end client gets an always transparent process by being able to track the status of documents in real-time and digitally.
Overall improved customer experience – The enumerated benefits combined – smoother use cases and processes, fewer errors and improved accuracy, secure solution, and a transparent process – contribute to an overall significantly improved experience for the end customer. As a result, the real estate company is more likely to be recommended by end customers.
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
At Parashift, we highly value close and trustful collaboration with our competent partners with whom we jointly generate added value for our customers. If you want to join for the ride and help us transform businesses across the globe, we are eager to get to know you. Become a Parashift consulting and integration partner.