The right information in the right place at the right time and in a structured form: This can make the difference between success and failure of your enterprise. In our fast-paced world, that rules out manual document capture and processing. And even using a traditional OCR solution is not good enough. Many of the unstructured documents you process every day are simply too complex for that.
The best way to process all your business documents automatically is with a comprehensive Intelligent Document Processing (IDP) solution. After all, it’s only when you digitize document processing that you can also reduce your costs. Thus, automated document processing becomes a reality in your business.
Find out what Intelligent Document Processing is and what 4 tangible use cases are right here in just a few minutes.
- Manual document processing: a no-go
- Traditional OCR solution: not good enough
- What is Intelligent Document Processing (IDP)also called AI OCR?
- IDP: 4 tangible use cases
- 1- Invoice processing
- 2- Incoming mail
- 3- Purchase orders
- 4- Pension fund statements
- 3 reasons why Parashift AI OCR is superior
- 1- Cloud-first and AI-first
- 2- Fully GDPR compliant platform
- 3- Revolutionary Document Swarm Learning® technology
- Parashift IDP platform as a strategic hub for everything related to document extraction
1. Manual document processing: a no-go
Manual document processing is an absolute no-go for your business. Your business processes suffer greatly as a result:
High error-proneness: The more often data has to be entered and reconciled manually, the higher the error-proneness due to lack of concentration.
Demotivating work: Sorting documents by hand? Or entering data by hand? Which side your highly skilled employees are on should be clear.
High cost and slow: Above all, manual data entry is expensive and slow – two things you undoubtedly want to rule out for your company’s success.
2. Traditional OCR solution: not good enough
Template-based OCR solutions can make sense when automating structured documents with consistent formats. So if you’re working with a single business partner and they use a consistent format, traditional Optical Character Recognition is an option.
But as soon as you start working with different partners, the document layout is constantly changing. Two reasons why legacy document management OCR isn’t good enough for your business:
Inadequate for varying layouts: Traditional Optical Character Recognition can’t handle the layouts of the documents you process in your organization. This includes all documents in semi-structured and unstructured form. The system needs clearly defined rules and templates, which can only be achieved by configuring the capture solution for the individual fields to be extracted. This makes this system inflexible.
High configuration and maintenance costs: To increase the accuracy of OCR, more templates and rules need to be configured. In addition, the data must be manually checked and corrected on an ongoing basis, which quickly leads to immense costs. The overhead with traditional OCR document management is too high and not scalable.
3. What is Intelligent Document Processing (IDP)?
Intelligent Document Processing (IDP) is perfect for document automation by combining advanced AI technologies.
The data capture system uses powerful AI technologies such as machine learning, deep learning, natural language processing and computer vision to do so. IDP is thus an integral part of intelligent automation. The solution refers to the methods of automatically identifying objects, collecting data about them, and entering them directly into computer systems. In doing so, IDP understands the context of the information from the data, just as a human does.
Document processing AI: Parashift brings you hundreds of proven use cases with a single platform.
4. IDP: 4 tangible use cases
To give you a tangible picture, we will go over 4 use cases of IDP software:
1- Invoice processing
The use case par excellence: every company comes into contact with invoices in some form and has to process them. Supplier, client, date, QR code, total amount and even the line item data: With IDP, all relevant data is automatically captured and extracted from invoices.
You speed up the invoice process many times over thanks to IDP. This has a positive impact on your entire accounts payable department.
2- Incoming mail
IDP is the best intelligent solution for capturing and processing your entire mailroom. You integrate the advanced AI-based platform into your central inbox and the motto is: digitize, automate and reduce costs.
With IDP, you reduce the cost and turnaround time of your inbox by up to 90%.
3- Purchase orders
Purchase orders make up a significant portion of the documents you process on a daily basis, depending on the industry in which your company operates. Particularly important is the capture of line item data from the purchase ordersand into an ERP system. With IDP, this step is automated.
You minimize the risk of errors through less typing and at the same time speed up the process significantly.
4- Pension fund statements
For banks and financial service providers, collecting data from pension fund statements for mortgage applications is part of their daily business. The pension fund statements differ in structure and layout depending on the pension fund. However, this does not represent a hurdle for Intelligent Document Processing: All relevant data from the statements is read and processed automatically.
Banks and financial service providers benefit from faster credit processes and thus also the possibility of processing more dossiers in the same amount of time.
5. 3 reasons why Parashift IDP is superior
There are many solutions for IDP on the market. Often they specialize in one area, which quickly makes things complicated for you. What you want for your business, however, is a comprehensive and simple solution for everything related to intelligent document extraction. A platform that doesn’t compromise and gives you state of the art extraction performance, no matter what industry you’re in. That’s why the Parashift IDP platform is industry-agnostic.
3 reasons why Parashift platform is superior:
1- Cloud-first and AI-first
For best document data extraction performance, the constant and seamless flow of communication between users and servers is necessary. Scaling the entire AI training effort to the entire customer base is only possible in a cloud environment. Furthermore, at Parashift, we believe that cloud infrastructure is the most reliable mediumof the future. This way, you are guaranteed a global service with the highest level of security and continuous software enhancements.
2- Fully GDPR compliant platform
GDPR is central to everything Parashift does. The modern cloud infrastructure is fully GDPR compliant. That makes it secure for your business, no matter what industry or where you are in the world. ISO27001 and HIPAA compliant data centers make Parashift a secure provider for your document extraction software needs. More information regarding security and compliance can be found here.
3- Revolutionary Document Swarm Learning® technology
At the heart of the Parashift platform is its proprietary Document Swarm Learning® technology. The revolutionary approach achieves global AI training across all customers and across billions of data points. Hence the cloud-first approach. Thanks to the innovative method of the global data network, it opens up the possibility of cost and effort sharing with all users of the platform. Intelligent Document Processing progress is continuously achieved through all documents processed in the cloud and immediately shared with all customers in the network.
In this way, Document Swarm Learning creates the foundation for comprehensive IDP:
- Completely unknown documents = highest recognition rates, right from the get-go
- Global processing of all documents across all customers = continuous and automated improvement in accuracy
- Hundreds of ready-to-use document types = you start automating right from day 1
Thanks to unique Document Swarm Learning technology = 15x faster + 50% better results.
6. Parashift IDP platform as a strategic hub for everything related to document extraction
Parashift is ideal for automatically capturing and processing all your business documents. The platform becomes your strategic hub for AI document extraction. Don’t hesitate to tell us about your document processing automation project. We are happy to help you.