Real estate is one of the most labor-intensive industries. Whether you’re a real estate company, an asset manager, or an administrator, your teams deal with an enormous amount of documents every day. What’s more, manual processes make it impossible to handle them efficiently. Not only does this lead to slow processes and increased costs, but it also leads to unsatisfied customers. But this doesn’t have to be the case, because powerful technologies are available to automate document processing.
64% of real estate companies surveyed by Deloitte expect to see high use of tools under application of AI in 2023. Automate with Intelligent Document Processing (IDP) and manage your processes efficiently in the future.
The more accurate document capture is, the easier it is to automate all downstream processes.
- What can you do about inefficiencies in your real estate company?
- From unstructured data to structured data sources: How Parashift works
- A- Document separation
- B- Classification
- C- Extraction
- D- Validation
- IDP use cases for your real estate company
- A- Incoming mail
- B- AP invoices
- Benefits with IDP for your real estate company
- A- Optimize document processes, increase efficiency
- B- Reduce operational costs, increase employee productivity
- C- Regain operational agility
- D- Improve customer relationships
- E- ESG
- The modern IDP platform for your real estate company
1. What can you do about inefficiencies in your real estate company?
A significant amount of the inefficiencies in your real estate business come from weak and slow processes. Are you looking for ways to not only get rid of these inefficiencies, but also shorten turnaround time and reduce costs at the same time?
To stay ahead of the curve as a real estate company, intelligent automation is one of the most important keys. Document automation is an integral part of intelligent automation and, by extension, overall enterprise digitization. You can solve many of the inefficiencies and challenges with it.
The most effective technology to automate your document processing is Intelligent Document Processing (IDP), also called AI OCR (Optical Character Recognition based on Artificial Intelligence). These are some of the capabilities of the future-oriented system:
- Capture unstructured data, even handwritten, automatically.
- Completely eliminate the tedious process of setting up and training templates.
- Automate complex processes with complex documents.
- Automate not only high-volume document processes, but also low-volume ones.
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
2. From unstructured data to structured data sources: How Parashift works
Parashift’s core competency is to provide your real estate company with a modern, AI-based document extraction platform in the cloud. For best results, Parashift focuses exclusively on four things in its horizontal solution:
A- Document separation
The solution is easily integrated into your existing application environment via a REST API. You send the documents to the Parashift platform via API. Parashift performs certain quality enhancements such as rotation checks. After that, the documents are separated.
Is the document a correspondence, an invoice or a contract, etc.? All document types are classified automatically.
Classification is followed by data extraction. In this process, all relevant data, including line item data such as reference numbers, are automatically extracted from the respective document. The data is output in structured form and as structured data sources.
You have three options for validating data:
- Your employees can validate data themselves via the easy-to-use validation interface. This feature speeds up document processing automation.
- With the optional full validation, Parashift completely takes care of your document processing, including data validation.
- Depending on the accuracy confidence threshold defined beforehand, you forward the data without validation.
Document recognition by Parashift using AI is another profitable step in supporting our customers. The full validation offered by Parashift makes it possible to excellently realize customer wishes such as maximum reduction of workload and thus cost savings. – Roul Steigauf, CEO Steigauf Daten Systeme
3. IDP use cases for your real estate company
The powerful capabilities of Parashift’s IDP technology result in the following use cases for you:
A- Incoming mail
Your inbox is constantly flooded with countless different documents: contracts, forms, claims reports, protocols, complaints, inquiries, information, approvals and other correspondence are just some of them.
You want to avoid manual data entry from these documents by your employees at all costs. And you will be able to avoid this in the future with the integration of Intelligent Document Processing. With the digital inbox, you create a virtual hub for business mail. The integration of the IDP solution into existing system landscapes automates the entire incoming mail process for your real estate company.
Hundreds of document types are automatically classified and all relevant data is extracted from them. The data is passed on in a structured manner to ERP systems or workflows, thus enabling the automation of downstream processes.
B- AP invoices
Another important use case of AI OCR for your real estate business is in processing AP invoices. Instead of your staff doing the tedious work or you using mediocre document management OCR solutions where each new vendor requires expensive setup and training time, that’s eliminated with Parashift.
With the out-of-the-box AP invoice solution pre-trained and ready to go, you can automate accounting processes from day 1. And whatever type of invoices you need to process – simple or complex energy bills – with Parashift Intelligent Document Processing, there are no limits.
With Parashift’s full validation for AP invoices, you achieve 99% straight-through processing thanks to fully validated invoice data.
4. Benefits with IDP for your real estate company
The following are some of the benefits that the Parashift Intelligent Document Processing platform adds to your real estate company:
A- Optimize document processes, increase efficiency
By automatically processing incoming mail and AP invoices, IDP accelerates document processes company-wide. Days of processing time are history. By tapping into new data sources, you increase the efficiency of your business processes.
B- Reduce operational costs, increase employee productivity
On the one hand, you reduce operating costs with the intelligent solution, as your employees no longer process documents manually. On the other hand, specialists can focus more effectively on their actual work, such as property management.
C- Regain operational agility
Instead of spending staff resources on manual processing of data, automate. You’ll save time resources, improve operational efficiency, and regain operational agility.
D- Improve customer relationships
Probably one of the most important issues for businesses in general, and real estate companies in particular, is the ability to respond quickly to customer concerns. Intelligent Document Processing gets document data where you need it. With faster response times, you improve your customer relationships.
ESG (Environment, Social and Governance) tops the agenda of companies in the Real Estate industry as well. Implementing an IDP solution not only improves the overall financial performance of your real estate company, but also has a positive impact on the environment through the possible elimination of paper documents.
Watch our On-Demand Webinar to further learn how IDP can streamline your real estate firm’s document processes.
5. The modern IDP platform for your real estate company
Use the Parashift Intelligent Document Processing platform as a central hub for everything related to capture, classification and extraction of your documents. Say goodbye to expensive niche solutions and rely on one platform instead. With 100+ real estate specific document types pre-trained and ready to go, you automate processes from day 1.
You want to see the capabilities of the Parashift IDP platform in action for your Real Estate business?