Join our FSI AI Event on March 19th, 2024 at Google Zürich

From Invoices to Medical Records: The Versatility of Intelligent Document Processing (IDP)

Specialized document automation solutions are often complex and expensive. In addition, they are severely limited in their use cases. The situation is completely different with Intelligent Document Processing (IDP): Instead of just a few use cases, this AI-powered document processing has tremendous versatility. This minimizes operating costs and process complexity, no matter what industry your company is in.

Build more comprehensive and robust process automation using Parashift’s superior extraction engine.

Contents

  1. The concept of Intelligent Document Processing
  2. Use cases with Intelligent Document Processing
  • A) Invoice processing for accounting departments
  • B) Contract management for legal departments
  • C) Resume processing for HR departments
  • D) Forms processing for government agencies
  • E) Medical record processing for healthcare providers
  1. No-code platform for quick customization
  2. Security and compliance
  3. The added value provided by IDP

1. The concept of Intelligent Document Processing

Intelligent Document Processing (IDP) intelligently processes all your documents. To do this, the system relies on advanced technologies based on Artificial Intelligence (AI). These technologies are called Machine Learning, Deep Learning, Optical Character Recognition (OCR), Natural Language Processing and Computer Vision. IDP is therefore sometimes called AI OCR.

The combination enables the ability to understand the context of data from documents. No matter if the data is unstructured and the documents are complex. The system classifies the documents and captures the data from them, then plays it out in structured form to downstream systems. Furthermore, through AI technologies, the IDP continuously learns with each document it processes.

In addition to eliminating manual work, it also taps into new data sources and enables end-to-end enterprise automation. Increased efficiency and cost savings are just two of the benefits IDP brings to your business.

2. Use cases with Intelligent Document Processing

To give you a better overview of which use cases are relevant to your business, we’ll go over some of them below.

A) Invoice processing for accounting departments

Invoice processing

Entering invoice data is part of every company’s daily business processes. However, the often manual approach to these tasks unnecessarily overloads your accounting department. So you’d do well to free up your highly skilled accounting teams from this and use them instead for more valuable work than invoice capture.

That’s why the use case par excellence for Intelligent Document Processing is that of invoices. AI OCR eliminates expensive setup and training time when vendor data changes. You automate right from day one with the out-of-the-box solution.

Have additional questions regarding IDP for invoices? Find all the answers here.

Benefits with IDP for invoice processing: With AI OCR, you reduce errors while increasing efficiency. By automating invoice processing, you save up to 90% of manual effort and your accounting teams regain agility.

B) Contract management for legal departments

Contract management is a tricky business and, if handled incorrectly, can cause problems for your company very quickly. One of the biggest problems is the lack of visibility of data for your legal teams to make quick and accurate decisions.

On the other hand, IDP can be used to automatically classify, intelligently extract data and store it in a structured format. This makes it easier for your legal teams to track and manage contracts by being proactive.

Benefits with IDP for contract management: With IDP, you automate highly time-consuming and labor-intensive tasks such as capturing contract data or reviewing contracts. This not only significantly increases efficiency and reduces costs, but also minimizes the risk of errors.

C) Resume processing for HR departments

HR departments often receive a considerable volume of resumes in response to open positions. When HR teams review these manually, the process is enormously time-consuming and error-prone. In addition, you want to use your HR specialists for face-to-face interactions with candidates when possible, not for trivial data entry tasks.

With AI OCR, the processing of resumes is made much more efficient. This allows your HR department to be used for the more obvious, people-focused tasks.

Benefits with IDP for HR management: Automatically capturing all relevant data from resumes with IDP helps your HR team find qualified people quickly and easily.

D) Forms processing for government agencies

Today, citizens expect processes from the public sector to be just as fast as they are used to in the private sector. However, the reality is often still that manual work slows down these processes. This is also the case when it comes to processing forms. AI OCR, on the other hand, can automatically extract and process data from forms and other applications.

Advantages with IDP for public authorities: With IDP, public authorities benefit from process optimization and efficiency gains, which is a big plus in the processing of forms. In addition, employees can concentrate more on the contact and relationship with the citizens, which is an important factor.

E) Medical record processing for healthcare providers

An overwhelming volume of documents in both paper and electronic formats hinders your ability as a healthcare provider to efficiently process medical records. In addition, different formats make processing with a conventional automation solution impossible.

Only with the powerful IDP solution can you automatically capture all relevant data from patient records and output it in a structured format.

Advantages with IDP for medical record processing: With IDP, essential data can be extracted from medical records with increased accuracy and efficiency. As a result, healthcare providers can make better clinical decisions and provide better patient care.

Read this Case Study to learn how a health insurer is using IDP to increase process accuracy.

3. No-code platform for quick customization

The Parashift IDP platform is built according to the no-code principle. This means that you don’t need any programming knowledge to use the platform, which is a big plus. If you need custom document types in addition to the hundreds of standard document types, you can easily click them together yourself. Using the modern user interface of the no-code platform, you can either create document types from scratch or modify them based on the standard document types.

This means that standard data points such as sender and recipient or document date can be configured into a new, individual document type via drag & drop. This significantly reduces time-to-value and ensures a fast ROI.

This allows you to customize documents as needed with just a few clicks and without IT knowledge.

4. Security and compliance

As you process sensitive documents with sensitive data in your organization, security and compliance are paramount. And it is for Parashift, too:

Parashift’s modern cloud infrastructure is fully EU GDPR compliant. Customers worldwide use Parashift for their most sensitive data. EU GDPR and data security are therefore two of Parashift’s most important features. The platform runs in ISO27001, ISO27017, ISO27110, ISO27018, SOC 1/2/3, PCI DSS, CSA STAR and HIPAA compliant data centers, making it a secure provider for your document extraction needs. You can finde more information regarding security and compliance here.

5. The added value provided by IDP

No matter what industry your company is in, Intelligent Document Processing can help you improve your processes dramatically. Integrate the most versatile document extraction platform into your business and significantly minimize both operational costs and process complexity.

Related Posts