Digitize to Unlock Business Value with Intelligent Document Processing

by January 13, 2023 0 comments

As per Research And Markets forecast , the global IDP market size is growing at 37.5% CAGR to touch USD 5.2B in 2027. APAC is expected to register the highest CAGR, Japan and India being the most lucrative, with the adoption of intelligent document processing solutions in BFSI, retail and eCommerce, and healthcare and life sciences verticals.

  • The procurement team of a Japan-based Fortune 500 conglomerate invested 25% time in contract analysis, including contract drafting, retrieving clauses, and building counter-proposals – limiting them to reviewing only 260,000 contracts per year.
  • A large US-based financial institution reviewed and approved more than 250,000 loan applications weekly, including manual authentication of the SMBs and extracting critical employee data. This resulted in errors, task delays, and a surge in unprocessed applications

Complex documents remain essential to businesses, representing knowledge about suppliers, customer interactions, employee perks, department contracts, and more. This knowledge can serve as competitive differentiation and business value creation and is embedded in business documents, emails, images, and PDF documents.

Large enterprises struggle with extracting and converting this granular data into relevant and contextual insights. Geographically dispersed teams add a layer of interpretation through the lenses of regional influences and business cultures, resulting in errors with serious consequences.

Discover profits from unstructured documents. How?

Traditional document management systems use a combination of OCR and RPA to extract data and submit it to a rules engine for further processing. However, this only works for structured and semi-structured data formats and cannot deliver data in relevant and contextual terms.

Intelligent Document Processing (IDP) provides the documents’ context by uncovering critical material, including facts and figures, quotes, and hypotheses or opinions. IDP platforms combine advanced artificial intelligence with human expertise, enabling companies to automate their document review processes and unlock new opportunities.

Complex multi-geo organizations use IDP solutions to optimize the document extraction, processing, and comprehension pipeline, This unlocks business value faster while also ensuring that teams everywhere are accessing the same data interpretation and insights wherever they may be.

A peek behind the screens of IDP.

IDP platforms leverage AI technologies, including NLP, Computer Vision, deep learning, and machine learning (ML), to digitize, enrich, and analyze granular data from a variety of document formats such as contracts, invoices, and claims.

Digitizing includes detecting and extracting information from document layouts, text, and visual objects from various templatized and non-templatized document types and formats.

Enrichment includes enhancing the extracted data with contextual information through automated document discovery and cognitive search for natural language and keyword-based queries.

Analyzing includes reviewing the extracted data to derive insights using a GUI Workbench and a Persona-based performance analytics dashboard.

These IDP platforms integrate with your existing Enterprise Applications and business process management tools to consume the data and turn it into actionable insights.

The right IDP can increase efficiency in multi-geo organizations

Robust, accessible, and scalable IDP solutions that meet today’s document processing demands increase efficiency in your multi-geo organization. They process regional-specific document formats, barcodes, invoices, master data, and custom reports delivering validated data across the geo-dispersed team.

These solutions empower the geo-dispersed workforce using a cloud-delivered digital assistant for secured access anywhere, equipped with intuitive screens and trigger automation based on agent activities, IVR sequence, application interaction, after-call requirements, and more.

The right IDP solutions are accessible across the enterprise and geographies, through secure integrations to automated business workflows and enterprise processes. This allows reduced time to process documents across regions and formats and deliver required data access per employee role and geographical location with greater accuracy through a single-pane-of-glass employee view.

The right IDP solution can improve productivity by 10x, clause extraction accuracy by 98%, and cost reduction by 90 percent across various business processes in different industry sectors; Just like it aided in reducing contract drafting and reviewing time from 150 minutes to 15 minutes for the procurement team of a Japan-based Fortune 500 conglomerate, delivering 90% cost savings. Even the large US-based financial institution achieved over 90% accuracy by scaling the information extraction process to 15K digital forms/hour.

Hence, it’s never too late – now is the time for large enterprises to identify the right IDP solution that meets their specific organization’s requirements.

Author: Sateesh Seetharamiah, CEO – Edge Platforms, EdgeVerve Systems Ltd. (An Infosys Company)

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