At the heart of IDP is the concept of transformation. In the digital age, a modern organization can’t move forward without the right technological catalyst. Additionally, data plays a key role. By opening new data sources or executing new concepts of analysis, data gives valuable insights that can lead to industry disruption and innovation. In terms of digitizing, data is the most critical aspect. Some say information is the new oil, the latest currency form, and its time has arrived. Due to the significance of digital transformation, it is clear that data is an essential component for innovative success. And, IDP is the catalyst. Here we have also listed several advantages of IDP:
Effectiveness
Many manual processes are redundant, repetitive, error-prone, time-consuming, and outdated, given the digital era. When business processes are automated, it helps to mitigate all of the issues mentioned. In just one click, document data is scanned, captured, converted, organized, indexed, analyzed, and routed to its next location for storage in a structured format. Not only does this improve organizational efficiency, but it also optimizes document workflows.
Savings
Labor costs can decrease dramatically by deploying IDP technology by up to 30%. Besides, data processing often takes up a large portion of human employees’ time. By implementing an IDP solution, a large amount of document processing can be automated and completed in a much shorter time frame giving human staff more time to focus on higher-value tasks while simultaneously improving employee engagement.
Speed
Unquestionably, IDP helps to enhance document processing speed — primarily when it can process massive data volumes. If an employee takes several minutes to review, validate, organize, and store a document, it may take an IDP platform seconds to perform the same tasks.
Quality
An IDP platform can reduce human-related errors and improve the quality of the data for employees and customers alike. It’s not only essential to have relevant data, but it should also be accurate and high-quality. When documents are processed manually, they are often stored as unstructured data and are not easy to access immediately. However, IDP will organize and store data in a structured format that is also easy to access.
Reliability
Machines handle repetitive, time-consuming tasks more reliably than humans without making as many mistakes. Machines do not experience fatigue. With large volumes of data, continuous classification and data extraction can be complicated but also highly important. Therefore, automating document processing is the key to reliability.
Compliance
Data privacy is paramount in many industries, including healthcare, finance, and legal. IDP is a secure technology that retains data privacy in its processes. Organizations contain data including personally identifiable data that regulations forbid from misuse or manipulation. IDP can protect data by storing sensitive files in locations only accessible by authorized end-users.
Performance
An IDP platform naturally augments overall performance by automating time-consuming manual tasks such as file sorting, data validation, and data entry. It also decreases the amount of time it takes to perform any of these activities.
Scalability
IDP can work in multiple areas and work with various applications. No installation is required; it’s a platform that can scan and process multiple formats, sizes, and sources of documents.
Compatibility
If an organization wants to decrease operational costs, improve data quality, enhance operational performance, and increase employee engagement, data management should become a priority. An IDP platform is designed to integrate easily with an organization’s current business application stack and back-end systems. There is no installation required.