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Buyer’s Guide

by | Jan 11, 2021

A vital part of managing business data is accurately capturing relevant information. Understanding a large document capture project’s goals is intimidating enough without worrying about comprehending various vendor offerings.

When it comes to Intelligent Document Processing, many similar capabilities are expectedly shared across solutions without differentiation. For complex, real-world operations in the digital era, advanced functionality is expected. So then, it becomes crucial to search for critical capabilities that align with your business objectives. This buyer’s guide to Intelligent Document Processing offers a robust list of criteria to select the right platform for your organization. IDP can drive better results such as faster turnaround time, frictionless workflows, and accurate data capture.

Illustration of IDP mining information from documents and organizing it into a knowledge base

It’s also essential to understand mobile devices’ role in an increasing-remote working world for capturing information. When mobile data capture is automated, quickly classified, and routed, it accelerates business processes and transactions. For instance, in banking, a mobile device can capture a customer account application. When sourcing an IDP vendor, ask these three vital questions:

●  Does it provide straightforward, intelligent document processing to replace human staff where possible adequately? Can it seamlessly escalate to a human when missing fields are detected?

●  Is it AI-driven so that it can capture any format and learn continuously?

●  Is it integrated with other business tools such as RPA, ML, and data analytics?

When document processing does not include cognitive capabilities, it can lead to decreased productivity, overwhelming workloads for some departments, a risk to compliance, and an inability to meet customer demands. These issues result from platforms that are not AI-driven and those that try to integrate multi-vendor integrations.

To find an IDP solution that can save the most time and drive productivity, search for these attributes:

●  End-to-end capabilities that drive a lower TCO.

●  A unified user interface with a single vendor rather than multi-vendor.

●  Seamless integration and AI-powered.

The only way to ensure data is included as part of a contextual picture is to ensure that the IDP platform can integrate with designated customer-facing and back-office systems.

Suppose the platform is already integrated with RPA, even better so that organizations do not have to cobble together a patchwork of solutions that don’t integrate effectively. It’s essential to consider the costs of any data capture project and the importance of selecting a platform that can grow with your business. This is even more significant when a company already has a complicated tech stack in place.

Another crucial component is stability. Choose a vendor with an extensive set of capabilities, does not require a multi-vendor solution, and offers simplified pricing and implementation models.

What else should you look for?

●  Cognitive capabilities

●  Simplicity

●  Easy integration

●  Quick ROI

●  Smooth user experience

●  Maturity

●  Reliability

●  Strong support infrastructure

In addition to the specific factors above, look for a solution that aligns with your company’s document processing objectives.