Managing volumes of data to achieve success is a headache for most organizations. As companies receive data from various sources and in different formats, the burden to handle such information without letting errors slip through the cracks relies heavily on human labor. The result, in this case, is a significant loss of revenue, faster burnouts, substandard reports, and employee dissatisfaction.
As such, most companies opt for technologies that can handle massive data with ease and accuracy to avoid this grim scenario. Embracing computer-trained algorithms that can scan, read, and understand different document formats is paramount in addressing the challenge in this case.
Intelligent Document Processing (IDP) is one of the technologies driving change in the management of vast data volumes and many entities in various industries are investing in it.
Understanding IDP.
IDP refers to a technology that intelligently captures certain information from documents irrespective of the format. The result is quick extraction and processing of such documents as handwritten, long-form or electronic, structured, or unstructured data.
IDP is changing the document management procedure of organizations by increasing efficiency and productivity as well as streamlining workflows.
IDP use cases.
IDP is proving beneficial for businesses in various sectors. Here are some of the top use cases:
Legal.
Processes involving regulations compliance, auditing and archiving documents, property filings, and management of mergers and acquisition-related files, are part and parcel of the functions of those in the legal sector. Such tasks involve documentation in different unstructured formats. For that reason, acquiring a system that can manage all the sensitive and mission-critical information is not an option in this case.
As such, lawyers can access the data they need while working on a case by leveraging IDPs automated system. Also, removing errors and discrepancies that emerge when working on a client’s paperwork is not a problem when one invests in IDP. Contract administration, digital document archiving, case reviews, information protection, and fraud detection are some of the IDP’s use cases in the legal sector.
Banking.
Convenience, transparency, reliability, and prompt services are a prerequisite for financial institutions. On the other hand, the banking sector has multiple processes that deal with data. That is why IDP is gaining popularity in this industry. It provides a seamless customer experience.
Through automated workflows, IDP ensures that the capture of all information is in a structured format and that data extraction into the workflow focuses on relevant data only. Fraud detection is one of the predominant use cases of IDP in banking. It involves deploying a fraud detection system to report discrepancies and determine the authenticity of various transactions.
Also, easy and quick access to data is a priority for customer support executives, managers, and loan officers working in the banking sector. You also need to understand that any bank’s profitability drives success, which significantly depends on customer satisfaction and retention. That explains why more banks are exercising less control nowadays by giving their clients more control.
Unfortunately, banks cannot achieve much by manual supervision of all internal processes; thus automating workflow becomes necessary, which is achievable by deploying IDP.
Healthcare.
Workers in the healthcare industry cannot afford to lose patient records because they need to review the history of every individual seeking medical attention before attending to them. In that case, seamless and instant access to patient data is paramount in providing health care services since a healthcare worker needs the ability to retrieve information around the clock.
The bottom line here is that digitization of data is necessary, and IDP can help healthcare workers efficiently manage patient records and their medical history. The loss or misplacement of unstructured paper formats and physical files and sifting through volumes of paperwork in the time of need at a medical facility is not an option.
IDP stores all the necessary medical records in one place to ensure that healthcare workers have access to the information they need without difficulties and within the shortest time possible.
Insurance.
Presently, technology is part of our daily lives, and it is also changing the way various industries operate, including the insurance sector. Provision of best in the market customer experience in a competitive environment and enhancing operational efficiency are some of the pain points among service providers in the insurance industry.
Also, data collection is a primary requirement of any insurance business process. Manual data entry will only result in increased costs and reduced speed. IDP is a dependable solution for those in the insurance sector because it maintains security, automates document processing, and promotes consistency in compliance, which ultimately improves customer satisfaction.
Mortgage.
Verification material, loan applications, legal documents, and credit reports are part of the crucial documents that mortgage companies handle. It is interesting to note that small mortgage firms can also generate volumes of paperwork within a short period. Manual management of such vast volumes of data is taxing and can also exhaust a mortgage company’s resources.
Mortgage companies that invest in IDP realize several benefits, including the provision of faster and hassle-free solutions for borrowers’ issues, better management of all forms of documents, an increase in the speed and scale of filing, and quick and easy retrieval of documents. For example, one needs to factor in aspects like personal details and other legal documents when reviewing a loan for approval purposes.
Instead of handling the process manually in such a situation, a loan officer can scan the necessary documentation electronically. They can route files, and also store personal data in a secure location where only authorized persons can access the same.
Conclusion.
It is not unusual to discover that a significant percentage of the information at organizations in various sectors is in the form of unstructured data. Over time, the data piles up, making it increasingly unmanageable, suggesting that such information remains redundant.
Releasing data lying idle in various industries by extracting it from documents is the only way to make meaningful use of such information. Also, managing paperwork causes organizations in different sectors to spend more on human labor, and the process is extremely tedious. IDP eliminates the need to employ workers to handle the manual processing of data.
In turn, companies in various sectors can prioritize more demanding areas of the workflow and redeploy their team members accordingly, which will promote business expansion.