Every organization relies on data to run its daily operations. As such, it is safe to say that information is the backbone of any entity’s workflow because it facilitates the progress of day-to-day business procedures.
However, the pressure to satisfy ever-increasing customer demands, reduce costs, and comply with changing regulations are some of the things that continue to strain processes that specifically depend on information. That is especially true in the case of unstructured data like emails, documents, and images.
Additionally, most companies handle a high volume of transactions weekly, generating a significant amount of paper documents within that period. In turn, such a massive volume of paperwork can spread your firm’s resources too thin, and that may impact your bottom line.
Overcoming these challenges to prevent employee burnout is critical, and that becomes possible through Intelligent Document Processing (IDP). The fact that organizations can transform unstructured data into better processes and insights through IDP makes the concept worth considering.
Filing and converting office records into usable electronic documents will significantly reduce your paperwork burden. That will ultimately allow you to manage in-house information better as it moves electronically throughout your enterprise, and that is achievable by implementing IDP. This article will outline some of the main benefits of IDP.
1. IDP promotes automation.
The most significant benefit of IDP is automation because it facilitates process improvement.
For example, through automation:
- Records managers leverage a contactless experience when company documents reach the end of their retainment lifecycle.
- Mailroom clerks enjoy predefined sorting and forwarding of incoming correspondence.
- Sales managers experience faster routine approval of travel expenses falling below a particular monetary threshold.
IDP eliminates manual document processing and improves workflows by combining machine learning and rules-based logic, which automates information capture, conversion, sorting, indexing, and company records routing.
2. IDP simplifies compliance.
Sorting out documents, data entry, and the validation of information are some of the repetitive tasks that cost your company both time and money. Through IDP, you can automate these activities, which will, in turn, simplify compliance. That is possible because IDP leaves a digital trail that one can use for auditing and ensuring compliance with complex regulations.
On the other hand, data privacy is a concern for most organizations. When you adopt IDP, that will not be a problem because it is a secure technology capable of preventing data manipulation or misuse. The technology also stores your information in a secure location where only authorized individuals can access it.
3. IDP is effective.
If your company relies on paper documents or records, manual procedures will remain the order of the day, which is a laborious and time-consuming affair. That is not the case with IDP because it reduces manual intervention in document-centric workflows.
Automating your office records through IDP means that you only need to click to capture, convert, sort, index, and route data from a document to its right location, where sorting happens in a structured way. The result, in this case, is increased efficiency in daily workflow operations and overall office procedures.
4. IDP supports scalability.
Since IDP is process agnostic, you can apply it to various applications in different areas within your organization. That is the case because IDP installation is not necessary. IDP acts as a platform that scans and processes different document formats, including excel sheets, images, and faxes of various sizes from multiple sources.
These are some of the features that make IDP highly scalable, which means that this technology grows with your organization to meet your digital document processing and storage demands.
5. IDP attracts savings.
The cost of day-to-day operations is an element of interest for most business leaders. Finding new technology to decrease operating costs is an effective approach to realize profitability. So, by adopting IDP in a bid to automate your workflows, you will not only reduce the duration it takes to process documents within your firm, but you will also cut down on the cost of labor.
Your company’s operational expenses will also reduce thanks to IDP’s automated data processing, which allows you to complete a substantial amount of work within a short time.
6. IDP increases speed.
The speed with which you process large volumes of data is part of the notable benefits of investing in IDP. The time, amount of money, stress, and even risk that goes into manual management of paper records is not worth it because it results in disengagement of your employees within a short period and leaves your data prone to errors.
Such errors have a cost implication on your organization that can have far-reaching effects going forward, and that is something you cannot afford to ignore. By implementing IDP, you can be confident that in-house document processing will yield error-free results and that the completion of such a task will be a breeze since it only takes a small fraction of one’s time.
7. IDP enhances customer experience and satisfaction.
Customer experience has a direct impact on the operations of your firm. The only problem is that some individuals tend to overlook this soft cost of IDP. For instance, when one decides to buy a new home, they can apply for a mortgage loan. At that point, they will fill out stacks upon stacks of application paperwork for submission to a bank or mortgage lender, which is a requirement when applying for a new loan.
After that, the mortgage company handling such a transaction sorts through the files manually if an automation tool is not available. The company also verifies applicant data, keys in data point submissions to backend applications, and finally, double-checks the records for missing application details or mistyping errors. Automating all these repetitive tasks is possible through IDP.
That way, you will eliminate the human element at the document processing, data entry, and information validation stages, which will minimize document processing time. Also, loan application documents will not remain in the underwriting stage longer than necessary when you adopt IDP. Faster loan application approvals improve customer satisfaction, loyalty, and the overall experience of clients.
Final thoughts about IDP.
The details above confirm that leveraging IDP gives you an upper hand over entities that choose to stick to manual management of paper records.