Data has always been the backbone of every organization’s workflow because it facilitates growth, improves business processes, and ultimately helps ROI. Having reliable data is no longer a luxury but a requirement, as technology leaders must make suitable investments to meet customer demands and cut costs while complying with regulations.

So, how are companies efficiently extracting and using data without overworking their employees and running the risk of errors? The answer is – Intelligent Document Processing (IDP). Here are seven reasons companies are turning to IDP.

Reason 1: Reduces the risk of human error

Intelligent Document Processing eliminates the need for manual input and data entry. This reduces the risk of human error and means companies can quickly extract and organize data while having more accurate quality information. With Intelligent Document Processing, AI and machine learning extract, convert, index, and sort data fast. Whether organizations are structuring data from paper forms, emails, or PDFs, IDP helps structure any content type while eliminating the expected human mistakes.

Reason 2: Improves security and data compliance

IDP automatically detects sensitive information and complies with various rules and regulations within their industries. It makes compliance much simpler because IDP solutions always leave a digital trail. The digital trail can be tracked when auditing and ensures compliance with data protection regulations. It allows the compliance process to be streamlined by extracting data from documents and classifying it according to predefined criteria, ensuring that compliance-related information is accurately captured.

Reason 3: Easily migrates into existing systems

Structured data through Intelligent Document Processing can easily integrate within your existing systems. This means there is no need to spend an arm and a leg on new technology to make IDP work for your organization. Instead, it’s integrated into existing systems and processes, making all that data accessible to your organization and feeding the required functions.

Reason 4: Automated document classification

IDP works together by using AI and machine learning to extract and structure data into a single system document in the correct place. One of the significant benefits of using Intelligent Document Processing is the ability to classify documents automatically and generate distinct categories that will assist in organizing documents. If the machine is given a large set of data, it can explore and analyze it to help understand what it means. The more documentation the machine has processed, the more we can rely on it to tell us what “clusters” or data patterns exist- here is an example:

It means that IDP can automatically sort and organize documents for your business. For example, suppose your company needs to have 100 different invoices scanned; for instance, IDP will be able to automatically sort invoices while also simultaneously scanning the words on the documents to know if it needs to be sorted into “paid categories,” keep for records or any category this has been set up by company standards. It’s all done with automated document classification that is built into IDP.

Reason 5: Smart workflows

Another benefit of Intelligent Document Processing is workflow automation. Workflow automation keeps things moving, connects employees, and streamlines processes wherever possible. Workflows allow companies to see immediate improvements in their business processes with automated workflows that mesh seamlessly with their implemented systems. IDP workflow capabilities are endless and can vary from automatically routing tasks, capturing signatures, and triggering processes to keep productivity moving across your organization’s timeline.

Reason 6: Savings on the cost of labor

A key goal for any company is staying on budget while cutting costs as needed. Implementing Intelligent Document Processing can help those cost- saving goals. By reducing document processing times, businesses will see savings in operation costs by reducing the need for additional labor to perform manual data entry tasks. Instead, organizations can shift those employees to work on other valuable tasks.

Reason 7: Improved customer experience

Businesses rely heavily on customer experience; the higher the satisfaction, the more likely customer retention, loyalty, repeat purchases, and longer customer lifetime value. Intelligent Document Processing helps customers conveniently access documents online in a secure environment and allows employees to respond quickly to inquiries within minutes instead of days or hours, improving overall customer service.

Data is the backbone of every organization’s workflow, and Intelligent Document Processing is one of many ways to facilitate growth, improve business processes, and ultimately help ROI. This is why we designed AI-powered Document Processing, DataBank’s IDP solution, to help your organization unlock that data, make it accessible, and use it to your advantage.