Associate Vice President - Chief Architect: Data As A Service at Straive Inc.
Every industry you know is generating an astronomical amount of data owing to digitalization and modernization. Managing huge volumes of this data can be intimidating for companies, and that's where we come into the picture. We enjoy a good challenge and have built a document processing solution to deliver insights with speed and accuracy.
Data comes in diverse sources across various formats and requires meticulous document processing to convert it into viable information that forms the basis for strategic decision-making in business. Relying on the conventional data processing methods leaves a business prone to vulnerabilities such as human errors leading to inaccuracies and process inefficiencies. In today's competitive world, where data processing is paramount to the business's success, such errors can lead to wasteful high costs as well as potential revenue loss.
Persistent market competition, growing customer expectations, and compliance pressures drive the adoption and implementation of advanced and evolving data extraction technology to boost the accuracy and efficiency of business strategies and processes.
With today's dynamic technology, there isn't anything that we cannot do, including data processing. We have technologies built with computer-trained algorithms that can scan, read and understand different document formats and help organizations such as yourselves to handle massive data with ease and accuracy. Cognitive data capture has elegantly replaced the time-consuming manual and costly data extraction methods. It has self-learning capabilities that can imitate the way humans read and understand documents and successfully extract data from them.
Well, it is almost everything we mentioned above, except it is for documents, specifically. If we were to state it as a definition, we can say intelligent document processing solutions are one of the technologies that transform unstructured and semi-structured documented data into usable information worthy of business decision making. Artificial Intelligence-enhanced intelligent document processing tackles the process of data extraction with utmost accuracy and amplifies the automatic extraction of knowledge with its understanding of the semantics of the content. It is driving efficiency in managing vast volumes of documented data, and every single industry is leaping and investing in it for competitive advantage.
Intelligent document processing, as an Intelligent Automation (IA), has proved to be an integral part of the digital transformation by introducing technologies such as Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), and/or Intelligent Character Recognition (ICR) into the document processing system that accelerates the entire process along with minimizing errors and human intervention.
Effectively extracting documented data such as fax, emails, messages, texts, etc., and structuring information is the key to automating a massive share of your business processes that currently might be relying on manual intervention. For instance, when standard Robotic Process Automation, i.e., setting up your data extraction, and intelligent document processing, i.e., an essential component of intelligent automation, come together on the same platform, they work effortlessly in sync to solve the automation puzzle that spruces up your business agility.
Intelligent document processing has achieved unprecedented traction in numerous industries!
Let us have a better look into how the different industries use intelligent document processing for quick extraction and document processing and managing them to eventually increase efficiency and productivity as well as streamline the workflows.
Banking & Finance – Automating the banking and financial processes certainly can lead to optimum customer satisfaction. There are plenty of processes requiring documented data, such as paying invoices. Let’s have a closer look at how intelligent document processing can take care of it:
Creating customer risk profiling by carefully running credit risk analysis of customer data from their questionnaires during KYC and Loan processing.
Updating the mortgage documents by extracting data digitally with intelligent document processing from mortgage forms to initiate further processes.
Expedite extraction and processing of communication documentation received via emails, texts, fax, posts, etc., and swiftly generate detailed bank reports.
Capturing pertinent information by digital image processing of bank cheques in no time.
Speeding up vehicle loan processing by identifying vehicle class/category from the vehicle photos given in the loan applications
Also, by bringing the paper form data into the automated digital fraud detection engine to receive a 360-degree view of potentially fraudulent activities.
Performing variance analysis and form reports on planned budget vs. actual costs and many such big and small processes.
Healthcare – Healthcare industry has to hold higher emphasis on documentation because they cannot afford to lose patient records. They need the medical history before appropriately attending to the patients. Seamless access to all the documentation is paramount, and intelligent document processing provides a whole digital transformation to make it possible. Here’s how accessing patient notes, patient registrations, prescription management, and many more standardizing processes becomes possible:
Converting high volumes of Healthcare R&D data into a structured format to integrate it in the enterprise ERP.
Patient onboarding process and managing their records such as forms, test results, medical reports, and so on can be automated and stored in the centralized cloud ECM systems.
Patients’ medical billing can be sped up with intelligent document processing and RPA by extracting data from internal and external documents and combining them to reap weekly-consolidated medical bills.
Intelligent document processing also enables medical practitioner credentialing by comparing the diversely available data from different sources.
Enhancing medical imaging through image classification and object detection
Seamless transformation of health and medical records into electronic form helps to maintain them online and analyze them to ensure better caregiving.
Augmenting the entire Hospital Information System encompassing the core healthcare system, financial system, patient records, hospital personnel management, etc., and integrating the data with major process workflows.
Insurance – Delivering efficient processes and effective operations thanks to automated intelligent document processing can make or break an organization in this competitive industry. Find out how you can make the most of the intelligent document processing technology:
Being an important part of the insurance industry, use intelligent document processing to improve accuracy, consistency, and compliance in collecting and collating the data in a secured digital environment. This helps to speed up the process with efficient execution.
Smoothly auto-extracting data from numerous forms of contracts and claim submissions and digitizing the data from fax documents or email trails etc., to store them in a cloud-based contract management system for centralized access.
Segment vehicle body parts and damaged areas at the pixel level using intelligent document processing's image processing capabilities to generate robust insights for total loss, repair-replace, cost estimates, etc.
Intelligent document processing automatically reviews and categorizes various documents and hard copies of claim submissions to store them digitally for further insurance claims processing.
From the onboarding process, the collection of required data along with supporting documentation for verification/validation to medical examination questionnaire processing and finally sorting out the claims, everything is done systematically with automated precision of intelligent document processing.
The synchronized processes of intelligent document processing and the integrated data on a centralized server in the enterprise ERP system enable you to generate invoices and emails communications regarding the policy to the concerned parties regularly.
Manufacturing – Manufacturing units can be of massive sizes with so many big and small operational processes undergoing round the clock that maintaining records of the machinery, equipment, personnel, and processes can be truly challenging, and an intelligent document processing can be a winner to achieve maximum optimization.
Digitizing the hard copies of production proposals saves valuable time, and safely securing the relevant data with automated extraction through intelligent document processing helps in faster processing.
Digitizing Quality Assurance (QA) records to automate the QA process and ensure continuity and mandated follow-ups.
Capturing signature and scanning signed documents to speed up order processing and fulfillment
From the time, you receive the order from the supplier vendor, intelligent document processing auto-extracts and gathers the info from all the various sources such as emails, fax, etc., validates it as per pre-defined business rules, and stores them by fully integrating it in the enterprise ERP.
Use intelligent document processing and RPA to use the collated data to explore the potential opportunities and proactively keep in touch with the prospects for future business.
Intelligent document processing has been proved to be very beneficial to organizations in every industry. These are just to name a few, we can honestly keep on going such as say Mortgage, Logistics, Commercial Real Estate, Accounts Payable, Manufacturing, CPG & Retail, Government & Public Services, Telecom, Media & Entertainment and more.
Enhanced efficiency and effectiveness – Reduced need for human intervention and less labor-intensive tasks are facts enough to highlight the increased efficiency in the data-centric workflow.
Cost Cutting – Intelligent document processing facilitates reduced processing times resulting in reduced need for more employees on the process. Plus, you'll end up saving on operational costs, too, which starts to reflect on the savings almost immediately.
Upgraded productivity – Intelligent document processing provides speedy automated processes that handle large quantities of your data and replaces tedious, time-consuming manual data-entering processes for any employee is a definite upgrade.
Eliminate Human Error – In any process, a slight amount of human error is inevitable, but that can have several damaging consequences for any business, but with intelligent document processing, you don't have to worry about it.
Easier Compliance and Simpler Data Security – In this hyper-digital world, people are increasingly concerned about data safety. In addition to reducing human error and complete automation, intelligent document processing solutions also leave a digital trail that makes compliance simpler, and these secure technologies provide better cyber security too.
Easily Integrative and Scalable – These intelligent document processing solutions can be easily integrated with your existing software and hardware, and they can also be applied to multiple applications, allowing them to be easily scalable and grow with the growth of your business.
We hope that we have successfully emphasized the ways this latest cognitive document processing technology brings to the table for your business. It can be overwhelming with this much information, but we cannot highlight enough the widespread popularity intelligent document processing is gaining industry after industry and we certainly suggest getting aboard this train of the fully automated augmented digital world, and FYI we are very good at what we do, and we will be thrilled to hear from you
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