IDP has made a complete turnaround in the approach to data & document processing. So, what is IDP? Best practices of using IDP across diverse niches. How can enterprises benefit from the Graip.AI ? All answers are below.
Data Processing Smart Solutions
Intelligent Document Processing software has been specifically developed to automate operations of information extraction and handling. To be precise, an IDP solution can digitize multiple types of documentation, analyze and extract information, streamline routine operations, and improve overall accuracy in a company’s document management. Daily workflow across most industries is based on processing tons of documents, including governmental institutions, healthcare, financial institutions, construction, insurance, and so on.
Automated data extraction and processing significantly shorten the time required to enter data from different sources and file types into a single corporate system and minimize errors that are almost inevitable during manual document handling. AI-based, built-in analytical tools eliminate data duplication, improving accuracy and operational efficiency.
Intelligent Document Processing Use Cases
Adaptive and self-learning capabilities of IDP are advantageous in a variety of industries, particularly in sectors with heavy data processing workflows.
Logistics. Multi-level paperwork in transportation and logistics sectors directly impacts fleet and carrier management, onboarding and lading processes, permitting stage, and so on. Delays and mismanagement in paperwork lead to business losses. Digitized mission-critical document processing, data extraction, validation, and report generation can improve the accuracy and transparency of the entire logistic chain. In general, IDP implementation leads to enhanced business performance and customer support.
Fintech & Banking. Financial institutions of any scale, from larger enterprises to micro-loan companies, deal with never-ending document flow, from loan applications, financial statements, transactions, credit reports, and so on to purchase orders and final payments. Intelligent Document Processing helps to streamline an error-prone process, reconcile invoices, manage payrolls, and stay in control of all routine operations. Increased accuracy and decreased processing time improve efficiency, significantly saving employees’ time for strategic tasks.
Construction. Licenses, permit applications, agreements, contracts, supply orders, and reporting make paperwork in the construction sector challenging and time-consuming. Implementation of an essential or customized IDP solution shortens data processing time and improves overall efficiency as all data is extracted from multiple sources and then collected and analyzed within the system. Automation of document processing removes duplications and errors, allows data validation and integration with a financial system, improves accuracy, and accelerates business operations.
Manufacturing. One of the key aspects of manufacturing is quality control involving product inspection, keeping test records, and production process monitoring. The multi-stage process involves a routine workflow of documents of various types, such as product specifications, test reports, inspection results, and so on. IDP implementation enhances the efficiency of document handling via automated data collection within a single system. With all the data available, manufacturers can address issues faster, improving overall product quality in a shorter time.
Retail & CPG. With continuously growing competition in this sector, automation of document processing allows retailers to extract relevant data from invoices, orders, and shipping records faster and with greater accuracy. An IDP solution significantly shortens the processing time, enabling enterprises to focus on the upscaling and quality of products and services provided.
Insurance. The paper-heavy sector is vulnerable to errors and delays in data processing. Automated processing of insurance forms and claim value analysis save insurance companies from massive time losses and improve the accuracy of client-company operations. Flexibility and self-learning features of IDP streamline complex claim-assessment-payout processes and result in higher productivity.
Healthcare. Medical billing includes complicated procedures of filing claims, verifying policy coverage, and payment report processing. A customized IDP solution automates the complex process: data is extracted from bills and claims, insurance coverage is verified, and payments are processed. A streamlined process is much more accurate compared to manual data treatment and takes less time. Automated processing of medical forms, prescriptions, and bills accelerates routing operations and enables automated claim record creation in back-end systems. Hence, healthcare institutions can dedicate time to more important activities, while patients won’t wait long for their documents to be finalized.
Real estate. Custom-tailored IDP automates and streamlines work with lease agreements, tenant data, and maintenance reports, improving property management. Elimination of human errors and shortened operational time improve accuracy and result in higher service quality. Organized, accessible, and updated documentation ensures transparency and improved operational productivity. AI-based capabilities allow employees to mark out trends based on the collected data and create predictive reports for further strategy development.
BPO. A complicated truckload of paperwork typical for this sector, including application forms, contracts, training paperwork, and payrolls, is prone to human errors and delayed services. An IDP solution automates multi-stage workflow processes and helps companies score an advantage in market competition.
The illustrated above cases of IDP implementation across a variety of fields prove the versatility and value of automated document control. Improved data capturing, AI-based real-time analytics, enhanced accuracy, and data verification capabilities ensure a streamlined and more efficient workflow. In turn, enhanced operational performance enables businesses to focus on their key functions and development objectives, delivering more value to their clients.
The customizable functionality of Graip.AI IDP solutions opens new horizons in data control & management regardless of industry. Tailored, niche-specific IDP adds to marketability and allows enterprises to attain and maintain competitive advantages.