5 reasons to use Intelligent Document Processing (IDP)
In today’s business world, automation and digitization are essential to ensure efficient and cost-effective business processes. Intelligent Document Processing (IDP) is a valuable tool that companies can use to automate document processing. IDP refers to the combination of technologies such as Artificial Intelligence (AI), Machine Learning, and Optical Character Recognition (OCR) to capture, classify, and extract document content. In this blog post, we will explain 5 reasons why your company should use IDP.
5 reasons why manual document processing is inadequate
Manual document processing requires time and effort to extract relevant information from a document. It can take hours or even days to process a large batch of documents.
Prone to errors
Manual document processing carries a high risk of human errors. A simple typing error can lead to inaccurate information and impact downstream business processes.
Manual document processing can cause bottlenecks in the handling of business processes. This can impair the company’s efficiency and lead to delays and frustrations.
Manual document processing, especially when it comes to classifying different document types, is not scalable. It may work well for small document volumes, but as the number of documents increases, manual processing becomes overwhelming and inefficient.
Manual document processing can be expensive, requiring time and resources. Hiring employees to do this work can also lead to high turnover, resulting in additional costs.
5 reasons why companies should use Intelligent Document Processing
Improved data analysis
IDP can facilitate the extraction and processing of data from documents and enable quick analysis of information. This can help make better business decisions and gain insights into the company that may otherwise have been overlooked.
IDP can minimize human errors by utilizing AI and machine learning to automatically extract data from documents. This improves data quality and reduces the risk of errors.
IDP can increase the efficiency of business processes by reducing time and effort spent on manual document processing. Automation and quick processing can significantly shorten the processing time of documents.
IDP offers scalability and can easily adapt to accommodate growing document volumes. Whether dealing with various document types or an increased quantity of documents, IDP can be expanded effortlessly without incurring extra costs or causing delays in the classification process.
IDP can reduce the costs of document processing as it requires less time and resources than manual processing. It can also help reduce the costs of hiring additional personnel to handle this work.
In summary, Intelligent Document Processing is a valuable technology that companies can use to automate document processing. IDP offers numerous advantages over manual document processing, including increased efficiency, reduced errors, scalability, cost-effectiveness, and improved data analysis. If your company replaces manual document processing with IDP, it can lead to a valuable competitive advantage and help optimize your business processes.
Automation is key to optimizing business processes and increasing productivity. If your company has not yet jumped on board, now is the time! With IDA – Intelligent Document Analysis – from PLANET AI, you can leave manual document processing behind and switch to efficient and reliable automation. Our team of experts will be happy to assist you in implementing IDA and answer any questions you may have regarding security, AI training, and other aspects. What are you waiting for? Don’t miss the chance to optimize your company and contact us today!