Why AI Is the Next Step in Document Processing

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    Importance of AI Document Processing:

    Introduction:

    Today, Document Ai Software considered one of the most time-consuming and resource-consuming tasks compared to the value-added that comes from other output. It takes plenty of hours of manual, diligent work to input invoices, updates medical records, and create the folders for further insurance claims. If these tasks could be done automatically, then essential benefits like automatic scanning of documents, better organization of the underlying data, pattern detection and error-checking can be reduced. Few typical applications of such automation include electronic health record updates, accounting and finance management, healthcare insurance claiming, national and personal security, clause detection in legal documents and logistics document management.

    AI Document processing steps:

    This process is not much different from the typical old-fashioned, human-driven way of processing it. Yet, it offers guaranteed accuracy that can run 24/7 without getting late or sick and never gets bored ever. Although more intermediary steps can be added, and there are five main stages of AI-powered document processing, and they are as follows:

    • Importing data into the system;

    • Data classification, tagging, indexing;

    • Optical character recognition

    • Correct interpretation of symbols in the context

    • Decision-making.

    Intelligent Document Processing solution provides:

    ·        Direct cost savings. Reduces expenses by dramatically cutting costs to process large volumes of data

    ·        Higher straight-through processing (STP). Minimize the need for knowledge workers to process documents manually

    ·        Ease of use. Allows businesses to get set up faster and automate more processes

    ·        Process efficiency. Enables end-to-end automation of document-centric processes

    ·        Accuracy uplift. See immediate significant increases in data accuracy with the use of AI

    ·        Strategic goal boost. Automated data processing supports business goals like improving customer experience

    Industry Applications of IDP:

    Intelligent data processing offers a diverse range of benefits to various industries. This technology is a blessing. Here is a rundown of a few particular areas in which Intelligent Data Processing plays a significant role:

    1. Accounting

    2. Foreign Currency Reconciliations:

    3. Legal

    4. Medical records:

    5. Employee Reimbursement Claims Frauds Detection:

    6. Trade finance and durable consumer finance:

    7. Supply Chain Management:

    Here is a list of advantages of Intelligent Data Processing technology:

    1. Increase in productivity:

    Automation of business processes eliminates manual intervention in every document-centric workflow; this is a primary advantage. This improves the overall efficiency and finally supports the organization’s effective operation in the workflow for the long run.

    2. More of Optimized Savings:

    Companies that incorporated IDP technology into workflow have observed a much significant change in processing time and decreased labour costs by up to fifty per cent. Apart from that, automated data processing facilitates the previously manual work to be completed in a much more substantially shorter period, saving operational costs that would have otherwise been much more expensive in manual labour.

    3. Reliability:

    IDP further helps in improving the quality by ruling out all the possibility of every human error by processing documents. Though done manually, information is mainly stored in an unstructured manner and is always tricky for rapid access.

    4. More Simplified Compliance:

    Intelligent Data Processing is an all-time secure technology and maintains a lot of data privacy. This new technology helps organizations contain sensitive data and is of utmost importance to protect all data from being manipulated or misused. An IDP is known to protect and safeguard the information by storing it in a much more secure location accessible only by authorized and responsible personnel.

    5. Scalability:

    Today fast-growing Intelligent Document Processing Software solutions help companies overcome various challenges. This technology can be applied to multiple applications in multiple areas. Best part is it does not require installation; it only serves as a platform for an integrated framework technology where documents of different formats, sources nd sizes can be processed and scanned. This feature makes it highly effective and scalable.

    Challenges faced by companies:

    Large scale organizations deal with mountains of documents in day to day business, from invoices, contracts, policies, purchase orders, activity logs, procedures, reports, and emails. Today, processing these documents is a manual task; it is a human-intensive effort and costly, inconsistent and time-consuming and error-prone. It restricts organizations from using documents to make even better decisions and identify various ways to improve business performance.

    Conclusion:

    Artificial Intelligence is the centerpiece of this new technology. An intelligent document processing solution uses AI technologies to extract relevant information from images and documents. As per reports, the worldwide spending on cognitive systems and artificial intelligence will reach the US market to $57.6 billion by 2021. This gives an idea of how rapidly artificial technologies are making their place in this new platform’s mainstream use cases. One such crucial use of this case happens in document processing and review, handled by emerging document intelligence solutions like Microsoft and EY. They have built on AI-based Microsoft technologies, including Power BI, Azure Search, Machine learning and Azure Machine. These solutions are revolutionary and quickly transforming like forward-thinking companies’ review processes and ultimately gaining valuable insights from a wide range of business-related documents.

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