The future of business – regardless of your industry – is data. But not just any data…
In order to thrive in today’s data-driven world, your information needs to be highly organized and readily usable by a computer system for numerous operations. In other words, your data needs to be structured.
Unfortunately, 90% of the world’s data is unstructured, meaning it’s disorganized, doesn’t conform to pre-defined data models, and isn’t easily searchable or usable.
With intelligent document processing (IDP) solutions, you can convert your organization’s unstructured information into structured data and achieve a variety of benefits as a result.
New to intelligent document processing? Check out our introductory blog post to learn what it is and how it works.
Intelligent document processing solutions typically combine document scanning services, optical character recognition (OCR) technology, content management systems, workflow automation, and artificial intelligence (AI) technologies. Each of these components drives operational efficiency on its own.
With document scanning services, OCR software, and content management systems, for example, teams can gain easy access to critical business files from anywhere, at any time. You can say goodbye to manually sorting through physical files to find the information you’re looking for and expedite processes as a result.
When repetitive, manual tasks are streamlined using workflow automation technology, employees can complete their tasks at much faster rates. In fact, a recent survey found 74% of users believe automation tools help expedite their work. When this happens, employees have more time to spend on higher value functions.
And we can’t skip over the headline-making component on our list: artificial intelligence. There are several reasons why AI is continuously in the news, and one of them is that it helps teams work more efficiently. Stanford University and the Massachusetts Institute of Technology discovered that AI tools help increase worker productivity by 14%.
Now that you know how these various components enhance efficiency on their own, consider how much more efficient your organization can be when they’re all united in one intelligent document processing solution.
With continuous talk about the possibility of a recession emerging over the next year or so, saving money is currently top of mind for organizations. Luckily, an IDP solution can help you achieve a more cost-effective business. Let’s dive into how…
Intelligent document automation technology is smart enough to effectively handle tedious, manual tasks, like data entry. This means you don’t need to hire data entry specialists to complete this type of work. With companies in the U.S. collectively spending $5.3 billion annually on wages for data entry specialists, this can substantially reduce your labor costs.
And the savings don’t end with labor expenses. IDP tools also help organizations prevent costly errors and delays by expediting processes and ensuring data accuracy.
Improved Customer Service
While cost savings are top of mind due to the current economic climate, customer service should be top of mind due to the current customer satisfaction levels. According to the American Customer Satisfaction Index, it’s been decreasing since 2018.
If you find this statistic to be anxiety-inducing, you’re not alone. But automated document processing technology can help ease your anxiety.
Customer service teams that leverage IDP solutions built on document scanning, OCR, and content management systems achieve more accurate client data that’s more easily accessible. When a customer service representative is able to search and find the document they need when they need it, they can drastically improve customer response times.
Incorporate workflow automation and artificial intelligence technologies like machine learning, and you’ve got yourself a customer satisfaction-boosting machine. The National Bureau of Economic Research found AI alone helped customer support agents increase the number of resolved issues per hour by nearly 14%.
Achieve These Benefits with IDP Technology
Ready to transform your business operations with intelligent document processing to increase efficiency, reduce costs, and improve customer service?
Contact us today or download our comprehensive intelligent document processing guide to learn about more IDP benefits and expand your knowledge of what IDP is, how it works, how organizations use it, and so much more.