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What Exactly is IDP and Why Should You Care?
IDP is a process that transforms unstructured documents into structured data. This allows for the data to be more easily processed and analyzed.
IDP is typically used when you have large amounts of documents that has to be analyzed and processed (e.g., invoices, way bills, forms and reports). In a document centric process, IDP can help extract content to get insight from the data. Structured output allows generation of reports and graphs, which are much easier to comprehend than raw data.
Here are 20 proven use cases of Intelligent document Processing (IDP):-
FOR BANKING & FINANCIAL SERVICES
Generate Customer Risk-Profiling
Capture all the information you require within seconds, just by scanning a questionnaire. Do some form of validation and cross match it with other forms of data, then calculate the risk score based on A.I. document processing while performing KYC or loan processing.
Mortgage Document Processing
Extracting and inputting mortgage data with intelligent data capture allows the system to update core systems and databases.
FOR INSURANCE SERVICES
Contract and Claims Form Processing
Reduce the amount of time documents are handled by using automation in the process and storing them all in one secure place for easy access, so you can save time that would have been wasted on paperwork. From faxes to mail, digitize anything you receive to make it easier for you to access.
Claims Processing
Digitize any documents and hard copies you’ve received as claims, then identify them and categorize them according to the needs of your business for easier processing.
Customer Onboarding
Automatically extract data in documents to find out who’s insured, the company they work for, their industry, and who they’re named in their insurance policy. That way you can use this info to get them on board as quick as possible.
FOR HEALTHCARE SERVICES
Patient Onboarding Process
Biomedical data can be hard to access and analyse because it’s often messy and unstructured. Intelligent document processing can extract the data for you, in a safe & speedy way, so you can see what the problem is straight away.
Patient Records Management
Automatically extract all the key details from your tests and historical reports to keep them organized in a central online ECM for easy access.
FOR LOGISTICS SERVICES
Logistics Documents
Logistics involves a lot of paper-work which results in an enormous amount of documents to process. Digitize these documents and extract key data points with intelligent document processing meaning that they can be integrated with the core in order to make sure that everything is as easy as possible.
Bills of Lading Management
Use an artificial intelligence to work through complex documents in order to extract data, connect with the necessary systems, and send out automated emails.
FOR MANUFACTURING
Invoice Processing
Use intelligent document processing to extract data points from invoices and integrate the information in your Accounts Payable (AP) system so it can be processed faster.
Order Form Processing
Instead of printing and processing large volumes of paper, automate these manual tasks by digitizing the forms. This process will allow you to skip the production/dispatching department altogether, forwarding the structured data straight to receivables for easy billing. Plus! This helps you avoid double-entry errors with every document.
FOR CPG & RETAIL
Proof of Delivery Management
Save time by managing our proofs of delivery electronically. By digitizing the PoDs, automatically capturing data & tagging them with the customer’s digital folder, you’ll have more time to focus on other important aspects of your business.
Category and Catalog Management
Use machine learning to extract data and instantly create a digital version of your product catalog. Automatically update your product prices, inventory, and positioning at all times as well.
FOR GOVERNMENT & PUBLIC SERVICES
Survey Data Capture & Analysis
Capture high quality data from surveys using system automation. Enhance the efficiency and effectiveness of government surveys and census programs by quickly analyzing the collected information with RPA and AI.
Application Verification – Property Registration
Get your property registration applications auto-extracted on a regular basis, and make sure that new details are added to the property databases within your business. This will help weed out properties that have been registered without any deeds happening beforehand.
FOR TELECOM SERVICES
Email to Ticket Automation
Capture important customer incidents from emails and automatically route them to your service provider’s ticketing system. Monitor the progress of resolutions, following up if necessary, until they’re closed according to service levels.
Customer Correspondence Management
Getting receipts and paperwork by hand or email can lead to confusion. If it’s still a necessity, why not use an intelligent document processing system so you don’t have to enter it manually? Once the details are captured and correlated with your CRM records, they’ll be auto-assigned to the executives that are available to handle them.
FOR MEDIA & ENTERTAINMENT
Record Management
With intelligent document processing, data from paper records is automatically ingested and categorized for you. This means that workers in your organization can reduce their swivel chair workload by letting the AI do the sorting for them—and it also reduces errors. The data will be routed to enterprise databases and systems as soon as it has been grouped according to your requirements
Content Verification
If you want to process a lot of documents and extract specific parts, it is easier to use document processing AI.
Competition Tracking
Track competitors’ data from multiple media and use those insights to improve ideas and ultimately customer engagement.
How to Implement IDP in your Business or Organization
IDP is a powerful tool that can be used to keep your company safe from cyberattacks. It also helps to identify and manage any vulnerabilities in your system.
There are many ways that you can use IDP for your business or organization. For example, it can be used:
– To identify and manage vulnerabilities in your system
– To create a cyber attack plan
– To protect sensitive data
– To monitor the network of an organization or company
Conclusion : If you have unstructured data that needs to be processed and analyzed by an AI engine for insights or just for automation purposes- then IDP may be a perfect solution.
Why is it the best solution? While other AI engines only provide their own informational insights, IDP provides its insights based on everything that’s happening in real time.
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