The Benefits of Intelligent Document Processing

Wednesday, February 23, 2022 | By Kavitha Chennupati, Director - Product Management

The Benefits of Intelligent Document Processing

Intelligent Document Processing (IDP) enables businesses to accept end-customer data in any form and turn the written word into actionable and decision-ready data.

Embedding AI in the front of your automation strategy means data is intelligently extracted and routed for decision making, and work is prioritized and contextualized based on data to fit directly into current business processes, improving every downstream workflow.

By extracting the data from any channel and automating its distribution, IDP technology serves as a vital link between input systems (the mailroom and digital portals) and downstream CRMs, enterprise content management systems, and business process management engines.

That translates into:

  1. Dramatic cost reductions in operational workflows. Straight-through processing rates and decreases in manual staff hours enable a shift in the way operations teams think about work. Back-office automation means firms can reinvest cost savings into other areas of the business and reallocate workers to higher-value tasks.
  2. Higher customer satisfaction. Increasing straight-through processing and faster turnaround times means servicing existing customers better by reducing cycle times and improving the speed of responding to customer requests.
  3. The benefits of paper with all the benefits of digital. Omni-channel customer access is a reality and enterprises can serve customers in the manner they want—without negatively impacting a company’s operations or budgets. Many customers and brokers still prefer paper, and with IDP there’s no need to limit customer choice or force customers to go digital—especially when digital adoption rates remain low in certain industries.
  4. An expanded data set for RPA. If you don’t start with intelligence at the input stage of the process, you’ll get limited intelligence in your downstream business process improvement.
  5. Analysis and risk control. Intelligent Document Processing enables you to define sensitive data blocks and personally identifiable information and provides an ability to show or hide them based on roles.

As one of the fastest, easiest, and most effective paths to automation, IDP enables straight-through processing on any new business or service workflow without lengthy system overhauls or multi-year implementation schedules. With no need to wait for costly digital transformation initiatives or multi-million-dollar RPA projects to get underway, paper can move as fast as digital.

Download our “Bridging the Digital Divide with Intelligent Document Processing” whitepaper to learn more.

Asset Management, Insurance, Wealth Management

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