How Intelligent Document Processing (IDP) Transforms Business Efficiency and Security
Discover how Intelligent Document Processing (IDP) saves hours and ensures safety
Businesses of all sizes deal with an overwhelming volume of documents. These may include invoices, receipts, contracts, agreements, purchase orders, resumes, and more.
Often, teams manually handle these documents. This processing could range from reading for summaries or understanding to extracting information for use in another system. However, manual interaction with documents introduces several challenges:
Misinterpretation: Lengthy documents, such as resumes or extensive contracts, can be misinterpreted during manual review. Misunderstanding critical information may lead to missed opportunities in hiring or significant legal issues. With Intelligent Document Processing (IDP), AI can accurately read, interpret, and summarize documents it’s trained for, ensuring reliable outcomes.
Data Entry Errors: Manual data entry, such as processing invoices or receipts, can lead to errors, with information being entered into the wrong fields or incorrect values being recorded. These mistakes often result from fatigue or insufficient training.
Limited Processing Speed: Human document processing has performance limitations. Repetitive tasks can lead to boredom, reducing efficiency and increasing errors. This slowdown and its associated mistakes can disrupt workflows and incur additional costs.
Security Risks: When documents are processed outside of secure systems, they risk exposure to unauthorized access. By leveraging IDP, sensitive information stays within secure digital boundaries, reducing the risk of leaks or breaches.
High Operational Costs: Manual document handling requires managing staff, which becomes challenging during periods of fluctuating workload. For instance, more invoices might need processing at the year’s end, while contract creation and reviews spike at the start of the year. These seasonal demands drive up costs.
IDPs address these challenges by efficiently managing varying volumes and types of data, reducing processing times, lowering costs, and ensuring data security. RAIYA IDP is a solution designed to assist SMEs with ready-to-deploy document processing capabilities and customizable models that can be tailored to specific business needs.
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