If you’ve been paying attention to the business world over the last few years, you’ve probably noticed that automation is becoming more and more commonplace. Companies are increasingly turning to automation in order to boost efficiency and cut costs. And while there are many different technologies that are contributing to this trend, one of the most important is intelligent document processing. In this blog post, we’ll take a closer look at what intelligent document processing is and how it’s fuelling automation.
As we all know, oil is a fossil fuel that has been used to power businesses and economies for centuries. In recent years, however, we have seen a shift from oil to another type of fuel: data. Just as oil powers businesses and economies, data powers business decisions. Data can be used to improve customer experience, target marketing efforts, and make better product decisions. In fact, data is so important that it has been called just that, the “new oil.” And just like oil, data is a valuable commodity. In order to succeed in the 21st century, businesses need to learn how to collect, process, and use data effectively.
Dirty Oil Clogs the Engine: The Unstructured Data Challenge
Some would say businesses don’t have a data problem, they have a dirty data problem. The lack of quality data in your oceans-sized pools worth of unstructured information is a challenge for all businesses, but it especially hurts those who rely on analytics and machine learning. In order to make use of this submerged treasure trove that lies beneath our fingertips, we must be able to efficiently and accurately extract information from this dirty data. In many companies, as much as 80 percent of their data is locked away in inaccessible semi-structured and unstructured data silos (emails, image files, CAD files, etc.) This dark data can’t be leveraged for analytics, automation, or machine learning—meaning that, organizations must convert it to structured, high-quality data through a data standardization process. Enter intelligent document processing.
What is Intelligent Document Processing?
Intelligent document processing (IDP) is a technology that utilizes artificial intelligence (AI) and machine learning (ML) to automate the extraction of data from digital documents. IDP systems are designed to interpret documents in the same way that humans do, making them well-suited for tasks like contract analysis, invoicing, and customer onboarding. In addition, IDP systems can be configured to perform even more complex tasks like identifying risk factors in financial documents or flagging potentially fraudulent insurance claims.
IDP is often misunderstood as a solution that competes with AI-based automation technologies, such as Chatbots, low-code implementations, or RPA. However, in reality, IDP has the potential to support and grow these other implementations. Organizations across industries are beginning to adopt intelligent document processing (IDP) to automate the extraction of data from unstructured documents—such as PDFs, scanned images, and handwritten forms. Here are a few examples of how this technology is being used today:
How Is AYR’s Intelligent Document Processing Being Used Today?
In healthcare, AYR’s next-generation IDP is being used to extract patient information from insurance forms and medical records automatically. This information can then be used to generate bills, file insurance claims, and keep track of patient histories.
In banking and finance, AYR’s next-generation IDP is being used to automatically extract information from loan applications, tax returns, and financial statements. This information can then be used to make decisions about loan approvals and investments.
In government, AYR’s next-generation IDP is being used to extract information automatically from passports, immigration forms, and birth certificates. This information can then be used for security checks and immigration purposes.
Check out some of our successful use cases.
The Benefits of Intelligent Document Processing
There are several reasons why companies are turning to intelligent document processing to automate their business processes. First of all, IDP can achieve high levels of accuracy. By leveraging AI and ML, IDP systems can be trained to interpret even the most complex documents with a high degree of accuracy. This means that businesses can rely on IDP to automate critical processes without having to worry about errors or inaccurate data.
At AYR, we have invested in developing a state-of-the-art IDP solution that is incredibly efficient and also highly accurate. Compared with traditional data entry methods, AYR can reduce error rates by up to 95 percent. This is due in part to the fact that the SingularityAI platform is constantly learning and getting better over time. With each new document processed, the technology becomes more accurate and efficient.
Real-Time AI guides users through labeling data, training and deploying models, and maintaining these models in a full cycle. Standard business users can train models themselves, apply them in real-time, and use these fast iterations to build production-ready models quickly, without requiring the input of the data science team. This facilitates an agile process where multiple concurrent projects can progress across the enterprise to achieve transformation at scale.
Another benefit of working with a next-generation IDP vendor like AYR is that it can save businesses a significant amount of time and money. With next-generation solutions like AYR’s SingularityAI platform, businesses can reduce the cost of processing invoices by up to 90%. Similarly, another study found that deploying an IDP system for customer onboarding can lead to cost savings of up 70%. Finally, IDP systems can also help businesses comply with regulations like GDPR and KYC/AML. By automating the process of extracting data from digital documents, IDP systems can help businesses meet these compliance requirements in a quick and efficient manner.
The Future of Intelligent Document Processing
As businesses continue to look for ways to cut costs and improve efficiency, we’ll likely see even more widespread adoption of intelligent document processing in the years to come. In fact, the global IDP market is expected to grow from $2.3 billion in 2020 to $9.8 billion by 2025—an impressive CAGR of 35%. So if your company hasn’t already adopted IDP, now may be the time to consider doing so.
Intelligent document processing is quickly becoming one of the most important technologies in the business world thanks to its ability to boost efficiency and cut costs. If your company isn’t already using IDP, now may be the time to consider doing so—before your competitors beat you to it!