Market pressure and ever-growing customer expectations challenge businesses all around the globe to keep up and stay competitive. AI-driven technologies introduce changes to almost all sides of life and particularly, across data-centric industries. Both large and small companies struggle to process tons of invoices, agreements, applications, forms, and bills. The use of outdated technologies holds organizations back.
Well-timed digital transformation and automation of repetitive workflow processes are the keys to an efficient and profitable business. With Graip.AI’s solution, you can establish a custom-tailored document processing hub to handle a wide range of document types with 100% accuracy.
Automation of the docflow can help to scale up your business and optimize in-house operations resulting in yield enhancement. What you need is an intelligent document processing solution to streamline document circulation. Is IDP really that efficient and costs the investment? Let’s dive in.
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Intelligent Document Processing: What Does It Mean?
IDP stands for “Intelligent Document Processing” and represents an innovative technology for automatic data capture, extraction, and further processing. Based on AI, ML, and NLP algorithms, IDP helps to automatically retrieve relevant data from different document types, and categorize and validate it.
While manual processing is time-consuming and prone to errors, IDP solutions automate and streamline docflow management for enterprises across various industries.
Why Is IDP Important for Business Success?
Global digitalization motivates businesses to implement digital technologies for the automation of repetitive operations. Utilizing AI and ML, IDP software is capable of not just extracting the required data from documents in different formats but it can continuously improve its accuracy based on human feedback.
According to MarketsandMarkets’ recent research, the global IDP market is expected to reach $5.2 billion by 2027. This means more and more organizations implement IDP to maintain their market positions or gain a competitive edge. Traditional paperwork and outdated apps slow down business development, let alone expansion.
To move ahead and stand out in the market companies should keep up with technologies.
How Do Businesses Benefit from IDP Solutions?
- Integration of an IDP solution significantly accelerates document processing and management.
- High accuracy. Self-learning algorithms ensure high precision of data recognition from structured, unstructured, and semi-structured documentation.
- Improved customer experience. Automatic processing of invoices, applications, or sales orders allows businesses to avoid delays and mistakes and grade up customer experience.
- Enhanced performance. Automated, fast, and precise document processing boosts overall business performance.
- Cost-efficiency. With a docflow automated, companies can save a human workforce for strategic planning and other tasks that require attention. Teams can drive more sales increasing overall profitability.
How to Choose the Right IDP Solution?
With the IDP market evolving so fast, business owners struggle through multiple offers to get the right solution. The solution that works fine for one company might be inefficient for another as requirements and business goals are different.
Hence, while looking for an IDP platform you need to consider the industry and niche you operate in, the types of documents you need to process, the docflow volume, whether you have an in-house IT team or not, and your ultimate targets. Besides, you need to weigh the functionality of the solution itself and whether an IDP provider offers tailored solutions and has a portfolio of successful projects. It seems overwhelming at first, so let’s summarize the key aspects.
Factors to consider while looking for an IDP solution
- User-friendly technology. Opt for a solution so that non-IT staff would be able to set up and use, create new tasks, and monitor performance.
- Compatibility with document types your company has to process. Some solutions are template-based for specific document types. For instance, some are more efficient with invoices, while you need to process larger volumes of application forms and contracts.
- Scalability. There is nothing better than well-reasoned business goals and ambitions. When you need to manage large volumes of documentation, make sure that a chosen solution can be scaled up and handle the targeted volumes.
- Processing cursive, handwritten text, and mixed entries. This aspect might be crucial as not all providers offer advanced features and focus on processing just printed documents.
- Data retrieval from low-quality documents or low-resolution images. Again, some IDP algorithms have built-in functionality for improving image quality.
- Language support. For a family-run local business, this factor might be irrelevant, while international enterprises need a solution that supports several languages.
- Accuracy rate. To make sure that a chosen solution performs well, request a demo. Many providers offer a free demo to illustrate how the technology will perform in-situ.
- Customization. Look for a provider that can adjust the technology to address your unique requirements in terms of types of documents, scalability, and integration with various other systems.
- Costs. IDP offers vary greatly and costs can range from a few hundred to impressive 5-digit numbers for a custom-developed solution with extended functionality. Estimate your budget and opt for a solution within your budget.
Graip.AI’s IDP Solution Benefits
Graip.AI stands out in the IDP market — the company has rightfully established its reputation as a market leader for several reasons:
- The core target is delivering business value to customers. The team is focused on continuous progress and customer success.
- Supports 140+ languages.
- Technical support is available 24/7.
- Custom-tailored solutions that can be seamlessly integrated into the existing infrastructure.
- Research and development. At Graip.AI, pros love what they do, so the team continuously follows new tech developments and trends to deepen knowledge and expand expertise.
Great customer experience depends on the efficient performance of a company’s back office. Automation of data processing boosts output and performance. The reliable intelligent document processing platform ensures an uninterrupted business process with no delays, accelerates docflow management, saves employees’ time for strategic tasks, delivers valuable data-based insights, and encourages business growth.