Selecting an Intelligent Document Processing Solution

Intelligent document processing (IDP) solutions are emerging that combine AI with IDP to revolutionize client and document onboarding and processing. Particularly useful in the printing, financial services, banking, insurance and healthcare industries, these solutions automate traditionally manual and time-consuming document tasks, drastically reducing onboarding times and errors.

In this post, I'll share the key features you should look for when selecting an AI-driven IDP solution. I'll also cover use cases for IDP so you can determine if IDP would advance your organization and begin to build a better business case for investing in an IDP solution.

Key Features to Look for in IDP Solutions

• Automatic data extraction: The ability to scan and capture critical data elements from diverse document formats, streamlining the data capture process.
• AI-powered indexing: The use of advanced AI to continuously improve its indexing accuracy, learning from each new document it processes.
• Flexible onboarding: Whether integrated with production data streams or used independently, the ability to adapt to a variety of onboarding needs.
• Enhanced data validation: Built-in tools that ensure the accuracy of extracted data, reducing the risk of costly errors.
• Seamless integration: Must integrate easily with existing systems, ensuring the transition is smooth and workflows remain uninterrupted.

Business Benefits of Adopting IDP Technology

Businesses and Print service providers (PSPs) experience a range of benefits with AI-powered technology that directly impacts their bottom line:

• Increased productivity: Automating document indexing and extraction frees employees to focus on higher-value tasks, such as client management and quality control.
• Error reduction: AI minimizes human error, ensuring consistent and accurate document processing.
• Simplification of complex projects: The capability to handle large volumes of documents simplifies even the most complex onboarding projects.
• Faster time to market: Speeding up document onboarding enables quicker delivery of products and services, improving time to market.
• Cost savings: Automation reduces manual labor and time spent on document processing, increasing operational efficiency and profitability.

Benefits Realized: IDP Use Casefor Financial Services and Banking

Let's take a closer look at a specific use case from financial services and banking that highlights the benefits of IDP solutions.

In the financial services and banking sectors, institutions process an enormous number of transactional documents, such as bank statements, agreements and notices. Ensuring that documents are processed accurately, securely and in compliance with regulatory standards is critical. Manually handling and verifying these documents can lead to inefficiencies, human error and regulatory risks.

A solution that utilizes AI and ML enables financial institutions to automate the onboarding and processing of high volumes of transactional documents as well as classify, extract and validate data from documents such as account statements. This ensures every document is correctly processed while adhering to strict compliance rules.

With AI-powered IDP, financial institutions can significantly reduce the time and costs associated with document processing. Automating these processes also minimizes errors, enhances data security and improves customer service by accelerating tasks like loan approvals and account openings. This leads to increased operational efficiency, faster response times, and improved customer trust in financial services.

Final Thought

AI-powered IDPis no longer just a futuristic idea-it is here, saving businesses significant amounts of time and money with the ability to automate complex tasks, reduce errors and improve operational efficiency. The result? Turning 18-month document onboarding and processing projects into 30-day success stories. Imagine the potential! Businesses can focus on delivering high-quality services, while AI-driven IDP solutions oversee the heavy lifting, setting new standards for document management in industries worldwide.