Top 6 Benefits of AI in Document Processing
Businesses generate and consume enormous amounts of documents every day. But let’s face it — the volume of information contained within them can be overwhelming. AI-powered tools are revolutionising the way businesses process and manage their documents. With such technologies, you can save time, reduce costs, and increase accuracy like never before.
Intelligent Document Processing (IDP) is an AI-powered solution that allows businesses to automatically extract and process data from structured and unstructured documents, including texts and emails.
For a deep dive into what Intelligent Document Processing (IDP) is and how it works, check out our “Ultimate Guide’’.
Advantages
Let’s take a look at the top advantages IDP can potentially bring to your business.
1. Save Time and Effort Reserved for Manual Work
Automated document processing significantly speeds up the processing, review, search, and analysis of large volumes of documents. The average software can save up to 25,000 hours of avoidable paperwork, allowing your team to focus on more strategic tasks.
2. Reduce Operational Expenditure
It’s important, now more than ever, to capitalise on limited resources. According to a multi-national research study by Unit4, repetitive tasks cost $5 trillion in lost productivity annually. These staggering costs can be significantly reduced with automation.
3. Improve Data Accuracy
AI-powered document processing tools can be trained to identify and extract information from documents with up to 99.5% accuracy. Doing so, it reduces the risk of human error and performance uncertainty while increasing speed and accuracy. Additionally, IDP furnishes a confidence score for its output, enabling human verification — only when it’s needed. According to Gartner, bad data can cost companies up to 15% of their revenue. Although human error is inevitable, AI with human supervision is a co-existence that will revolutionise operational work.
4. Leverage Data Insights to Inform Business Decisions
IDP automatically categorises and stores data in the format of your choice. This allows you to make informed business decisions as new trends and insights emerge from your customer data, in real time.
5. Enhance the Customer Experience
AI-enabled services have raised the bar for customer expectations, with an increased focus on fast and efficient interactions. IDP improves customer experience with quicker processing times and feedback for everyday tasks ranging from mortgage and loan processing, identification checks, job applications and more.
6. Process Documents from Any Source
Intelligent Document Processing (IDP) can extract data from any document, irrespective of the document’s type, quality, or source. This is done by using Optical Character Recognition (OCR), entity recognition, and semantic search in coherence. As a result, the integration of IDP across all of your text-based customer communication channels, including email, chatbots, and text messages becomes seamless. Customers appreciate this flexibility with 67% preferring chatbots over email, with one of the major drivers being a prompt response rate. IDP enabled chatbots are able to process a document, verify the results and confirm that the process is complete within seconds.
Let’s have a look at how this document gets processed in the chatbot user interface.
In Summary
Intelligent Document Processing is just one of the ways that AI is redefining work, by streamlining operations, reducing costs and increasing data accuracy. As a result, businesses are achieving strident improvements in productivity and customer satisfaction.
Visit our website to learn more or book a demo of NeuralSpace’s IDP solution.
