Intelligent Document Processing
Automate tasks, free up resources, and improve your bottom line
Why you need intelligent document processing (IDP)
Onboarding paperwork, financial statements, loan applications — documents are a big part of your job. In fact, a mid-size bank processes up to 1.5 million documents per year. Inefficient methods of handling this workload are costly. The Fortune 500 averages losses of $12 billion per year due to faulty document management. Automation reduces these expenses significantly.
Intelligent document processing solutions further optimize costs by removing the risk of tired or distracted employees making critical data entry errors that lead to non-compliance. This is more important than ever following a year in which the SEC issued 760 enforcement actions for a total of $6.4 billion in fines.
From your customers’ perspective, outdated methods of processing documents impede onboarding and loan approval. This puts you at risk of losing market share to competitors who already offer a better customer experience. IDP accelerates the services that attract and retain customers.
A custom-built end-to-end solution tailored to your specific regulations is no longer cost prohibitive. The AI technology behind IDP — optical character recognition (OCR) and natural language processing (NLP) — has decreased in price, allowing your intelligent document processing platform to see an ROI of more than 400% over five years.
Integration is also no longer a concern when you partner with a highly experienced API solution group that has capabilities in popular low-code and BPA platforms.
IDP implementation enhances compliance and reduces the time and expenses associated with employee assignments that should be automated. It improves your bottom line and keeps your customers happy.
Key Features
Adopting IDP can be a challenge but it’s worth the effort. Outdated methods of data extraction like robotic processing automation (RPA) can speed up document processing, but the bots used in the technology cannot extract data accurately. IDP increases accuracy, which is essential in finance where simple entry errors quickly become expensive as you risk non-compliance.
You need a digital partner with experience and expertise in data governance, adhering to regulatory guidelines, and integrating innovative solutions with legacy systems. SoftServe’s IDP solutions decrease your time to market by as much as two months.
Securely implementing IDP involves:
Document standardization:
Use pre-processing techniques to improve the quality of documents and make it easier to extract data.
Ensuring data accuracy and completeness:
Prebuild algorithmic models and incorporate a human-in-the-loop strategy to ensure accuracy and avoid omission of important data.
Keeping your data safe:
Maintain regulatory compliance and conduct regular vulnerability assessments and penetration testing to identify security gaps.
Integration with legacy systems:
Identify integration points, data transfer protocols, and data formats. Implement necessary APIs or make architectural changes to the existing system to make it compatible.
Key Benefits
SoftServe’s IDP solutions process complex documents eight-times faster and reduce the amount of time spent extracting key data from documents by 95%. This decreases document processing projects from an undertaking that can last months to one completed in days.
You’ll gain a competitive advantage as intelligent document processing tools:
- Automate routine tasks
to free up human employees and allow them to focus on more complex and higher-value work.
- Develop algorithms
to identify patterns and make decisions based on massive quantities of data.
- Extract and analyze data from documents
to provide insights that might be difficult or time-consuming for human employees to identify.
- Reduce labor costs
by decreasing errors and duplicated work, and by improving processes to facilitate a streamlined and cost-effective workflow.
- Adhere to specific regulations and standards
to maintain regulatory compliance.
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About how SoftServe builds cloud-agnostic solutions to automate processing tasks that adhere to your specific regulatory guidelines.