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How can intelligent document processing help your business

Data can be considered to be the backbone of every organizationu2019s workflow, as it improves business processes, facilitates growth and aids in making sales. Factors like increasing customer demand, complex regulations and need to cut expenses, however, are putting increasing pressure on processes that depend heavily on information and data. Hence, companies must leverage technologies like AI and Robotic process automation to handle such processes systematically.

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How can intelligent document processing help your business

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  1. How can intelligent document processing help your business? Data can be considered to be the backbone of every organization’s workflow, as it improves business processes, facilitates growth and aids in making sales. Factors like increasing customer demand, complex regulations and need to cut expenses, however, are putting increasing pressure on processes that depend heavily on information and data. Hence, companies must leverage technologies like AI and Robotic process automation to handle such processes systematically. This is particularly true for processes that deal with unstructured data trapped inside documents. Artificial intelligence solutions designed for document processing can be used to extract, classify and make use of such data, without overworking the employees and running the risk of errors. AI based document processing usually involves converting both unstructured and semi-structured information from documents into structured, usable information. Increased productivity Manual document processing can take up to 70% of a worker’s time.Intelligent document processing or IDP is particularly helpful in enabling companies to boost their productivity and cut down on the time spent on repetitive activities. It is especially useful in automating a range of tedious activities like record management and data entry, and provides a means of finding relevant information within thousands of documents in a swift manner. Cutting down the time spend on repetitive activities will ultimately improve the productivity of your business. Increased accuracy

  2. Making use of IDP to automate data extraction would help in improving the accuracy of extracted data and reduce the risk of errors. This would ultimately contribute to valuable insights that supports educated decision making. IDP can also be used for digitally signing or encrypting documents which ensure that they cannot be altered or tampered with. Reduced manual effort The developments in AI help process documents by extracting information from diverse file formats and then transforming it into text. This is usually done through natural language processing (NLP), which allows AI to read and understand the content of a document rather than just seeing it as code. By making use of IDP, your company can effectively free up employees’ time so that they can focus on more critical and inventive tasks.

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