100% Accuracy and the (Hard) Choice Between Automation and Manual Document Processing

1. 100% Accuracy and The (Hard) Choice Between Automation And Manual Document Processing

2. During a recent interaction, an industry leader shared his experience with Intelligent Document Processing (IDP) and the challenges they faced with data inaccuracy and cost. As a solution, they decided to automate their document extraction process. While their IDP platform provided an accuracy rate of 90 to 95%, a manual team was still required to handle the remaining 5% to 10% of corrections.

3. The industry leader's statement regarding 95% accuracy not appearing as 95% accuracy sparked the need to shed light on this common misconception. Many businesses assume that 95% accuracy translates to 95% correct values, but that's not the case. In reality, 95% accuracy means there's a 95% probability that a value is correct, leaving a 5% chance that it's entirely wrong.

4. To ensure business outcomes reliant on accurate data, it's essential to aim for 100% accuracy. While data extraction from documents may not be your core business, it's crucial for making informed decisions such as lending, claim settlements, or expense approvals. However, maintaining an in-house data extraction team or outsourcing to partners comes with challenges unrelated to your core operations.

5. These challenges include limited work hours, lack of organization, scalability issues, and processing inefficiencies. Data processing teams have a fixed number of work hours, while servers can operate continuously. By leveraging automation, you can maximize data processing during off-hours, allowing your team to focus on reviewing algorithmic outputs rather than starting from scratch. Additionally, a good IDP system learns from corrections, reducing repetitive reviews of the same mistakes.

6. Organizing document processing tasks is another area where IDP systems excel. They automate the process, ensuring efficiency gains by intelligently routing work items. For example, if your team processes mortgage documents like W2 forms, bank statements, and paystubs, an IDP system can prioritize processing all W2 forms before moving on to bank statements. This organization can lead to a 10-20% increase in efficiency.

7. Scalability is a crucial factor in managing document processing. Hiring, training, and retaining employees can be time-consuming. In contrast, scaling an IDP platform requires additional infrastructure, which is cost-effective and readily available. Investing in IDP allows you to scale operations without significantly increasing the size of your team.

8. In conclusion, achieving 100% accuracy in document processing is a game-changer for businesses. It alleviates the burden of manual corrections and allows you to focus on your core expertise. By partnering with an efficient IDP system, you can benefit from reduced costs, improved output, minimized technology risks, and faster deployment. Infrrd, with its AI-based machine learning system, offers human-verified documents at a fraction of the cost, ensuring you receive accurate results while streamlining your operations.

9. Thank You To know more, visit: https://www.infrrd.ai/solutions/mortgage-document-processing