Intelligent Document Processing (IDP) can help you eliminate manual document processing and go paperless to achieve substantial speed, accuracy and productivity in your financial operations. In addition, IDP can even provide deeper insights and analysis useful for effective decision-making.
Teams handling financial operations must process vast volumes of transactions and documents that do not come in a standard format. The data locked in these transactions and documents is unstructured and difficult to process. While the expectation is that the processing will be prompt, customer-friendly, and highly cost-efficient, capturing this data manually this is highly labor-intensive and error-prone.
What is Intelligent Document Processing?
Intelligent Document Processing (IDP) is the next generation of automation, enabling capturing, extracting and processing data from a variety of document formats.
Leveraging AI technologies such as natural language processing (NLP), Computer Vision, deep learning and machine learning (ML), IDP classifies, extracts and validates data locked in various formats. IDP reads, extracts and processes unstructured and semi-structured data into a computer-readable, usable format.
Why consider Intelligent Document Processing?
Business data is at the helm of digital transformation. However, nearly 90% of all business data is locked up in unstructured formats such as emails, scanned copies, images, and PDF formats which are hard to process.
The premier global market intelligence firm IDC predicts worldwide data to exceed 175 zettabytes by 2025. However, with most of this information hidden in unstructured formats—such as emails, PDFs, scanned copies and images—unprocessed data can be a barrier to achieving automation and digital transformation in finance operations.
Intelligent Document Processing (IDP) eliminates manual data extraction and data entry. Through its self-learning capabilities, accuracy and coverage increase over time. As a result, speed, accuracy and productivity substantially improve.
Where can IDP improve productivity in Financial Operations?
Intelligent Document Processing (IDP) can improve productivity for finance departments in functions such as claims (deductions) processing, supplier invoices intake (accounts payable), order processing, cash application, and treasury.
IDP is faster, cheaper and more accurate than having humans read documents and keypunch data. Even Robotic Process Automation (RPA) doesn’t work as well with multiple unknown document formats.
IDP can quickly and accurately extract data from hard copies, customer’s vendor portals and your own EIPP/Customer Care portal, lockbox image files, lockbox data files (in Excel, MT940, or EDI 820 formats) or BAI2 transmissions from customers, emails and attached files, bank statements and more.
Critical Benefits of Intelligent Document Processing
Using Intelligent Document Processing (IDP) in Finance, businesses can:
- Automate Customer-to-Cash processes faster
- Reduce the costs associated with manual processing of huge volumes of data
- Minimize the manual intervention with up to 90% straight-through processing
- Improve operational efficiency and enhance customer experience
- Free up resources for higher-value tasks
Emagia’s Edge in Intelligent Document Processing
Gia Docs AI, the next-generation intelligent document processing solution from Emagia, eliminates the tedious manual data extraction and data entry to drive hyper-efficiency in document processing. Built on the deep learning neural networks technology that mimics the human brain, Gia Docs AI can extract and process data from invoices, remittances, checks, bank statements, lockboxes and other related documents in any format.
Emagia’s digital finance assistant Gia integrates with self-learning and intelligent document processing capabilities. Gia can read finance documents and extract information using Emagia’s next-generation cognitive data capture service, Gia Docs AI.
Gia Docs AI captures data from financial documents through various channels (import, SFTP, mailbox, vendor portals and more) to increase automation in Order-To-Cash. Gia Docs AI engine recognizes image files, identifies, categorizes and extracts information from unstructured data, resulting in accurate real-time insights that enable effective decision-making.
Intelligent Document Processing (IDP) is emerging as a critical component of AI-powered automation. Extracting and processing unstructured data is complex. Businesses cannot afford to overlook this critical technological capability. Intelligent document processing is already a reality helping businesses across the world.