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How Intelligent Document Processing Improves Financial Operations

How Intelligent Document Processing Improves Financial Operations

Do you know you can move to a more efficient paperless environment in your financial operations using Intelligent Document Processing (IDP)? IDP is faster, cheaper and more accurate than having humans read and process documents. What’s more, IDP improves productivity for Finance departments in Claims (deductions) Processing, Accounts Payable, Order Processing and Cash Application.

Financial Operations teams are tasked with processing a huge volume of transactions and documents which are not standardized. The unstructured format of various documents makes processing difficult. However every business expects the processing to be prompt, customer friendly, and highly cost-efficient in addition to a higher level analysis and improvement initiatives. The big question is: How all this can be accomplished?

One solution is to leverage Intelligent Document Processing (IDP) to make your Financial Operations more efficient and paperless.

Simplifying data extraction through AI, ML and other technologies

IDP utilizes cognitive Artificial Intelligence (AI), Machine Learning and other related technologies to extract data from voluminous, unstructured, complex, hard & soft copy documents/transmissions. The data is aggregated in a file to be used in downstream processing. Once the documents are scanned and data is extracted:

  • The documents are not used again
  • The data is available to authorized users anywhere, 24/7/365 in digital form.

IDP can quickly and accurately extract data from:

  • Hard copy documents
  • Customers’ vendor portals and your own EIPP/Customer Care portal
  • Lockbox image files in PDF, tiff (tagged image file format), gif (graphics interchange format), and other formats
  • Lockbox Data files in Excel, MT940, EDI 820 formats or BAI2 transmissions from customers
  • Email communications and attached files
  • Bank statements, and other related files

Eliminating manual data extraction and data entry

IDP eliminates manual data extraction and data entry. Its accuracy and coverage improve over time via self-learning capabilities. The benefits of IDP in speed, accuracy and productivity are substantial. Intelligent Document Processing (IDP) is already improving productivity for Finance departments today in functions such as:

  • Claims (deductions/disputes) processing
  • Supplier Invoices intake (Accounts Payable)
  • Order Processing
  • Cash Application
  • Treasury

IDP with Cognitive AI data extraction 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.

Key Benefits of IDP

Using Intelligent Document Processing (IDP), Financial Operations teams can:

  • Improve speed of operations
  • Increase productivity
  • Enhance customer service
  • Improve accuracy

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 is integrated 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.

Conclusion

Intelligent Document Processing (IDP) is emerging as a key component of AI-powered automation. At a time when extracting and processing unstructured data from financial operations is becoming complex, businesses can’t afford to overlook this as technological vision. Intelligent document processing is already a reality helping financial teaams across the world.

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