{"id":981,"date":"2022-02-15T05:28:13","date_gmt":"2022-02-15T11:28:13","guid":{"rendered":"https:\/\/www.emagia.com\/blog\/?p=981"},"modified":"2025-01-28T22:50:05","modified_gmt":"2025-01-29T04:50:05","slug":"how-intelligent-document-processing-improves-financial-operations","status":"publish","type":"post","link":"https:\/\/www.emagia.com\/blog\/how-intelligent-document-processing-improves-financial-operations\/","title":{"rendered":"How Intelligent Document Processing Improves Financial Operations","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"<p><em>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\u2019s more, IDP improves productivity for Finance departments in Claims (deductions) Processing, Accounts Payable, Order Processing and Cash Application.<br \/>\n<\/em><br \/>\nFinancial 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?<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-flat ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.emagia.com\/blog\/how-intelligent-document-processing-improves-financial-operations\/#simplifying-data-extraction-through-ai-ml-and-other-technologies\" >Simplifying data extraction through AI, ML and other technologies<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.emagia.com\/blog\/how-intelligent-document-processing-improves-financial-operations\/#idp-can-quickly-and-accurately-extract-data-from\" >IDP can quickly and accurately extract data from:<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.emagia.com\/blog\/how-intelligent-document-processing-improves-financial-operations\/#eliminating-manual-data-extraction-and-data-entry\" >Eliminating manual data extraction and data entry<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.emagia.com\/blog\/how-intelligent-document-processing-improves-financial-operations\/#key-benefits-of-idp\" >Key Benefits of IDP<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.emagia.com\/blog\/how-intelligent-document-processing-improves-financial-operations\/#emagias-edge-in-intelligent-document-processing\" >Emagia\u2019s Edge in Intelligent Document Processing<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>One solution is to leverage Intelligent Document Processing (IDP) to make your Financial Operations more efficient and paperless.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"simplifying-data-extraction-through-ai-ml-and-other-technologies\"><\/span><strong>Simplifying data extraction through AI, ML and other technologies <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>IDP utilizes cognitive Artificial Intelligence (AI), Machine Learning and other related technologies to extract data from voluminous, unstructured, complex, hard &amp; 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:<\/p>\n<ul>\n<li>The documents are not used again<\/li>\n<li>The data is available to authorized users anywhere, 24\/7\/365 in digital form.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"idp-can-quickly-and-accurately-extract-data-from\"><\/span><strong>IDP can quickly and accurately extract data from:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Hard copy documents<\/li>\n<li>Customers\u2019 vendor portals and your own EIPP\/Customer Care portal<\/li>\n<li>Lockbox image files in PDF, tiff (tagged image file format), gif (graphics interchange format), and other formats<\/li>\n<li>Lockbox Data files in Excel, MT940, EDI 820 formats or BAI2 transmissions from customers<\/li>\n<li>Email communications and attached files<\/li>\n<li>Bank statements, and other related files<\/li>\n<\/ul>\n<p><a href=\"\/products\/gia-docs-intelligent-document-processing\/#request-demo\"><img decoding=\"async\" src=\"\/blog\/wp-content\/themes\/mainblog\/assets\/images\/experience-exponential-efficiency-in-your-ar-ap-and-treasury-operations.jpg\" alt=\"Experience Exponential Efficiency in Your AR, AP, and Treasury Operations\" width=\"898\" height=\"200\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"eliminating-manual-data-extraction-and-data-entry\"><\/span><strong>Eliminating manual data extraction and data entry <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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:<\/p>\n<ul>\n<li>Claims (deductions\/disputes) processing<\/li>\n<li>Supplier Invoices intake (Accounts Payable)<\/li>\n<li>Order Processing<\/li>\n<li>Cash Application<\/li>\n<li>Treasury<\/li>\n<\/ul>\n<p>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\u2019t work as well with multiple unknown document formats.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"key-benefits-of-idp\"><\/span><strong>Key Benefits of IDP <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Using Intelligent Document Processing (IDP), Financial Operations teams can:<\/p>\n<ul>\n<li>Improve speed of operations<\/li>\n<li>Increase productivity<\/li>\n<li>Enhance customer service<\/li>\n<li>Improve accuracy<\/li>\n<\/ul>\n<p class=\"border text-center p-3 rounded border-primary mt-4 mb-4\"><a class=\"text-decoration-none\" href=\"\/resources\/ebooks\/lockbox-and-remittance-data-extraction-with-ai\/\">Lockbox and Remittance Data Extraction with AI <strong class=\"text-decoration-none font-weight-bold pl-2\">Download Ebook Now<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"emagias-edge-in-intelligent-document-processing\"><\/span><strong>Emagia\u2019s Edge in Intelligent Document Processing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"\/products\/gia-docs\/\">Gia Docs AI<\/a>, 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.<\/p>\n<p><a href=\"\/gia\/\">Emagia\u2019s digital finance assistant Gia<\/a> is integrated with self-learning and intelligent document processing capabilities. Gia can read finance documents and extract information using Emagia\u2019s next-generation cognitive data capture service, Gia Docs AI.<\/p>\n<h4><strong>Conclusion <\/strong><\/h4>\n<p><a href=\"\/blog\/intelligent-document-processing\/\">Intelligent Document Processing <\/a>(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\u2019t afford to overlook this as technological vision. Intelligent document processing is already a reality helping financial teaams across the world.<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>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\u2019s more, IDP improves productivity for Finance departments in Claims (deductions) Processing, Accounts Payable, Order Processing and Cash Application. Financial &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/www.emagia.com\/blog\/how-intelligent-document-processing-improves-financial-operations\/\"> <span class=\"screen-reader-text\">How Intelligent Document Processing Improves Financial Operations<\/span> Read More &raquo;<\/a><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":1,"featured_media":3485,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gia-docs-intelligent-document-processing"],"acf":[],"gt_translate_keys":[{"key":"link","format":"url"}],"_links":{"self":[{"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/posts\/981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/comments?post=981"}],"version-history":[{"count":0,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/posts\/981\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/media\/3485"}],"wp:attachment":[{"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/media?parent=981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/categories?post=981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/tags?post=981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}