Document processing is ubiquitous across a range of industries and companies must harness the latest technology to enhance their document processing, rather than leaving it to manual effort. Manual effort is slow, error-prone and it is difficult to scale when there is a surge in volume. Thankfully technological advances can rescue companies from these challenges, but what type of solution should companies choose?
While out-of-the-box (OOTB) functionalities are capable of processing data, they have restricted abilities. The templates of OOTB solutions are minimal and very basic, and would only be efficient if the data being processed is in a standard format. Once your OOTB software comes across a novel, unique case of data processing it will need a new template or worse, manual processing of this data. When document types change or documents are unstructured, your OOTB software will be inadequate.
In an ideal scenario, if a business only handled structured data with a standard format, then OOTB systems could be the more economical and easy solution. However, the reality is that about 90% of businesses face the challenge of processing unstructured data and the amount of unstructured content is growing in volume by 50-60%, annually. What businesses require today is not your run-off-the-mill data processing solution but an intelligent data processing tool that will allow you to automate processing of all your data – structured, as well as unstructured – with ease and efficiency.
Leveraging an Intelligent Process Automation platform (IPA) for your enterprise will allow your company to keep up with the dynamic environment in the business sphere. Here are a few of the advantages that implementation of IPA solutions will deliver for your business.
- Intelligent Data Processing
IPA solutions’ Artificial Intelligence (AI) component harnesses Machine Learning (ML), Natural Language Processing (NLP), Deep Learning (DL) and Computer Vision, which allows for it to interpret data in various forms, including unstructured content. It permits you to process unique invoices for retail, scanned documents and photographs in case of insurance claims with the help of computer vision and NLP. ML also empowers your systems to learn and recall unique data processes that it might’ve come across in the past. Thus IPA allows you to automate the processing of any kind of content thanks to its intelligent capabilities.
- Accelerated and Efficient Data Processing
IPA solutions leverage both Robotic Process Automation (RPA) and AI. This means, the synergy of RPA’s end-to-end data processing ability and AI’s human-like intelligence to process unstructured content. AI’s abilities like ML, DL, and NLP etc provide a faster and more accurate document processing, which makes the overall system much more efficient. There is noticeable acceleration in processing time, of up to 85%, while the technology also enables a 4x increase in process capacity.
- Error-Free Processing Of Unstructured Data
As mentioned above, with the help of AI you can teach your systems to process unstructured content with much more ease. The platform requires a training period of just a few weeks to configure the software according to your company’s use case, subsequently allowing to use ML to anticipate solutions on its own. This is superior to an OOTB system that would need regular tweaking of templates to process documents. Document processing through IPA also eliminates any possibility of inconsistencies in data and avoids human error.
- Improved Productivity
Harnessing Intelligent Automation as your digital worker to do the monotonous and tedious data processing job will let you liberate your employees so they can focus on more creative and constructive tasks. This will boost productivity and make operations more cost-effective.
OOTB systems are somewhat limited in their data processing abilities, while IPA can handle any type of unstructured content and documents. This enables hassle-free, smooth processes, without any human intervention required. Moreover, IPA provides your enterprise with a highly profitable return on investment (ROI) in a relatively short period of time. Some companies have even reaped a 300% ROI through implementing IPA for feasible use cases.
Harnessing IPA for your business has become imperative in the current scenario, and those who fail to do so will have to face the uphill task of trying to keep up with IPA-equipped enterprises. Embracing IA for your business will enable robust operations so you can sustain business in the face of any adverse events.
If you are interested in knowing more about Hyperautomation you can read our blog on Why Hyperautomation is Imperative for Modern Enterprises or read How Intelligent Process Automation (IPA) Accelerates Processes & Drives Business Value.
If you’re interested in exploring intelligent automation to enhance your business processes, our team at Rapid Acceleration Partners would be glad to help. Our next-gen, AI-powered content intelligence platform RAPFlow enables full lifecycle AI orchestration on a single platform. When used in tandem with our RPA tool RAPBot, it provides end-to-end workflow automation capabilities that can be deployed in just weeks. You can even build your own use case and the platform can easily integrate with your existing systems. Book a demo to get a more detailed understanding of how our products can transform your business.