A Great Start vs. a Great Finish
by Sujith Parakkunnath, on August 18, 2022 11:00:00 AM PDT
What happens when you read a book that starts well but does not end well? Or, vice versa?
The beginning of a book sets the tone, mood, expectation, etc., and if the ending does not meet these, you will likely be disappointed. In the same way, a great ending may leave you satisfied but perhaps you were forcing yourself to hang on until the end if the beginning was not interesting enough. Certainly, the best book or movie experiences can be witnessed when all of it is great. It should have both a great start and a great finish.
Similarly, when it comes to automation, the optimum solution is the one that offers both a great start and a great finish.
Several IDP solutions offer a great start where AI-based API solutions extract data with 70% or 80% or even 90% out-of-the-box accuracy. But the struggle may start once the manual data entry team is required to invest a lot of time to achieve 100% accuracy.
On the other hand, there are Business Process Outsourcing (BPO) solutions that may offer you 100% accuracy. While it might end well, how much time and cost did it take to reach the desired results? This all depends on the technology used by your BPO provider. If they are not achieving high accuracy extractions right out-of-the-box, it may be time-consuming, expensive, and labor-intensive.
The Challenges of a Great Start
Most AI-based IDP solutions offer a great start - even 80% to 90% extraction accuracy. This means the IDP solution leaves you and your manual team to complete the remaining 10%. This approach presents the following challenges:
• A lot of manual work: Even if the IDP system offers 80% or 90% accuracy, your manual team has to review the extraction results and make relevant corrections. Unless the accuracy is 100%, manual efforts remain nearly the same because a field with 0% accuracy or 90% accuracy may require the same level of manual review.
• Expensive: An IDP solution that offers anything less than 100% accuracy can be an expensive option. This is because you still need to invest in both automation AND a manual team.
The Problem with a Great Finish
Now, there are several BPOs that provide 100% accuracy using their manual team. This is a good solution as you can achieve 100% accuracy. However, this may not be a feasible option for the future. Some of the challenges with this option are:
• Expensive: As more manual resources are required, this can quickly add up to be a cost prohibitive option.
• Unscalable: As processing is highly dependent on manual labor, it will become a cumbersome process to scale with volume fluctuations. The only option for scaling would be to increase human resources, which results in more cost and effort.
• Not fast enough: As humans become more involved, document processing will become slower compared to a smart, automated, AI-based IDP system.
How to get both a Great Start AND a Great Finish?
The best way to achieve both a great start and a great finish is with an IDP solution that delivers 100% accuracy.
A solution such as Infrrd’s IDP platform offers 100% accurate results by combining human-in-the-loop (HITL) with a proprietary and patented AI-and ML-based solution. Since you are not an expert in extracting data from documents, it makes sense to delegate that responsibility to an IDP solution provider. Your business needs to extract accurate data from documents to make appropriate decisions and to better operate but when you’re forced to keep a data extraction team in-house or outsource to a BPO partner, you run into new challenges that have nothing to do with your business. The 100% accuracy solution offered by Infrrd addresses these challenges and more, due to its technology-driven solution that extensively uses AI with minimal human resources.
Why 100% Accuracy?
100% document accuracy elevates your business by offering:
• Peace of mind: Minimal or very few manual resources required
• Quality: As experts are handling corrections to reap 100% accuracy, your output will be error-free or with minimal errors.
• Better Turn-around-times: IDP experts can offer SLAs ranging from 1 hour to 24 hours with 100% accuracy or they can also be scheduled, based on due dates in the documents, which would be too complex and unmanageable for most in-house or third-party data entry teams.
• Cost benefits: Documents processed with 100% accuracy with aggressive SLAs equates to reduced risk of customers missing due dates, improved chances to reap incentives with early pay, and the short-term and long-term business benefits of more cost-effective processes
• No technology risks: This is crucial. When your IDP partner takes care of corrections, it does not matter whether the system delivers automation results with 60% or 90% accuracy because 100% is what is delivered. However, most importantly, is the selection of a highly efficient system that incorporates AI and ML capabilities so that it has the ability to exponentially learn and mature. This provides the growth and flexibility needed for real-time automated results with 100% accuracy of your document types and volumes today and in the future.
• Faster implementation: If you choose a good IDP system that delivers high accuracy out-of-the-box and relies on IDP experts to handle corrections, the training or maturity time will be minimal, thereby enabling you to go live within a short timeframe.
• Improved business relationships with suppliers: Choosing the right IDP partner with HITL-processing can help you streamline your tasks, reduce processing time, and provide better data quality. All of which will help improve the accuracy of SLAs and supplier relations.
In summary, if you choose a reliable and proven IDP solution that complements your in-house manual resources, you may be off to a great start but your team might really struggle to achieve a great finish. If you choose the best BPO, you may get a great finish but possibly face issues, such as scalability challenges, high operation costs, and time-consuming output and/or processing results. However, if you choose an IDP solution that offers 100% document accuracy, you can achieve both a great start and a great finish – and a great in-between experience, too.