Business Impact of Intelligent Document Processing

By
Anusha Venkatesh
IDP Evangelist

Automated Data Extraction From Documents

Intelligent Document Processing (IDP) automates data extraction from complex, unstructured documents, helping enterprises create a new value proposition for their organizations and customers.

Until now, only humans could process these kinds of documents, costing companies time and money. By removing manual data processing bottlenecks with IDP, enterprises can drive new, transformative business outcomes.

One enterprise client built an entire business model using IDP’s ability to process unstructured receipts.

Another client was able to offer an industry-leading SLA (cost, speed, flexibility) for insurance claims processing resulting in new customer wins and revenue growth.

What other business outcomes can IDP create?

New Ways to Optimize Processes

IDP uses powerful AI technologies to speed up document processing. It also generates significant business impact, boosting scalability, agility, and end-to-end digitization while reducing the staff necessary to process documents.

IDP’s business impact is clear and immediate.

Most clients achieve ROI in just a few months by removing the manual processing bottleneck.

Here are examples of four business outcomes clients have achieved with IDP.

IDP Optimizes Cost

20%-50% reduction in cost per document processed.

IDP saved a financial services company $2.9 million a year by helping the enterprise reduce its manual extraction staffing by 50%. The enterprise initially needed 90 people to manually extract data from complex documents, which cost $5.85 million a year.

IDP Scales Up Capacity

50%-400% capacity improvement.

An engineering firm was able to cut its RFP response time down to a week from three weeks with IDP. The firm was able to process 400% more RFPs with IDP compared to its staff of 80 people reading complex diagrams in documents.

IDP is Fast

50%-75% reduction in process cycle time.

IDP reduced the processing time by 50% for an insurance processing firm with a complicated process for understanding and extracting data from documents. Manually processing documents took 48 hours per document and IDP was able to reduce the total time to less than a few hours.

IDP Increases Revenue

20-80% revenue boost.

An industrial manufacturer increased proposal win rates by 40% with IDP. It had been manually processing 200-page RFPs, but the process was limited by staff speed, accuracy, and capacity. IDP was able to automate that process speeding up RFP responses and capacity.

New Benchmarks for Document Processing

IDP makes your business process fast, agile, scalable, and efficient.

IDP creates a new benchmark for what you can achieve with automation.

This is real value, delivered today.

Frequently asked questions

What does your pricing model look like?

We price based on the annual volume of pages and complexity of document type.  We can get you preliminary pricing once we outlined a solution.  Let's do this.

To know more, book a 15-min session with an IDP expert

How can I try Infrrd before I commit to a full deployment?

Sure.  The first step is to schedule a guided demo where you get to jump into the thick of it.  After you explore our solution you can try a proof of concept. When you're ready, you can deploy the system to one use case.  Then more use cases.  Then across your enterprise.

To know more, book a 15-min session with an IDP expert

How does your system integrate with others in my enterprise?

We play nice.  Our solutions are API-based.  Your documents are feed into the solution using APIs. And extracted data is sent out through APIs.  We use REST APIs.

To know more, book a 15-min session with an IDP expert

Does your solution run in the cloud or on premise?

Our solution is cloud-native but is also design for premise deployments.  Your choice on how you want to deploy it.

To know more, book a 15-min session with an IDP expert

Does Infrrd run on mobile or desktop device?

Glad you asked.  Our data extraction process runs on servers.  We have found performance and accuracy decline when running on a desktop or mobile device. (Remember Infrrd is running a powerful AI stack).

To know more, book a 15-min session with an IDP expert

Does your system work out of the box or does it require training?

Common documents and use cases work out of the box.  The cool thing is your solution will improve as the system learns from your documents upfront and over time.

To know more, book a 15-min session with an IDP expert

How does your solution handle corrections?

Did you know no system is 100% accurate all the time?  When extraction errors occur you want to correct them.  We provide a simple UI that your business analyst will use to make corrections.

To know more, book a 15-min session with an IDP expert

Does your solution work with handwriting?

Our solution excels at data extraction from handwriting.  We've got proprietary methods and techniques that do the trick.  It's pretty cool.  See for yourself.

To know more, book a 15-min session with an IDP expert