Business Impact of Intelligent Document Processing (IDP)
by Mark Clark, on August 31, 2020 7:00:00 AM PDT
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.