Intelligent document processing critical capabilities

Intelligent Document Processing Critical Capabilities

by Mark Clark, on March 31, 2021 8:00:00 AM PDT

When it comes to tackling business process challenges, intelligent document processing (IDP) holds the key to success for enterprise data.

Implementing a successful IDP solution starts with research -- exploring IDP's critical capabilities is your best way to measure how different vendors can address document intake bottlenecks and improve data extraction processes.

Understanding the fundamental building blocks of document processing can help you confidently transform your business process and achieve intelligent automation success.

 

In this series of blogs, we provide a list of critical capabilities that highlight the fundamental building blocks of a robust IDP solution.

These capabilities are built on our extensive experience in the field, and also that of our customers, who have varied sets of needs arising from their evolving processes, as well as from their responsibilities to their own customers.

What can I learn about document intake from critical capabilities?

These critical capabilities extend beyond the best technology, to factors that ensure your solution is able to:

  • address process challenges
  • work in enterprise operations
  • be easily managed, and
  • deliver business value

 

 

The detective work involved in evaluating vendors is worth it when it leads you to a solution that resolves persistent problems, allowing you to redefine your document intake processes, eliminate inefficiencies, and drive ROI.

A powerful IDP solution can provide much more than previously unimagined speed and accuracy for data extraction.

Over a series of Infrrd blog posts, we will be exploring how IDP has the potential to deliver intelligent automation, driven by AI technology, that empowers you to finally remove onerous process roadblocks generated by manual document intake and OCR limitations.

We’ll also look at why, instead of having to relegate less structured documents to a manual processing loop, IDP’s broad processing capabilities mean that a single solution can automate all of your documents.

What kind of business value can IDP deliver?

When it comes to data extraction from documents, there’s a lot to get right if you want to optimize your outcomes in the most reliable way possible.

You want to build a flexible, agile, scalable system that delivers high-quality data. IDP and true collaboration with your vendor will begin your journey toward accelerated digital transformation.

This blog series will run through how you can position yourself to achieve:

  • better-than-human accuracy for your valuable data
  • automation levels that enable fully digital operations
  • resiliency, flexibility, and adaptability
  • minimized manual workloads
  • a powerful business case for lower cost, faster processing, better   customer experience, and fewer errors

It all starts with 10 IDP critical capabilities, which can help you pick the right for your needs in an increasingly crowded landscape of vendor possibilities.

The 10 critical capabilities for intelligent document processing

Let's roll up our sleeves and get to work.

Below is the list of 10 critical capabilities and the business benefits each provides. Each capability highlights a key success factor for IDP success. 

We're going to drill down into each of these in the blogs that follow.  (This is your intro).

Critical Capability

Business Benefits

AI-native platform Improves accuracy, performance, agility, flexibility.
Learns and improves The system automatically improves its performance and generates more business value.
Template-free Improved manageability, scalability, and avoids OCR fatigue.
Handles unstructured documents More documents can be handled with automation, and fewer documents require correction. This lowers staff workload and gets you closer to straight-through processing.
Handles complex documents Allows you to automate the extraction of documents that only skilled staff could previously process, getting you closer to touchless processing.
N-level classification Automates a manual process step, enables digitization, and improves process efficiency.
Enterprise scalability Easy to incorporate new use cases, document types, and extraction fields.
OCR engine agnostic Future-proofs data extraction, while reducing risk and delivering higher performance.
Easy to manage Designed for a business user to easily manage and control the system without needing help from IT.
Performance guarantees Reduces risk, achieves goal alignment with the vendor, and improves ROI.

 

Our action plan

Critical capabilities can help you make smarter decisions, pick solutions and vendors that will deliver value, and ensure the solution is feasible for your use case. This blog provides a summary of intelligent document processing's 10 critical capabilities and the business impact each can generate.

Here's our 5-step action plan to get results. Our next steps are:

1 Start thinking about how this critical capabilities list compares to your own evaluation scorecard. Flag any gaps. Highlight areas you did not consider before.

2 Learn more. In the blogs that follow, we dive deep into each of the 10 capabilities, so you can develop a solid understanding of each factor.

3 Make it your own. After you develop a solid understanding of each capability, you can modify it to ensure that it fits your own use case and business case.

4 Evaluate. Next, you'll be ready to evaluate vendors and solutions.  You'll be able to spot risks that were hidden before and have greater confidence in your choices.

5 Select. Take the next steps to finalize the solution that fits your needs. This could a pilot, a small project, or a full implementation.

 

Keep watching this blog space for the next post, which goes into the details of an AI-native platform. In the blog, we'll detail the problem, the solution, business benefits, and questions to ask a vendor.

Want to skip ahead? Download The Definitive Guide to the 10 IDP Critical Capabilities

Got questions?  Chat with our experts here

Topics:How ToIntelligent Document Processing

About this blog

AI can be a game-changer, but only if you know how to play the game. This blog is a practical guide to turning AI into real business value. Learn how to:

  • Make sense of complex documents and images.
  • Extract the data you need to drive intelligent process automation.
  • Apply AI to gain insights and knowledge from your business documents.

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