According to a Gartner press release, deploying intelligent document processing technologies may save finance departments 25,000 hours of rework resulting from human error at $878,000 per year for an enterprise with 40 full-time accounting professionals.
Intelligent document processing improves human comprehension of unstructured data by utilizing data science methods such as computer vision, optical character recognition, machine learning, and natural language processing.
Cloud computing is the preferred solution for big corporations globally for data storage and application administration. Although Azure has the second largest market share for public clouds, most businesses use a multi-cloud and hybrid-cloud approach. The data shared and utilized on the Cloud is exceedingly difficult to manage; budgets are frequently surpassed, security breaches are rising, and data is lost.
Companies can significantly reduce waste and threats through proper Azure documentation while saving millions of dollars. Additionally, using software to produce your documentation automatically will prevent human error and save you time.
What Does “Intelligent Document Processing” Entail?
Automated data extraction and processing from various document formats is done through intelligent document processing.
The processing of documents is automated using deep learning technologies. Intelligent document processing collects unstructured data from documents (such as email text, PDFs, and scanned documents) and turns it into structured data using RPA bots, AI, and machine learning.
Azure document processing automates processing data found in documents by identifying the information contained in them, extracting it, and transmitting it to the appropriate location. Here are some benefits of using Azure document processing.
1)Increased Security and Compliance
Intelligent document processing solutions have an impressive accuracy rate that makes them ideal for handling compliance-related documents or those that contain sensitive information.
Azure IDP reduces the chance of exposing sensitive data to third parties by eliminating the need for humans to examine, review, or handle any of the data within papers. Azure IDP can also assist in streamlining and improving the accuracy of regulatory reporting.
2)Improved Usability and Data Quality
80% of an organization’s data is typically “black data,” hidden in emails, text, PDFs, and scanned documents. Azure IDP turns dark data into high-quality, structured data ready for analysis using RPA and AI-based techniques to uncover its value.
A full data landscape can be created, greatly improving data assessment and analytics options by merging the data produced from paper documents with abundant digital data currently accessible.
3)Encourages and Expands Automation
Intelligent document processing is a potent facilitator of end-to-end process automation and workflow management technologies. It facilitates the integration of several systems involved in automating intricate business procedures and attaining hyper-automation.
Additionally, organized, high-quality data is necessary for cognitive technologies like RPA and AI to “learn” from and function. Intelligent document processing also prepares data for RPA/AI consumption by turning streams of unstructured data from documents into clean, structured data and musclewiki.
It helps firms create a digital workforce while saving money on data input and accelerating the availability of vital information.
4)Rapid Document Retrieval
Azure IDP offers a way to categorize, cluster, and link the extracted information with other pertinent literature after automatically detecting and extracting textual material from documents.
This makes it simpler to locate relevant information among thousands of papers and automate processes often done manually (e.g., document classification). Intelligent document processing offers several advantages, one of which is quicker document retrieval.
Increased accuracy is another advantage of intelligent document processing. This perk may be used to digitally sign or encrypt documents, ensuring they cannot be changed or tampered with.
Using Azure IDP systems to automate raw data will increase the accuracy of extracted data and minimize mistakes, improving the quality of the document retrieval process and freeing up time for employees to make informed business decisions.
6)Organize and Process Large Amounts of Information
One of the most significant benefits of intelligent document processing is quickly handling massive volumes of data. You may be dealing with a huge quantity of documents on a routine basis, depending on the size of your organization.
Going through the papers one by one would be costly in terms of both money and time. Investing in an Azure IDP solution will surely help your company process massive documents while saving you substantial money.
One of the most significant perks of intelligent document processing is that it may assist your organization’s document processing in becoming more flexible by providing unique workflows and document management.
Every organization must conduct various document-centric activities daily, from leave requests to petty cash or pay advances. The ability to efficiently drive these processes allows businesses to be more agile and adaptable.
8)There is Less Manual Effort
Azure IDP has long been regarded as a means of reducing human effort. The most recent advances in AI can handle documents by extracting information from an image, voice, or video and converting it to text.
This is typically accomplished using natural language processing (NLP), in which the AI can read and comprehend the content of a text instead of simply viewing it as code. Intelligent document processing can eliminate human interaction and allow employees to focus on more innovative tasks.
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Any document management effort should include Azure IDP as a key component. By integrating cutting-edge modern technologies like AI and ML, this technology will improve over time.