How to speed up Document Processing Using Automation Software ?

Many small or big business businesses spend countless hours manually processing documents, whether the size of the industry is big or small. Automatic document processing is very beneficial in this case to double up the speed of the operations. In this article, we will learn the exact reason and benefits of using automation software for document processing in your business.

What is Automated Document Processing?

Automatic Document Processing or Intelligent Document Processing (IDP) automates data extraction and processing from various document formats. It uses automatic document processing which involves capturing every element from the document with the help of machine learning, artificial intelligence, computer vision, natural language processing, and OCR. By using, Automatic document processing software, you can save time, reduce manual labor and compliance requirements, and speed up the workflow environment.

Which Documents Can Be Automated?

• Bill of lading
• Invoices
• Purchase orders
• Receipts
• Pay slips
• Medical records
• Prescriptions
• Financial statements
• Legal Document
• Aviation Document

4 Key Reasons- Why Automation Software is Beneficial for Document Processing to 2X the Speed?

1. Reduced Errors

Mistakes can add up significantly over a year, as inadvertent as they may be. When a human creates a document or captures the data manually, there is a risk of error at any time. This type of mistake can have a big effect on the business. So, to resolve the issue, IDP Software is here. IDP solutions reduce mistakes, avoiding any related losses to your company and your customers which ultimately helps in double up the speed.

2. Save Time and Reduce Data Entry Costs

Artificial intelligence-based document automation software easily automates the manual data processing paperwork and saves time for the employee. So that, the employees can focus on other business staff. Moreover, this document automation can reduce data entry costs by up to 80%, which is a huge saving.

3. Improved Data Quality and Usability

One report says, on average 80% of an organization’s data is “dark data”. Dark data is called when the data is locked in text, PDFs, emails, and scanned documents. Intelligent Document Processing Software unlocks the value of dark data by transforming it into structured data for further analysis.

4. Improved Compliance and Security

An intelligent document processing solution’s impressive accuracy rate makes it the ideal solution for managing any compliance-related document. Driving the overarching trend of digitization and globalization, it increased the visibility into companies’ business operations to ensure compliance. IDP eliminates the humans to open, review, or manage documents containing any data and maximizes the accuracy of reporting.

How Does Automated Document Processing Work?

Step 1: Pre and Image Processing

When you add a document to process and grab data, IDP Software applies many techniques such as noise reduction, de-skewing, and binarization to maximize the quality of the documents. The Computer vision of the software first understands the structure and, identifies its type of it such as text, graphs, and images.

Step 2: Document Classification

Document Classification is the recognition and separation of the elements of the document using machine learning and natural language processing. Machine learning can recognize patterns in each document and take care of them by quickly classifying their type. IDP is also ideal for other documents such as bills of lading, commercial invoices, and accounts payable invoices.

Step 3: Data Extraction from the Raw Data

After uploading your document, the AI of the IDP Software ​​performs an initial classification. For example, if it is an image-based document, it uses OCR to extract the data. This system re-structure the unstructured data to the structured and mapped to our document schema. One of the key deliverables of IDP systems is the ability to identify valuable information and extract it for further analysis or processing. After all, it is appreciating all the different components classifying them properly, and taking them to the next destination.

Step 4: Data Exceptions and Validation

Data Extraction Exceptions is managing the exception log through a logistics-focused exception manager. Here, the fact is if the logs are not sent to the TMS, the manager will see and make some changes to the document and the app will automatically update.

On the other hand, the IDP Platform Pre Configures Dictionarie and Leverage External Document databases for validating the extracted document from the documents by using human-in-the-loop and machine learning frameworks. This process ensures the quality of data collected in the right format and ready for immediate use.

Step 5: Converting and Integrating Data into the Desired Format

After validating the data and continuously learning and improving its accuracy over time. Once the documents are scanned, the data is transferred to your software system, updating the work record with information from the documents, it is time to integrate the data into the larger enterprise system.

Manual Document Processing vs OCR vs IDP

Parameters	Manual Document Processing	OCR	IDP
Accuracy	70-80 %	80-90 %	95%+
Human Intervention	100%	Required for data processing	Only for data validation
Time Taken	Approximately 15 minutes or more	2-5 minutes per page	30 seconds to 1 minute per page
Data Interpretation	Yes	No	Yes
Self Learning Ability	Yes	No	Yes

Conclusion

The adoption of automation software for document processing represents a strategic investment for businesses looking to stay competitive in today’s technologically advanced landscape. The utilization of automation software for document processing brings many advantages that not only increase efficiency but also propel productivity, ultimately doubling the speed of operations.