Intelligent Document Processing: Industry Use Cases

Intelligent Document Processing (IDP) is an automated solution that takes partially structured and unstructured data and turns it into organized, usable data. 

With 80% of an organization’s data falling into the unstructured category, being able to make sense of and use this data delivers a significant impact to an organization.

IDP makes it possible to extract unstructured data from many different sources, such as:

  • Word and Excel documents
  • PDF documents
  • Databases
  • Forms
  • Websites
  • Emails
  • Social media
  • Images
  • Videos

With the many different channels of communication between businesses and consumers in today’s digital world, there are many industries and business functions that can benefit from IDP.

Top IDP Uses Cases

With the amount of data that is available to businesses in virtually every industry, IDP has become a game-changer. Industries as a whole are reaping the benefits of IDP, but so are individual functions within a business. With that in mind, here are five use cases for IDP.

Banking

There are many data-heavy processes in the banking industry. Customer information comes in through sources such as:

  • Applications
  • Identification documents
  • Phone calls
  • Faxed documents
  • Websites
  • IMS text messages
  • Social media posts

IDP can be used to make the customer experience seamless and capture that data as efficiently as possible. With IDP, the use of data and the overall banking experience for customers is transparent, reliable, fast and convenient.

IDP ensures all captured data ends up in a structured format and that only relevant data ends up in the workflow. IDP is also a significant player when it comes to fraud detection. IDP has the ability to go through all collected data and look for any discrepancies that could indicate a case of fraud.

Healthcare

The proper maintenance of patient records forms the foundation of the healthcare industry. Healthcare professionals must have unrestricted access to patient data at any time of day no matter where they are. This is possible if patient data is properly digitized and organized.

In this situation, IDP is invaluable. IDP can take the place of physical files and other hard copy formats, which are easily lost and hard to pull information from. This ensures the data is kept in a single secure digital location that offers easy, on-demand access.

Legal

Many of the processes in the legal industry are reliant upon unstructured document formats such as files related to mergers and acquisitions, property filings, document audits, and regulatory compliance. Since the success of any law firm depends on the proper management of sensitive and instrumental information, IDP is invaluable.

With the use of IDP, lawyers can quickly and easily access the information they need when they need it. IDP also allows lawyers to ensure that all client documentation is free of discrepancies and errors, and it is useful when it comes to fraud detection, contract administration, case reviews and the protection of information.

Accounting

Accounting is a function of business that is associated with a significant amount of documentation in various formats. Much of this documentation, including contracts, invoices and receipts, exist as hardcopies, which requires manual processing. Other data comes in a variety of digital formats.

IDP makes it possible to process the data that comes from both physical and digital sources and structure that data so the relevant information can be extracted. The IDP system can then input that data into the organization’s accounting system. This is all accomplished quickly and without the error that typically comes with the manual processing of data.

Human Resources

Human Resources (HR) also deals with high volumes of data on a daily basis. This data is directly related to the people who form the core of any organization and includes information from a variety of sources, such as:

  • Private employee data
  • Recruitment data
  • Training data
  • Performance reviews
  • Staff surveys
  • Employee termination

Gathering, organizing, storing and controlling access to this data is of key importance and can be difficult to accomplish manually. However, IDP can be used to simplify the processes that are related to HR data management. This ensures only people who are authorized to access this data can do so and helps prevent the loss of sensitive information.

Learn How IDP Can Improve Your Data Management

Data lies at the heart of every business. There is so much untapped potential in unstructured and partially structured data and it’s time you realized that potential.

Ampliforce is well positioned to provide you with a complete end-to-end automation solution that takes full advantage of what IDP has to offer without the need for third-party integrations.

Book a discovery call with an Ampliforce IDP specialist today and find out how to make the most of data management with IDP.