Want to know how intelligent document extraction and processing software can help in business reputation management?
Businesses depend on large volumes of data from various sources for their growth and success. Such data flows in a variety of formats, given the different origins, and makes it almost impossible for the human workforce to manually process the data. Unless they structure the entire data into an easily digestible and analyzable format, they couldn’t gain insights into it without bumping into errors.
The unreliable, unproductive, and erroneous data processing often results in frequent employee burnouts, compromised reporting and analytics, employee expense frauds, and a significant loss in revenue. Ultimately, the impact is seen on your business reputation. Your vendors, clients, and even employees play an integral role in spreading word-of-mouth for your business, and if you fail to satisfy THEM, you are missing out on a pool of opportunities.
This is where intelligent document processing (IDP) comes to your rescue. IDP, a revolutionary technology, refers to smart data capture and processing technique that extracts and interprets data from documents irrespective of their format, structure, and layout. It focuses on the context of the document data instead of its positions and learns with every iteration, thereby avoiding all the possible errors that would otherwise come up with manual processing.
That said, it becomes pretty clear how internal business processes impact business reputation.
Intelligent document processing speeds up the internal business processes, so they don’t eat up the entire working hours of the teams. Moreover, it reduces delay in processing which is the root cause of tasks piled up for a long time.
For instance, in the case of accounts payable (AP) activities, IDP can gear up bulk invoice processing, so the AP team does not need the whole day just scanning and approving invoices but can clear the payments the same day. This way, they don’t leave any room for delayed payments or let vendors send frequent reminders.
Manual data processing often leads to errors as these tasks gradually become unproductive and exhausting, thereby distracting the staff from their core responsibilities. The consequences of this unreliable process show up as data breaches, employee expense frauds, incorrect insights, and many more.
On the other hand, IDP relies on a set of self-learning machine learning models that learn with every iteration, and hence, eventually eliminate any errors that might arise while processing data. It combines natural language processing, computer vision/ image analytics and machine learning algorithms to intelligently scan and interpret the documents while extracting meaningful insights. In the end, the process detects and attempts to eliminate frauds, thereby preserving the company’s reputation.
A typical data processing task involves scanning the document, extracting data, checking the extracted data for errors, making necessary changes, and sending it for approval. When done manually, these activities involve a huge investment in terms of time, money, and most importantly, costs. A significant part of the revenue is lost in mere data processing, leaving other crucial tasks uncovered.
On the other hand, IDP incorporates automation to carry out all the data processing activities and reduce heavy investments. Taking the same example of the AP department, using intelligent invoice processing software to process invoices, eliminates labor costs as there is little to no human intervention involved. Further, it saves the AP team’s time so they can focus on their core competencies.
Companies that value their customers more than anything else need to be productive throughout their value delivery. In sectors like consumer durables finance, customers hate it when they have to wait for loan approvals. They might switch to other service providers if they see you don’t value their time at all.
Here’s where intelligent document processing maintains your reputation by employing smart data extraction software that can accelerate loan processing. Such software doesn’t take much time to process the documents required for loan approvals. It scans the documents, extracts necessary data, verifies it with the original ones, and quickly sends it for approval.
Intelligent document processing is not simply about scanning available documents and extracting data from them. It goes an extra mile by retrieving data from other connected sources and reconciles.
If you run a multi-channel business, integrating IDP with your order to cash process will help in data capture from purchase orders across all your business channels and process it quickly without scanning every available document separately.
Similarly, IDP can also integrate with inventories to keep track of sold items so it can directly process payments without having to transfer data from one system to another.
KlearStack is a fully-automated intelligent document processing software with out of the box integrations as well as APIs that help you build your own integrations. IDP in itself is a combination of artificial intelligence, ML, and NLP techniques that impart the power of contextual understanding and interpretation to the data extraction software so it can eliminate human intervention and the pitfalls associated with it.
KlearStack has been designed keeping in mind the pain points of businesses and the challenges to maintaining business reputation. If you are also juggling your internal business processes and reputation management, book a consultation call with KlearStack today.