Learn what intelligent document processing software can bring to your business

Your organization is like a computer: It only has so much “processing power” to devote to different tasks. Even if you’re confident it can handle anything, a little slowdown is inevitable when there’s too much going on at once. The question is how to manage those tasks so the right ones always run smoothly. One compelling answer is intelligent document processing solutions.

These solutions take repetitive tasks off your business’ workload. They use machine learning to intelligently process common documents, such as invoices, and send their information wherever it needs to go. That way, your organization can spend more of its human processing power on work that only your staff can do.

Here’s what you need to know to bring these solutions to your business.

Looking for more information about intelligent document processing? Our Comprehensive Guide to Intelligent Document Processing can answer your questions.

What are intelligent document processing solutions?

Intelligent document processing solutions are suites of software that use machine learning to streamline data entry tasks. They apply technologies such as advanced optical character recognition (OCR) and natural language processing (NLP) to extract info from physical and digital documents.

Recent advances in document AI tools have exponentially increased the types of input they can handle. They have also enabled these tools to “learn” as they go, minimizing mistakes and building efficiency over time. In addition, NLP technology allows them to draw insights from documents that go beyond simple requests. They can synthesize themes and key points in a document or form, rather than simply extracting figures.

Did You Know?:With a scanning speed of 150 pages per minute and an expected daily volume of 130,000 sheets, the RICOH fi-8950 scanner can help bring massive quantities of paper records into an AI-ready format. Click here to learn more.

5 types of intelligent document processing tools and software

We’ve laid out the basics of intelligent document processing solutions. Now, let’s discuss some of the tools that make it work and how they help with everyday business tasks.

1. Advanced OCR (OCR)

The first step of data entry is reading. You must be able to accurately and reliably read the material in a document to process it. This sort of task demands precision, which isn’t always a given when human attention spans naturally start to wander. Fortunately, intelligent document processing software can use OCR to read written text much like a human being would, all without user fatigue.

The first step in using OCR is digitizing a document, ideally with a dedicated document scanner for the best results. Intelligent document processing solutions then use OCR to compare known samples of characters to characters it detects in the text. Advancements in machine learning also allow modern tools to “learn” from the documents they process. For instance, a tool may have trouble interpreting a certain letter in a typeface when it first encounters it. The more the program sees that letter in different contexts, the more reliably it will recognize it.

2. Natural language processing (NLP)

Reading letters and words is of limited value if you can’t tell what they mean together. You may be able to pick out nuggets of information, such as the total value of a transaction, but you won’t be able to tell how it fits into your business’ overall goals and trends. Natural language processing allows intelligent document processing solutions to identify context and build frameworks, much like a human reader would.

NLP can interpret the whole of a document to create summaries or draw out relevant insights. NLP also allows AI document tools to interpret commands given through casual speech. Rather than hand-coding macros to work through spreadsheets faster, you may be able to simply tell the tool what you want it to do in a plain-text chat message.

3. Invoice and memo processing

With OCR and NLP at work, intelligent document processing tools can help with a wide variety of tasks. One common example is invoice processing.

While many aspects of the purchasing and payment processes have been automated for years, invoice processing remains a bottleneck that requires human intervention for many organizations. Once an invoice is digitized, OCR can quickly convert an invoice to a format readable by software. From there, machine learning algorithms extract important information such as due dates and payment information.

NLP and other capabilities mean intelligent document processing solutions aren’t limited to transferring text and crunching numbers. They can synthesize insights from memos and reports written in casual or formal language. They can even “consider” multiple documents at once to find key points from across the whole body of work.

Did You Know?:Ricoh works with industry-leading partners to offer your business a complete document tech stack. Click here to learn more.

4. Recruitment streamlining

Another type of intelligent document processing solution aids in the hiring process. Typically, sorting through applications for an open position involves many hours of sorting and looking through resumes, application letters, and other materials. Intelligent document processing can draw important analyses from each application in just a few moments — including resumes of all different formats — to help highlight what makes each candidate unique.

While it remains essential for a human to oversee the hiring process, bringing in AI document tools can help serve as a force multiplier for their efforts. Processing all the applications for a popular position may have taken a team a week, but it may only take a day for one hiring manager with the help of AI.

5. Knowledge management

Intelligent document processing software can also enhance your business’ big-picture approach to knowledge management. As AI tools process each digitized document in your database, they can create extensive metadata for better indexing and easier access across your organization. These tools can also apply rules that you configure based on the detected document type. For instance, it could automatically forward certain documents to the correct party or determine how long each should be retained before destruction.

With AI-enhanced knowledge management, employees spend less time searching for the information they need and more time putting it to use. That means faster decisions and more resources available for growing your business rather than simply managing its day-to-day.

Find intelligent document processing solutions for your business

At Ricoh, we specialize in tools and services that level the playing field for your business’ most valuable asset: its data. Whether you’re interested in a full-scale digital transformation or are simply looking for ways to streamline your modern processes, our experts can help. Book an appointment with us today to find out more ways you can build a smarter business.

Note: Information and external links are provided for your convenience and for educational purposes only, and shall not be construed, or relied upon, as legal or financial advice. PFU America, Inc. makes no representations about the contents, features, or specifications on such third-party sites, software, and/or offerings (collectively “Third-Party Offerings”) and shall not be responsible for any loss or damage that may arise from your use of such Third-Party Offerings. Please consult with a licensed professional regarding your specific situation as regulations may be subject to change.