IDP speeds up administrative tasks like onboarding paperwork, tax preparation, and invoice processing
It’s no secret that advances in technology are changing the way we work. One of the most transformative solutions of the modern era is intelligent document processing (IDP), which streamlines workflows in a number of ways. By automatically extracting and classifying data from applications, invoices, and other documents, IDP speeds up tedious manual processes. This allows business leaders and employees to focus on more important tasks.
That said, using IDP isn’t as simple as pushing a button. Studying intelligent document processing use cases can provide valuable insights. With the right solutions, forward-thinking companies can use IDP to increase efficiency and gain an edge over the competition.
Looking for more information about intelligent document processing? Our Comprehensive Guide to Intelligent Document Processing can answer your questions.
How does intelligent document processing work?
Intelligent document processing, also called document AI, leverages technologies like machine learning (ML) and optical character recognition (OCR) to process various forms of paperwork. This is a multi-step process that begins with document capture. That often means scanning physical documents to create digital copies.
Having the right equipment is a necessary foundation for any IDP strategy. For example, the RICOH fi-8170 scanner uses Clear Image Capture to deliver superior image quality. This ensures accuracy for the next steps in the IDP process. Keep in mind that intelligent document processing solutions are only as good as the input they receive, so the capture stage is especially critical.
After the initial capture phase, IDP solutions use AI to classify each document and automatically extract the relevant data. That could be names, dates, prices — the process will vary depending on the intelligent document processing use case (more on that below). From there, that data can be validated against predetermined settings and structured into an easily understandable format.
Ultimately, IDP allows businesses to work smarter, not harder. The initial investment in equipment and software can save a significant amount of time and money in the long term. It allows your employees to focus on more meaningful work and leave the data entry to technology.
Did You Know?:TMC named the RICOH fi-8170 as a 2023 Future of Work Product of the Year. TMC recognizes "companies that showcase the most innovative and disruptive products and solutions that have positively supported hybrid work experiences across the globe." Click here to learn more.
5 efficient intelligent document processing use cases
Screening candidates
In a competitive job market, businesses might get hundreds or thousands of applicants for a single position. In order to whittle that applicant pool down to the most qualified candidates, human resources departments use IDP to extract relevant information from resumes and cover letters. This allows companies to speed up the hiring process and fill critical roles. At the same time, they can be sure they’re talking to the candidates best suited for the job and company.
Onboarding efficiency
Whether you’re working with a new hire, client, vendor, or patient, businesses often require onboarding paperwork to be completed before any transactions can be processed. Rather than making your team input all of the information from these forms manually, IDP can extract what you need and make sure that data is readily available. That might include basic customer information like names, phone numbers, and addresses, as well as payment details, consent forms, and other service-specific details.
Invoice processing
Ensuring your vendors and contractors get paid on time is essential for building long-term business relationships. However, processing invoices one by one can be a time-consuming process. Intelligent document processing can give your accounts payable department an efficiency boost. It quickly finds the relevant information, forwards it to the appropriate parties, and files the invoice away for your records. Just as importantly, IDP reduces the odds of manual errors, increasing accuracy overall.
Tax preparation
No matter what business you’re in, tax season can be a stressful flurry of paperwork and deadlines. Accountants use intelligent document processing to complete tax forms more quickly while also ensuring accuracy and compliance. IDP solutions use OCR to analyze documents before extracting information from key fields and entering that data into a structured format. The right technology can also flag missing or incorrect information, helping you avoid filing delays and audits.
Medical records
Intelligent document processing has had a significant impact in the healthcare industry. Hospitals and doctor’s offices run on paperwork: medical records, lab results, consent forms, the list goes on. Not only is this information vital to patients’ health outcomes, it’s also required to meet HIPAA compliance guidelines. In other words, a breach or error could have catastrophic consequences.
By using a combination of accurate hardware and IDP-enabled software, medical professionals can create more efficient workflows while maintaining accuracy and confidentiality. This efficiency also improves the patient experience; the faster those forms get processed, the faster patients can get results and treatment plans.
Did You Know?:The RICOH fi-8170 scanner comes with PaperStream software, which boasts sophisticated OCR features. With scanning speeds of up to 70 double-sided pages per minute, your business could digitize thousands of documents per workday. Click here to learn more.
Getting started with intelligent document processing
If you’re hoping to incorporate IDP into your workflows, you’ll need to start with the right scanner — and Ricoh has no shortage of options. We take great pride in having spent the last 50+ years researching, designing, and developing some of the most advanced and powerful electronics in the world, including our professional grade fi and SP series of scanners.
Built to purpose for the most demanding document handling jobs, fi and SP scanners are capable of processing tens of thousands of pages per day at the highest levels of accuracy. Their intuitive integration capabilities with all existing work suites minimize time-to-value for businesses looking to invest in innovative solutions like intelligent document processing. Click here to learn more or shop the rest of our production scanner line.
Want to know more about how Ricoh fi Series scanners help businesses become more efficient? Set up a free consultation with our experts today. We’re happy to discuss solutions and provide a personalized demo. Book an assessment here.
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.
