For most businesses today, tracking files is a huge challenge. A report from the Association for Information and Image Management (AIIM) states that about 55% of organizations globally want to decrease the amount of paper flowing through their processes. Though 40% of the organizations reported that more than half of their invoices were being delivered electronically, 35% were still concerned that most would get printed anyway. Some of the questions these organizations are now asking:
- How can we replace this time-intensive, error-prone manual document processing?
- What are the best customizable solutions for data capture and workflow that can help reduce costs, boost efficiency, and improve accuracy?
- How can organizations use the information contained in documents (fax, email, and online forms) intelligently by utilizing data capture, automated workflows, and intuitive archiving and retrieval?
- Since no two customers have the same business needs, will there be a scope for a degree of customization and flexibility when mining documents?
Intelligent document automation (IDA) brings a way to address some of these challenges.
Document recognition and building technology
Information is the lifeline of any business, and processing documents effectively and efficiently is critical to success. It enables organizations to take action and make informed decisions. Often, we know that important information resides somewhere within the organization; however, the lack of a holistic document management strategy stops it from being accessed when and where needed. Intelligent document recognition technology solves this problem to a large extent.
Today, with the help of document recognition software, trade finance paper-based documents can be automatically converted into searchable, editable files from which information can easily be extracted. Also, automating the retrieval, sequencing, transforming, merging, and enhancing of multiple input documents into a single bundled output document reduces the scope of errors for businesses. The technology also enables software to adapt to new templates and customer-specific document formats. The software can recognize handwritten text, even though handwriting may vary from one individual to another. Intelligent document recognition technology also has the ability to process legends, axis labels, and captions, which enables it to summarize, index, and search scanned forms or other documents containing text fields, graphs and tables, figures, and handwritten instructions.
IDA using artificial intelligence (AI) and machine learning (ML) will be a game changer to bring process efficiency to transaction banking. It optimizes the process by using optical character recognition (OCR) for image to text, AI for pattern recognition, ML for feedback and reference database build, and RPA for robotic processing of the extracted data. IDA is smart enough to differentiate various document types, which helps it to extract the data accordingly. Moreover, with ML algorithms, the software can learn new document types easily and quickly.
Marching into the new age of automation
Automating document workflows benefits every department of the bank. It enables smarter decision making, improves workforce productivity, and enhances customer satisfaction. Adopting IDA unlocks the power of business information. It is a journey that requires multiple steps, but successfully navigating it reaps significant rewards.