by
September 29, 2022
Manual document processing activity is time-consuming and error-prone. Learn how AI can help overcome the challenges and scale your business at ease.
Your business may receive hundreds of documents every day. These can range from invoices to purchase orders, reports, and everything else under the sun. They need to be read and processed by employees. The problem is that the manual process is time-consuming. And if you receive hundreds and thousands of documents per day, it can be an impossible task to fulfill. Let’s look at how document processing with AI can overcome this challenge and help you process documents at scale.
Here are challenges you may face when processing documents manually.
Manual processing of documents can lead to human errors because it's not as quick or efficient as the automated systems used today. It can lead to human errors because the process remains time-consuming and tedious. When there are several documents to process, it is not uncommon for your employees to make mistakes. This may also be because they're tired or distracted.
Manual processing of documents is slow because it takes a lot of time and effort to read and understand each document that needs processing. When your team tries to process documents manually, they have to go through each document and ensure all the information is correct. If there is any mistake in the document, they will have to correct it, which can take a lot of time.
Manual processing of documents requires time and effort from employees. It takes much longer than automated processes, so more employees need to do the work. You need to pay those employees for longer periods and spend more on their salaries.
Another cost of manual processing is the cost of equipment and supplies. You have to buy pens, paper, ink cartridges, and other supplies to support the workers who work on document scanning or data entry tasks.
The manual document processing system is a time-consuming, costly, and error-prone process, as we have seen above. Your employees need to go through each document and enter the information into the system. The entire process takes a lot of time and a lot of money. The manual processing system is also vulnerable to errors which can result in the loss of data or documents due to human mistakes.
The IDP (Intelligent Document Processing) is an automated technology that improves the efficiency, quality, and accuracy of manual processing systems. It uses machine learning algorithms to automatically scan documents and extract information from them.
The extracted information then gets used by the software to categorize the documents based on their content and metadata. This software also helps you save time by eliminating repetitive tasks like entering data into databases manually.
Here are various benefits your business can experience with an automated IDP system.
With IDP, you can eliminate the need for paper documents by processing them digitally. IDP automation can reduce the document processing time by as much as 50%. You will be able to process more documents in the same amount of time, which will help you meet your growing business needs.
By automating all the steps in the document processing activity, you will eliminate human errors that can slow down your business. Your employees can focus on other tasks, and you don’t have to worry about mistakes that may cause more work for you later.
IDP automation allows you to create a system that works with any data, as long as there is some structure to it. You can automate processes that require manual input and processing, which makes them much faster than earlier. In addition, IDP automation allows you to use machine learning algorithms to automatically process documents and make decisions based on their content.
With IDP, you can offer your team a convenient option for processing the documents. The system will automatically handle the entire process from start to finish—no need for an employee to spend time on what is essentially clerical work. This saves you time and money and keeps your customers happy by giving accurate results.
The impact of AI on document processing is significant. In fact, it has already begun to revolutionize the way companies process documents, with many experts predicting that it will change the way we work entirely. According to a KPMG survey, 48% of businesses already had plans to integrate IDP solutions in their business.
The first area in which AI has made an impact is document scanning. In many organizations, this task still gets done by humans. However, AI-powered systems are now capable of scanning documents and creating electronic copies without human input. The resulting files are often much more accurate and easier to manage than those created by humans who may be prone to error or who lack the training necessary to do their jobs properly.
Another area where AI is having a significant impact is document storage systems. These systems use machine learning algorithms to categorize and organize documents based on their content, making them easier for users to find when they need them later. This can lead to improved productivity among employees who need access to these files regularly but don't necessarily have time for extensive searches.
VisionERA is an automated IDP platform that allows you to process your documents quickly and accurately. It will help you reduce errors, which improves the process efficiencies and productivity of your team. The platform also reduces the scope for human errors, which can prove costly in the long run.
The automated system offered by VisionERA also helps you reduce operational costs by eliminating the need for human activity and reducing processing time. VisionERA works on documents of all types and scales to allow your business to move faster without any roadblocks. By processing documents 20x faster and allowing your team to experience 3x productivity, you can expect significantly better business results.
VisionERA also comes with an outcome-based pricing model. You only need to pay when you start getting the desired business results. Till then, you will only get $0 invoices. The deal can’t get any better.
Contact us today to know more details about VisionERA and How it can automate document processing with AI.