How AI-Powered Intelligent Document Processing is Reshaping Higher Education

In today’s digital landscape, more and more organizations are prioritizing technology adoption – and higher education institutions are no exception. Gartner predicts 60% of higher education institutions will upgrade to operating models that combine physical and virtual capabilities by 2027.

And for many, these “virtual capabilities” will be driven by advanced digital tools like intelligent document processing (IDP) solutions powered by artificial intelligence (AI). Let’s unpack why and how colleges and universities are adopting IDP technology.

The Benefits of IDP Technology for Higher Education

With the power of AI and other advanced tools, including optical character recognition (OCR) technology, content management systems, and workflow automation, IDP solutions deliver several benefits to higher education institutions. Here are a few:

Increased Efficiency

One of the most prominent advantages of leveraging automated document processing solutions is increased efficiency. By automating manual tasks, such as data entry, IDP solutions significantly increase productivity and, in turn, expedite critical processes related to admissions, financial aid, and everything in between.

In fact, a recent study revealed AI technology alone helps boost worker productivity by 14%. Add in the other beneficial technological components that typically make up IDP solutions, and your higher education institution can easily reach new levels of efficiency.

Improved Employee Satisfaction

Improved productivity levels and improved employee satisfaction often go hand-in-hand. After all, a good staff wants to feel accomplished at the end of the day and avoid those rushed, high-stress situations that often result in frustrating errors.

By adopting IDP solutions, colleges and universities make their employees’ work lives easier. And with 45% of college and university presidents identifying faculty and staff morale as a current pressing concern, this is a benefit you won’t want to overlook.

Reduced Costs

According to Gartner, improving operating margins is the “critical digital technology investment outcome” for 32% of higher education institutions. Gartner expects this percentage to climb to 65% by 2028, confirming the increasing focus on leveraging technology to enhance financial health.

Fortunately, investing in intelligent document automation solutions can lead to this desired outcome. By using advanced technology to complete repetitive and once time-consuming tasks, you can avoid having to hire new employees during high-volume periods and, instead, profit from the increase in business. At the same time, the best AI-powered IDP solutions boast incredibly high data accuracy rates, resulting in decreased costly errors and delays.

Enhanced Student Journey

By decreasing errors and delays as well as expediting processes, higher education institutions can also enhance the student journey, which is a major focus. One survey found that for nearly 50% of colleges and universities, improving student outcomes is the number one reason for investing in technology.

With the right IDP solution, you can enroll new students faster with expedited application processing and retain them by gaining easy access to data, so you can seamlessly address their needs.

How Colleges & Universities Are Using IDP

Now, you’re likely wondering how exactly you can utilize automated document processing technology to achieve these benefits. Here are some of the top ways colleges and universities are leveraging IDP:

Accounts Payable Automation

First up: invoice processing.

AI and machine learning algorithms are the cornerstone of IDP solutions that automate invoice processing. These technologies enable the automatic extraction, processing, and analysis of invoice data, significantly reducing manual tasks and errors.

When higher education institutions’ accounts payable (AP) departments leverage intelligent document processing solutions, they not only streamline financial operations but also lay the groundwork for predictive analytics in budgeting and financial planning.

Vendor Contract Management

Many colleges and universities are also adopting AI-enhanced IDP systems to navigate the complexity of vendor contract management. These systems provide deep insights into contract terms, compliance, and performance metrics, utilizing machine learning to forecast outcomes and identify renegotiation and renewal opportunities.

Document Management

IDP’s AI capabilities enhance document management and retrieval by classifying, sorting, and indexing documents more efficiently than traditional methods. With natural language processing and machine learning, intelligent document processing solutions can understand and organize vast data sets, making information accessible and actionable.

Today, market-leading document management solutions are even available in the cloud – and many colleges and universities are taking advantage of them. However, a report revealed that despite higher education institutions having converted almost half of their systems to the cloud, a majority of them aren’t confident the shift will improve their processes.

Luckily, with the right solution, that’s far from the truth. By leveraging a solution that includes workflow automation technology and extensive APIs, you can centralize your content and drastically improve academic and administrative tasks. These tasks include everything from admission procedures to faculty evaluations.

Finding the Right Document Processing Automation Partner

The potential applications and benefits of AI-powered IDP in higher education are vast and promising. Intelligent document processing offers colleges and universities a powerful toolkit for navigating the digital era. The technology enhances operational efficiency and paves the way for innovative practices and administrative strategies.

But in order to effectively harness the potential of AI-driven IDP, you need to partner with the right solution provider.

At MetaSource, we have over 30 years of experience providing organizations of all kinds with intelligent document automation solutions. We leverage artificial intelligence technology, document scanning services, OCR software, document management systems, and workflow automation software to help clients succeed.

Interested in speaking to one of our experts? Contact us today. Not quite ready for a conversation? Check out our free guide to learn more about IDP.