Intelligent document processing (IDP) solutions have quickly popularized, with more and more organizations across industries implementing them to streamline document-centric processes. In fact, according to a McKinsey survey, organizations deploy IDP tools beyond the pilot phase more often than any other automation solution.
With benefits ranging from reduced costs to improved employee and customer satisfaction levels, this uptick in adoption makes perfect sense.
And yet, some organizations are still hesitant to move forward with adopting IDP solutions. The main reason? Misconceptions are clouding leaders’ understanding of what IDP truly entails and the results it can deliver. Let’s dive into the top myths, so we can separate fact from fiction once and for all.
Myth #1: Only simple tasks can be automated.
Back in the early days of automation, using software to streamline complex tasks that require human intelligence was out of the question. Today, intelligent document automation solutions are much more advanced. And contrary to popular belief, they are capable of streamlining more than just simple, mundane tasks.
With the incorporation of artificial intelligence (AI) technologies like machine learning, IDP solutions can learn and adapt to effectively handle processes similar to how human workers do. When it comes to invoice processing, for instance, AI-powered IDP solutions can not only automatically capture and validate invoice data but also better detect fraudulent activity through historical payment data analysis.
Myth #2: IDP solutions only make sense for large organizations.
Several small to mid-sized organizations hesitate to adopt intelligent document processing solutions because they believe they’re costly and, therefore, more suitable for larger businesses. Fortunately, that’s not the case.
Organizations – both large and small – that leverage IDP solutions actually experience significant productivity improvements that lead to cost reductions. One recent survey found automation saves desk workers an average of 3.6 hours per week. That’s nearly 10% of the work week that employees can use to complete higher value functions. The results include decreased operational costs and competitive advantages that position organizations for increased revenue generation. Further proving this point, according to a Deloitte survey, AI solutions are generating revenue and reducing costs for 90% of organizations using them.
The key to achieving these IDP benefits is leveraging the solutions properly. It’s important to effectively identify the processes that not only can be automated but should be automated. Here’s a checklist to help you identify the right processes for your organization:
- Determine which processes have the worst turn times and are negatively impacting organizational efficiency the most.
- Ask your employees which processes are the most anxiety-inducing, labor-intensive, and time-consuming.
- Identify the goals you would want to achieve by automating these processes. Some common objectives include improving customer response times, reducing costly data entry errors, and decreasing the amount of time employees spend on tasks.
- Understand the systems leveraged, so you can ensure the necessary integrations are possible.
- Consider the departments involved in the processes. It’s best to open the conversation up to all, so you can better understand the steps of the process and gain buy-in early on.
Myth #3: Traditional automation & AI-powered automation are equally valuable.
Despite what you may have heard, traditional automation and AI-powered automation are not one in the same and do not yield the same benefits – especially when it comes to document-centric processes.
Don’t get us wrong. Basic automation solutions undoubtedly help organizations save time and money by reducing manual tasks like data entry. But these tools are typically template-based and, therefore, somewhat restrictive. They can’t effectively handle processes that involve various types of documents or rules on their own.
When you throw artificial intelligence technologies into the mix, the solutions can learn and evolve over time. This means they can successfully handle processes with unstructured documents and varying business rules.
Myth #4: Intelligent document automation replaces workers.
Gartner found job displacement to be one of the top five employee concerns surrounding AI in the workplace. While AI-powered intelligent document automation tools can take a lot off employees’ plates, they aren’t sophisticated enough to completely replace human workers.
The best way to implement AI-driven tools, including IDP systems, is to use the technology to complement your human workers – not substitute them. When used properly, the technology can make work life easier for your existing team, helping to minimize burn out, expedite processes, and, in turn, reduce stress.
Intelligent document automation technology can, however, help you avoid having to hire new employees to complete the work you need done in the timeframe you need it done in. It does this not by completely taking on the role a new employee would, but by giving your current employees back the time they need to handle those additional tasks.
Myth #5: Intelligent automation technologies are difficult to implement.
Any business technology can be difficult to implement, but the idea that all intelligent automation technologies are is a misconception. With the right partner and strategy, adopting and leveraging IDP solutions is a breeze. Here are some steps you can take to ensure the implementation process is streamlined for your organization:
- Develop partner criteria: Maintaining a list of must-haves when interviewing potential intelligent document processing partners is critical to selecting the right one. Include points about data security, industry experience, and support response times.
- Get your team on board: You need an agreeable, supportive team in order to successfully implement IDP solutions. To avoid resistance, start communicating with your team early on in the process. Let them know not only that you’re planning on adopting new technology but why you’re adopting it.
- Ensure proper system integrations: The employees who will be directly affected by your new IDP solutions are most likely already using at least one system on a daily basis – whether it be an enterprise resource planning system, accounting software, or a customer relationship management system. Plan out how you will integrate the system(s) you’re currently using and your new IDP system prior to implementation. This will ensure a smooth transition.
Myth #6: AI-powered intelligent document processing is a passing trend.
There are, of course, many passing trends in the business world, but AI-driven intelligent document processing is not one of them.
According to McKinsey’s latest State of AI Survey, 72% of organizations are using AI in a minimum of one business function and 50% are using it in two or more. And this usage is only expected to grow over the next few years, with the global intelligent process automation market expected to increase at a compound annual growth rate (CAGR) of 13.8% by 2027.
It’s safe to say that IDP isn’t going anywhere, and if you want to avoid falling behind your competition, it’s time to start considering it for your organization.
Get Started with Intelligent Document Processing Today
Want to get started with IDP solutions now that you know fact vs. fiction? MetaSource is a trusted intelligent automation partner with over 30 years of experience, advanced technology, and secure processes. Our experts are ready to chat about how we can help your organization succeed. Contact us to get in touch today.
You can also check out our Ultimate Guide to Intelligent Document Processing to learn more about why IDP is a pivotal solution in today’s data-driven business world.
Your Guide to Intelligent Document Processing
Uncover all there is to know about IDP solutions that combine advanced technology and human expertise to deliver invaluable benefits.
