How many of the processes your organization is struggling with are data-centric ones?
That was a trick question…
In today’s modern business world, all processes are data-centric. And, unfortunately, 41% of organizations are struggling to understand and, therefore, effectively leverage their data because it’s either too intricate or inaccessible.
That’s why many organizations are turning to intelligent document processing solutions that facilitate the use of even the most unstructured, complicated data.
Unfamiliar with IDP? Check out our blog post that covers what is and how it works.
The key is choosing not only the right IDP solution but the right IDP partner to provide it. Here’s a checklist to help you make the right decision for your business:
Ability to Manage All Types of Documents
Your organization likely uses both structured and unstructured documents on a daily basis. Structured documents are organized and follow a predefined format that facilitates easy management – think standard forms like IRS 1040 tax returns. Unstructured documents, on the other hand, do not have a set format, making them difficult to manage without advanced IDP software – think contracts and invoices.
While most businesses use both types of documents, experts found that 80-90% of business data is unstructured. This highlights the importance of partnering with an IDP solution provider who can handle both pre-defined documents and the complexity of free-form files.
Experience Providing IDP Solutions for a Range of Use Cases
One of the most attractive features of intelligent document automation solutions is their ability to be used enterprise-wide. The best IDP partners have experience helping organizations across industries – from financial services to healthcare – optimize document-centric processes across departments – from accounts payable to operations.
Here are just a few common IDP use cases that top partners have experience applying:
- Invoice Processing: Accounts payable (AP) professionals spend 84% of their days completing manual, monotonous tasks. With intelligent document processing, they can significantly reduce these tasks and the time-consuming, costly errors that accompany them. IDP technology can help automate the invoice process from receipt through approval.
- Mailroom Management: Digital mailrooms are common IDP solutions that help organizations streamline incoming mail management. Now, you might be wondering what a digital mailroom really is and how it works. Simply put, digital mailroom solutions convert both physical and electronic mail into the proper format for processing, accurately capture data from documents, and securely deliver the digital files and data to the appropriate systems for fast, easy access.
- Customer Onboarding: Many organizations aren’t aware of how unnecessarily complex and inefficient their client onboarding processes are until they see what they can become with the right IDP solution. Intelligent automation technology can expedite the onboarding cycle by 60% by streamlining client information management and payment processing.
A partner with a breadth of experience can help you ensure that your technology investment goes a long way, benefiting not just one but all teams across your organization.
Customizable, AI-Powered IDP Solutions
Artificial intelligence (AI) is a hot topic in the business world – particularly in the realm of intelligent document processing. The best IDP partners make a point to continuously evolve their solutions using the newest and most advanced technologies. Today, these technologies include AI-powered business process automation tools.
Research shows that organizations investing in AI are seeing positive results: 77% are experiencing improved operational efficiencies, 74% are seeing an increase in employee productivity, and 72% have tracked enhancements in customer satisfaction. With benefits like these, it’s no wonder the top IDP partners are leveraging AI in their solutions.
By working with one of these partners, you can achieve these benefits through manual task elimination, expedited processing times, improved decision making, and – drumroll, please – customization. Artificial intelligence’s ability to be trained and adapt enables IDP partners to deliver custom solutions that allow organizations to reach unique goals.
Data Security Prioritization
Over eight million records were exposed in data breaches during the fourth quarter of 2023 alone. This is, understandably, incredibly concerning for business leaders. It also highlights the importance of partnering with an IDP solution provider who prioritizes data security.
Top partners encrypt digital files at rest and during data transmission to keep sensitive information secure. They also maintain trained staff and adhere to several standards, including:
- HIPAA: With a partner who complies with the Health Insurance Portability and Accountability Act (HIPAA), you can rest assured that personal health information found in your critical business documents is safe. This standard is particularly important if you’re planning to leverage an intelligent document automation solution to streamline human resource processes that involve health information.
- SOC 2 Type 2: The ideal partner will undergo a Service Organization Control (SOC) 2 Type 2 audit annually. This audit proves that they meet stringent security, confidentiality, and data availability requirements.
- PCI DSS: A secure environment for accepting, processing, storing, and transmitting credit card information is crucial in today’s fraud rampant world. With a partner who meets Payment Card Industry Data Security Standard (PCI DSS) requirements, you can find peace of mind knowing this information is secure for both you and your clients. This would apply, for instance, if you’re using an IDP solution to better manage customer onboarding forms that include credit card information for payments.
Depending on your organization and the industry you operate in, it might be important to partner with an IDP solution provider who complies with other standards, such as the General Data Protection Regulation (GDPR) and the Criminal Justice Information Services (CJIS) Security Policy, as well.
Why MetaSource Is Your Ideal IDP Partner
MetaSource is a trusted intelligent document processing partner with over 30 years of experience helping organizations throughout various industries optimize their business processes. We have special expertise processing a wide range of unstructured documents, including contracts, correspondence documents, invoices, and purchase orders, for a wide range of departments.
Our IDP solutions driven by artificial intelligence and other advanced technologies, including document management systems and workflow automation software. And as a HIPAA, SOC 2 Type 2, PCI DSS, GDPR, and CJIS compliant company, your data security is always our number one priority.
Interested in learning more about intelligent document processing? Contact us to speak to an expert today or download our free guide on all things IDP.
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.
