In today’s fast-paced digital world, business efficiency has become more crucial than ever. Unfortunately, employees are only productive 31% of the average eight-hour workday.
That leaves 69% of the day for what, exactly?
In many organizations, employees are spending that time completing repetitive, tedious tasks and searching for information that’s not readily available. The dissatisfaction that stems from completing such mind-numbing work can result in employees getting distracted more easily – whether it’s by that one chatty coworker (the beauty of returning to the office) or their dog who catches a case of the “zoomies” far too often (the beauty of working from home).
Many modern organizations across a variety of industries are turning to intelligent document processing (IDP) solutions to minimize tedious tasks as well as the dissatisfaction and distractions that come with them.
But how exactly are organizations using IDP solutions to achieve these results? Let’s dive into the top use cases…
New to intelligent document processing? Check out our introductory blog post to learn what it is and how it works.
Invoice Processing
The accounts payable (AP) process is a major pain point for many organizations – especially when it comes to productivity. In fact, according to the Institute of Finance and Management (IOFM), the average AP practitioner spends 84% of their day on manual, monotonous tasks.
AP teams adopt intelligent document automation to minimize such tasks – and the errors and delayed payments that often come as a result.
IDP solutions automate the extraction of crucial data from invoices, such as vendor information, invoice numbers, line items, and amounts. By automatically capturing and validating invoice data, you can accelerate the accounts payable process, reduce errors, and improve invoice processing accuracy. Additionally, IDP software can match invoices with purchase orders and receipts, enabling businesses to detect discrepancies and prevent fraudulent activities.
Customer Onboarding
Customer onboarding involves collecting, verifying, and managing vast amounts of documentation, including customer intake forms, financial records, and legal agreements.
Modern businesses use intelligent document automation to seamlessly extract and validate relevant information from documents, better handle payment processing exceptions, update downstream systems with the validated data, and digitally route the information to the appropriate parties.
The result? An expedited customer onboarding process that provides several benefits, including better meeting customer expectations. With over 90% of customers stating that the organizations they buy from could improve their client onboarding processes, this is a major competitive advantage.
Contract Management
Contracts are essential for establishing and governing business relationships, but managing them manually can be cumbersome and error-prone.
Intelligent document processing technology streamlines contract management by extracting key clauses, terms, and obligations from documents, enabling organizations to quickly analyze and act on critical information.
By centralizing contract data and facilitating searchability, document processing automation enhances contract visibility, compliance, and risk mitigation while minimizing the administrative burdens associated with contract management.
Claims Processing
Claims processing in insurance, healthcare, and other sectors involves handling a multitude of documents, such as claim forms, medical records, and supporting documentation. Many organizations still manually manage the process and, as a result, struggle with slow response times.
More and more modern businesses are leveraging automated document processing technology to streamline the entire process – from claims receipt through exception handling. In doing so, these businesses are improving decision-making, enhancing customer satisfaction, and even reducing claims processing costs. According to McKinsey, roughly 40% of P&C and life insurers’ costs stem from their top 20-30 processes (hello, claims processing!) and can be reduced or even eliminated by digitization.
Your Intelligent Document Processing Partner
Intelligent document automation offers a myriad of benefits across various business functions – from finance and operations to customer service and compliance. By harnessing the power of IDP solutions built on artificial intelligence (AI) and automation, organizations can unlock new levels of efficiency, accuracy, and agility in document-intensive processes.
Whether it’s invoice processing, contract management, customer onboarding, or claims processing, document processing automation empowers businesses to streamline operations and deliver superior outcomes in today’s digital age.
With over 30+ years of experience delivering IDP solutions, MetaSource has the technology and expertise required to help you stay competitive and future-proof your operations. Contact us today to get started or download our free guide on all things intelligent document processing to learn more.
Your Guide to Intelligent Document Processing
Discover why IDP is a pivotal solution in today’s data-driven business world.
