How CPG Businesses Are Using Intelligent Document Processing
CPG businesses face various unique challenges, including fierce competition for market share, innovating continually to stay ahead, and dealing with increasing costs. In addition, navigating complex retail channels, distribution models, and margin management puts even more pressure on them.
As a result, CPGs have to handle a large volume and wide variety of documents on a daily basis to support their different business initiatives. Enter intelligent document processing (IDP), an AI-driven technology that extracts, validates, and classifies data from documents, such as invoices, purchase orders, contracts, and more.
IDP combines cutting-edge AI and machine learning capabilities to automatically process large volumes of documents with unprecedented speed and accuracy. Here’s an overview of how the CPG industry is using this innovative technology to supercharge operations:
IDP provides efficient ways of automating document workflows in CPG businesses, allowing employees to focus on other tasks instead of spending hours manually entering data into systems or sorting through paper documents for information. With IDP, companies can increase productivity without having to hire more staff.
Accurate data entry
AI and machine learning technologies enable IDP to capture data from any document, regardless of format and type. IDP can extract relevant information from various documents like bills of lading, proof of delivery, quotes, contracts, etc., to be directly entered into other systems. This eliminates slow, error-prone manual data entry and improves access to important data.
Streamline accounts payable
By automating accounts payable processes, CPG businesses can streamline their operations and process payments more efficiently. Using IDP allows companies to track invoice status and make sure payments are made on time, reducing overhead costs and increasing ROI.
Faster invoice processing
IDP makes invoice processing faster and more precise, which allows you to take advance to early payment discounts, improve supply chain relationships, and reduce risks of overpayments and penalties. Its AI and machine learning technologies ensure that all necessary details are correctly recorded, creating faster and more accurate AP workflows.
An example of this is Kiwi, an online travel agency that uses IDP to capture invoice data and pair vendor and cost center records. As a result, its staff drastically reduced processing times and manual workloads.
Improve quality assurance
IDP helps businesses enhance their quality assurance operations by quickly detecting incorrect information that can lead to costly delays. CPGs are using this automation solution to reduce human errors, as well as fix mistakes in a fraction of the time it would take manually.
Better customer service
Accuracy and speed are vital to delivering exceptional customer service. IDP can help CPG businesses provide correct information faster than ever before. It also makes it easy for customers to retrieve the latest account statements or product availability so that their inquiries are answered quickly, leading to a superior experience.
Leverage advanced analytics
With an IDP platform, CPG businesses gain access to built-in reporting and dashboards, which they can use to track usage patterns over time and provide deeper insights into operations and customer behavior. These analytics allow CPGs to see what products are selling well and which areas can be improved upon to create a better customer experience or drive more sales.
Accurate sales forecasting is essential for CPG businesses in order to effectively manage inventory levels. By leveraging IDP, companies can collect real-time order data from external channels like EDI systems or bot platforms, enabling them to accurately forecast future demand and prepare for seasonal events well in advance.
Improve security and compliance
As hacks become increasingly sophisticated and common, CPGs must protect their confidential information. IDP ensures maximum security protection from accidental or intentional misuse by offering access controls and meeting compliance standards. The technology also strengthens data integrity with accurate yet flexible data capture capabilities.
Data and privacy protections
CPG businesses need robust document security to prevent illegal access or expensive breaches. This is especially true if they handle sensitive information like names, addresses, credit cards, etc. IDP’s defense systems reduce risk and ensure appropriate confidentiality, integrity, and availability of data.
Enhance your CPG business with document automation
The amount of paperwork generated in the CPG industry has grown exponentially, yet manual processing continues despite it being time-consuming and error-prone. Fortunately, technology offers a powerful automation solution — intelligent document processing.
It accelerates document turnaround times while improving accuracy and productivity across multiple departments within CPG businesses. Try it for free now to increase efficiency and stay competitive in today’s market.