8 Reasons Technology Companies Are Turning to IDP
In the digital transformation era, more and more technology companies are turning to intelligent document processing (IDP). But what makes it such a valuable asset for them?
Document automation is making its way through multiple industries as organizations strive to become more efficient and effective in their operations. Technology companies are leading the charge when it comes to harnessing the power of artificial intelligence, machine learning, and advanced analytics to drive their business initiatives.
See the top reasons why tech industry leaders are adopting IDP and how this innovative solution sharpens their competitive edge.
1. Increased efficiency
With IDP, technology companies can quickly and accurately process high volumes of documents, regardless of their format and type. This automates a lot of manual work, such as intake and data entry, which saves time and increases efficiency.
A great example of IDP efficiency is Xolo, a cloud platform for freelancers. The company saved 82% of time per document by embracing IDP for invoices.
2. Improved accuracy
Traditional template-based OCR software is a step up from manual processes, but it lacks the accuracy, flexibility, and scalability that modern organizations need. OCR can miss words or characters, get confused by symbols, or have issues with colors other than black and white.
IDP is a superior solution because it uses cutting-edge AI and machine learning technologies to capture data accurately and streamline validation. This minimizes the potential for human error and ensures data integrity across workflows.
3. More secure transactions
IDP enables tech firms to automatically check for data inconsistencies in customer documents or business contracts. Additionally, using an IDP platform to process, store, and manage documents improves transaction security and trust, as well as helps to prevent fraud and breaches.
4. Cost savings
Automating document processing with IDP reduces overall costs associated with paperwork management and decreases turnaround time on projects significantly. Coupled with fewer errors, IDP can lead to higher profits and revenues over the long term.
5. Enhanced customer experience
Technology companies have become heavily invested in providing an optimal customer experience due to heightened expectations in today’s digital atmosphere. By using IDP, companies can streamline processes, thereby improving customer experience without compromising security or privacy standards.
For instance, InnovationPath — an IT and RPA consulting firm — leveraged IDP’s flexibility and accuracy to provide its clients with a solution that offers 98% automation.
6. Streamlined workflows
IDP uses the most innovative AI capabilities, which train and refine the system continually. As a result, accuracy and efficiency increase. IDP empowers technology companies to eliminate time-consuming, error-prone manual processes that create bottlenecks in workflows.
Plus, its pre-built and custom integrations with other critical systems make IDP a complete automation solution for tech brands.
7. More robust analytics
Having real-time insights is crucial for accelerating business initiatives. IDP offers advanced analytics and reporting tools to get a full picture of all document lifecycles. This enables decision-makers to identify opportunities and trends that they may miss otherwise with manual processes or outdated solutions.
8. Improved compliance capabilities
Organizations need a comprehensive compliance strategy in place to remain compliant, especially in tightly regulated sectors like healthcare, financial services, etc. An AI-powered platform enables technology companies to automate tedious tasks involved in regulatory document review, which helps to ensure compliance and protection against fines or penalties.
Take your operations to the next level
Manual processes are inefficient, costly, and not secure. Far too often, important information is lost, or mistakes are made that lead to delays. That’s why technology industry leaders are turning to intelligent document processing to improve data entry, security, customer experiences, and more.
Furthermore, IDP enables faster turnaround times while reducing errors and increasing accuracy. It can eliminate many manual tasks while still ensuring consistent quality, regardless of the company size or industry sector.
Start your free trial of Rossum now to start maximizing efficiency and productivity with the most innovative IDP solution.