Where can your organization use AI and automation to create ultra-efficient operations?
That was the question posed by Solaris, a provider of Europe’s leading embedded finance platform. Experiencing rapid growth with its cutting-edge Banking-as-a-Service platform, the company needed to scale to meet customer demand while maintaining lean and efficient operations.
Solaris identified a key business process eating up significant time and resources: invoice processing. With an intelligent document processing (IDP) solution, the company introduced newfound speed to financial processes—with 81% faster preparation of supplier payment runs and reducing month-end closing activities by two days!
Go beyond the finance department for intelligent document processing gains
While Solaris reaped impressive efficiency benefits, the power of IDP impacts more than finance departments. IDP also reduces manual tasks within sales, HR, customer service, and other critical functions.
Let’s explore how end-to-end intelligent document processing solutions introduce new efficiencies to drive growth, scale business, and maintain an edge in the market—and what to look for from a vendor solution.
The big three of IDP
When organizations prioritize automation projects, one of the top considerations is the current number of repetitive, manual tasks. And understandably so, as taking manual steps out of processes leads to reduced errors, cost savings, and enables employees to focus on other, higher-value tasks.
To increase intelligent document processing benefits and effectively scale, there are three must-have components:
- Omnichannel, multi-modal information capture: Transform paper, digital documents, and media files, such as sales orders, invoices, or onboarding content, into known document types with extracted data that is actionable for systems, people, and processes.
- AI and machine learning: Increase the accuracy of extracted data and insights from any type of content, delivering smarter workflow decisions and enabling organizations to classify content at scale.
- Process automation: Reduce digital friction by optimizing information flow across applications and business functions, empowering employees to elevate performance and customer satisfaction.
Intelligent document processing has many practical use cases, able to transform customer experience initiatives, employee onboarding, invoice processing, and records and contract management in a variety of industries, such as healthcare and transportation.
When choosing an intelligent document processing solution, here are five questions to help guide your search:
1. How intelligent is the information capture?
As part of automation priorities, organizations require intelligent information capture. This means going beyond digitizing documents to make them searchable, layering in AI to improve data extraction and enable automated classification based on extracted metadata.
- Does the solution use natural language AI integrations to uncover sentiment, such as tone and intent?
- What is the role of large language models and continuous machine learning to increase accuracy and efficiency over time?
- How does the solution validate extracted data against pre-defined rules or reference data to ensure accuracy?
2. Can the solution grow with your needs?
Your document and data processing needs of today will not be the same tomorrow. Inquire about the solution’s ability to scale for larger inbound content volumes and adjust to handle new file formats.
- How easy is it to add new document types and adjust data extraction rules?
- Does the solution ensure each step (extraction, classification, and processing) is retained and updated on the go as new data and document layouts are encountered?
- What features are built-in to help reduce the time to manually reassess and retain models?
3. Does it work in the cloud or on your own servers?
It’s important to have the flexibility to choose a deployment model that works best for your organization, your industry, and your organizational policies and processes.
- Are both on- and off-cloud deployments available, as well as hybrid, and both public and private cloud?
- Which cloud providers are compatible with the intelligent document processing solution of choice, such as Google Cloud, Microsoft Azure, and AWS?
4. Will it connect with your current systems?
To improve operational excellence and enhance the employee and customer experience, intelligent data processing needs to seamlessly integrate with the applications and systems that your teams use every day.
- How compatible is the IDP solution with your existing technology stack?
- Does the IDP solution have deep integrations so that the content review and validation user interface is within line-of-business applications, like SAP and Salesforce, or does it require a proprietary connector or additional third-party technology?
- Does the IDP solution automatically route extracted data to critical business applications without the need for complex integrations?
- Can you leverage APIs to facilitate data exchanges with existing systems?
- Does the solution include automation tools, such as RPA, or does it rely on a license and integration with an additional third-party vendor?
5. Does it protect your data and meet compliance rules?
Your intelligent document processing solution of choice should support regulatory compliance and adhere to internal data security controls.
- Does the solution flag discrepancies in data during the extraction and classification process to detect fraud or non-compliance?
- Does the solution produce detailed audit trails of data processing activities?
- Does the solution provider follow responsible AI practices and never shares customer data with third-party AI models?
Why choose OpenText for intelligent document processing?
Recognized as a leader in information capture and intelligent document processing, OpenText helps organizations streamline content-driven business processes to tap into rich data, saving processing costs and time. Unlike point solutions that only handle one part of the document lifecycle, OpenText offers a unified approach that provides end-to-end capabilities to reduce complexity, improve accuracy, and speed time to value. We deliver information capture, intelligent document processing, content services, archiving, and analytics in a single solution to help organizations reduce manual work, improve data quality, and accelerate digital transformation.
Discover why organizations choose OpenText for intelligent document processing
