How Businesses Use Intelligent Document Processing

Incoming document processing accounts for a large portion of back office activities and can be automated with today's technology. Data extraction is required for document processing, which improves with the quality and quantity of extracted data. As a result, improved document data extraction enables businesses to automate higher levels of advanced processing.

Why Is Automatic Document Processing Important?

Document scanning is one of the most effective methods for making business workflows more efficient, streamlined, convenient, and fast.

Low Cost Of Processing

The first reason for document digitization is the low cost of data processing: when data is converted into a convenient format, processing is less expensive.

The main idea is that if you have a large amount of complex data, you don't have to delegate document processing to dedicated staff. It will be much cheaper to perform the task by developing software, custom search algorithms, or data processing tools.

Ease Of Data Processing

Document digitization aids in the conversion of paper-based information into electronic documents and the conversion of data within these documents into machine-readable formats (XML, JSON, CSV, TXT). It is far more convenient to use business intelligence software in conjunction with the appropriate software to manually process data in these formats. CSV, for example, can be easily processed in Excel.

Storing Documents Digitally

One issue with paper documents is that they must be stored in a single location and in the correct order, which can take up a lot of space. Furthermore, you run the risk of losing or damaging your data document.

You can save both the scans and the extracted data from these documents after digital processing. As a result, you can access all valuable data from anywhere online, while the original data is stored in a single location on physical media.

How Businesses Leverage Document Digitization

The chances that at least one company which services you’ve used before or worked with uses intelligent systems to digitize documents are very high. Businesses from nearly every industry have embraced the digital transformation and started using modern document processing solutions for their benefit.

Transportation and Logistics

Logistics-related companies, like carriers, brokers, freight forwarders, and 3PL companies, are adopting digital document processing because it can automate the handling of a wide range of critical documents to their operations.

Critical documents like freight invoices, bill of lading, arrival notices, shipment notice, proof of delivery, and cargo manifests, carry vital information on the shipment process. Digitizing these documents allows for extraction of useful information and makes it more accessible to the organization, as well as improving the efficiency, accuracy, and cost-effectiveness of their freight invoice processing and reconciliation processes.?

Customs Brokers

Another area of business where documents are plenty and all carry vital information is customs handling.

Customs declarations come in many shapes and sizes, like bills of lading, customs commercial invoices, and packing lists, and include information on shipment details (shipper, consignee, carrier, shipping date, etc.), cargo details (description, weight, volume, etc.), and routing information (origin, destination, transit points, etc.).

Customs companies digitize these documents to validate the information by reconciling the extracted data with the existing data, and flag any discrepancies or issues for further review. This process assists organizations in identifying and correcting data errors or inconsistencies, helping customs brokers reduce compliance risks.

Food Safety

The food industry deals with a lot of regulations - and for a good reason. Public health is dependant upon how well the businesses in the food industry comply with said regulations.

Any food item goes through an analysis to assess its chemical, physical, and microbiological properties. The results are compiled into a certificate of analysis - a lengthy document containing all of the important information about the food item.

Document processing is used to extract product name, lot/batch number, expiration date, and complex analytical results automatically, then validate this information against the corresponding food safety regulations and standards to ensure compliance.

Libraries, Museums, Schools And Universities

All of the aforementioned establishments are often concerned with the preservations of their collections. Old documents degrade over time - the paper warps, the letters fade, the images and photos lose their color. Many museums around the world have already digitized a part of their collection to ensure worlds of art and historical documents can be preserved for future generations.

Digitisation of documents is not only performed to preserve, but to share the documents online, which is especially useful for online schools and university courses. Study books are scanned and proceeds using modern OCR software to extract structured information, which can then be used for online learning.

Bottom Line

Data extraction automation can benefit businesses by reducing workload, increasing productivity, and providing a competitive advantage in terms of bottom lines and employee satisfaction.