Navigating today’s business landscape is no small feat – we get it because we’re in the same boat. The relentless pace demands that you not only keep up with your competitors but get on top of each of the ever-emerging regulations.
And while the overall workload grows, you’re also challenged to find a way to remain efficient without doubling your workforce. So, how can you rise to the occasion? Intelligent Document Processing (IDP) is the star of the show right now.
Whether you’re running an accounting firm, a bank, or a marketing agency, IDP can be that secret weapon that reshapes your company’s future. Just imagine: a solution that automates data extraction from any document and then instantly makes this data usable.
Sounds too good to be true? Well, get ready for more. In this read, we’re shining a light onto the top 13 Intelligent Document Processing use cases. Dive in to find out how IDP can change your company.
Efficient and Compliant Document Workflow
We all know the struggle of manual data entry – it’s the ultimate obstacle to having accurate and usable databases. And let’s not forget the hours spent making sure that no private information is stored in your system.
IDP software can easily take on these typically manual tasks for you. With one solution, you achieve up to 99% accuracy and process your documents in seconds, while staying compliant. Want to get onboard? Let’s get started.
Data Entry Automation
While filling out Excel sheets after reading through each document may seem a relaxing task for the first few times, it quickly becomes unsustainable as the number of documents grows. This is where Intelligent Document Processing (IDP) comes in.
IDP solutions allow for automated data entry. They can capture and extract data from different documents, and transform its contents into machine-readable formats (like CSV, JSON, and XML), ready to be used in a database or ERP (Enterprise Resource Planning) software of your choice.
Whether it’s receipts, invoices, passports, driving licenses, menu cards or price tags, IDP ensures that the whole processing cycle gets complete in a matter of seconds.
Data Masking for Enhanced Security
Even though digital data is generally safe, data breaches still happen. By masking any data that you store, you can avoid most of the damage in case of a data leak.
Additionally, you’re required to remove any personal indicators to stay compliant with GDPR, HIPAA, and other data privacy regulations.
Sounds like a lot of work, right? Well, instead of filtering sensitive information out, you can automatically mask desired custom data fields with IDP software.
By adding the data masking step to your intelligent document workflow, you’re able to protect your customer and employee data and remain compliant without putting in extra work.
Embrace a Smart Way of Processing Financial Documents
Intelligent Document Processing truly shines when it comes to its use cases in the financial industry. It’s the sector where precision is paramount because even small mistakes can cost a lot of money.
And we’re not talking simply about the mistakes caused by human error, fraud is a very common element of today’s business scene. You can rely on IDP software to safeguard your company.
Streamlined Purchase Order Processing
A purchase order is a commercial document that ties buyers and sellers together in a transaction. This process can be quite lengthy and complex. It’s already primarily a manual task that requires a lot of human input. So, why spend even more time on the processing stage?
IDP can simplify purchase order processing by extracting essential information like order numbers, quantities, and vendor details. Result? Time saved, and you get the accurate data for each recorded transaction.
Automated Invoice Processing for Accounts Payable
Keeping track of each invoice that needs to be paid (your accounts payable), is a demanding task in and of itself. When your accounting department is swamped with invoices, there is a considerable chance that something will go missing. Or that mistakes will be made when the contents are entered into your accounting system.
Intelligent Document Processing software might be just what you need to keep invoice processing on track. It introduces a new workflow for your back office, where invoices are swiftly extracted and verified, and the data is routed to your accounting interface or ERP system automatically. Thus, IDP software for invoice processing is exactly what your business needs for streamlining accounts payable.
This is your chance to take charge of your accounts payable process by automating invoice processing, without spreading your resources too thin as the processing volume grows.
Receipt Processing for Expense Claims
How do you stay on top of all expense claims? Do you still process each receipt manually? In that case, IDP is going to be a life-changing solution for your company.
When you have your own management system, adding IDP aids you in extracting key details from receipts such as dates, amounts, and merchant names. This simplifies the flow because you don’t need to doubt whether the amounts are accurate or if the receipt is legitimate.
Speaking of ensuring legitimacy of processed documents, it leads us to the next use case!
Strengthening Fraud Detection
With the amount of widespread machinations in the financial industry, you can’t risk any fraudulent activities coming your way. IDP software carefully evaluates documents using advanced AI algorithms, identifying patterns and discrepancies that may be signs of fraudulent conduct.
Whether it is spotting fake bank statements or detecting invoice fraud, IDP offers you a way to automate document fraud detection and keep your defenses up no matter the amount of documents you’re working with.
Get Fast & Accurate Marketing Insights with IDP
If you thought that Intelligent Document Processing is limited to the financial industry, you couldn’t be further from the truth. IDP use cases extend far beyond financial and administrative tasks.
Data-driven insights are essential when it comes to strategizing and decision-making in marketing. That’s why IDP can significantly contribute to marketing insights and data analysis. It can be that game-changer that gives marketers quick access to crucial data.
Automated Receipt Clearing
Receipts are used in many loyalty programs to obtain important customer insights. When we’re talking about hundreds of receipts, it’s not that frightening. But what about thousands? Manual processing will simply not work, you’ll need automated receipt clearing.
IDP can assist on every step of the way: automated information extraction, line classification, and verification. Simply speaking, when customers send in their receipts, IDP software checks for price, date, merchant’s name, if the right item was purchased, and if the receipt is legitimate. All in the span of a few seconds.
Swift & Precise Price Tag Data Extraction
Intelligent Document Processing power goes beyond data extraction from the document formats you’d expect. For example, IDP software can capture product data from price tags.
Normally, you’d have to spend a large amount of money for someone to visit places on your behalf and manually jot down prices so you could do the analysis afterward. You can make this procedure much easier with IDP solutions.
Such IDP providers like Klippa DocHorizon allow you to scan relevant price tags and automatically extract all important data. This way, when you returned to the workplace, your colleagues had already begun analyzing all of the data that your IDP solution had delivered to your management system.
Menu Cards Data Extraction for Informed Analysis
Similarly to the previous use case, IDP solutions can process and extract information from menu cards. It’s extremely important for restaurant owners and food delivery services when deciding how to price appropriately or how to optimize the menu.
With Intelligent Document Processing, you can scan menu cards and extract dish names, descriptions, and prices. Analyze the extracted data to create menus that will appeal to your guests and keep you competitive in the restaurant market.
Streamline Identity Verification with Intelligent Automation
We’ve mentioned how crucial it is to make sure that all the documents you handle are genuine. If not, there’s a chance you could lose money and even damage your reputation due to it.
Now, think about a situation where the fraud isn’t just about faking an invoice, but instead, it involves creating a fake identity. Can you afford to onboard a client with a fake ID? Lucky for you, IDP solutions are well-trained to verify identity documents.
Effortless ID Document Validation
Intelligent Document Processing for ID verification has a wide range of practical applications in different industries.
Whether you’re in the banking industry or handling HR matters, making sure documents are valid is a crucial step before finalizing contracts or agreements. IDP solutions make identity checks easier by automatically extracting important information from ID documents and confirming their authenticity.
When you’re choosing an IDP provider, especially for global companies, look for one that supports multiple languages and is trained on various countries’ document formats. This way, you can smoothly process ID documents from different parts of the world.
Reliable Age Verification
Industries with age-related restrictions, such as alcohol and tobacco or gambling, can utilize IDP for age verification and safeguard minors from accessing age-inappropriate content or products.
IDP software extracts the date of birth (DOB) from identification documents, ensuring compliance with legal requirements. Since IDP solutions are capable of detecting fraudulent documents, you can be confident that the age barrier is not getting bypassed.
KYC Automation
Know Your Customer (KYC) checks are becoming more and more widespread throughout many industries, however, in some, like banking and finance, it’s also a must.
With many new clients signing up, the process can get out of hand if you need to manually check every passport or form. Intelligent Document Processing is the key to KYC automation. It extracts the necessary information from any needed KYC documents such as Proof of Identity, Proof of Address, and Proof of Income.
Who would say no to staying compliant with AML (Anti-Money Laundering) and CDD (Customer Due Diligence) regulations with the help of software? No more manually checking and filling out customer forms.
Seamless Digital Onboarding
If you want to take it a step further, some IDP solutions (Klippa DocHorizon is one of them) also offer an interface that lets your clients onboard themselves remotely.
Such solutions have all the benefits of IDP but have extra features like selfie verification, liveness detection, or NFC checks.
This way you can offer a 24/7 secure digital onboarding to your clients, while still adhering to any industry regulation and ensuring your safety.
While we discussed only the top 13 Intelligent Document Processing use cases, in reality, applications of such software are endless. In fact, AI algorithms that are utilized within IDP technologies are capable of being trained on any set of documents or languages.
So don’t despair if none of your IDP use cases were mentioned. Many IDP providers offer an option of developing custom solutions depending on your unique requirements.
Upgrade to Intelligent Document Processing with Klippa DocHorizon
Since you made it to the final section of this blog, does it mean that you are ready to embrace the benefits of Intelligent Document Processing? In that case, we’re here for you.
With Klippa DocHorizon, you get access to a comprehensive toolkit suitable for many industries:
- Boost image quality using our cutting-edge scanning SDK to improve processing accuracy.
- Seamlessly extract vital data from your chosen document types.
- Transform documents into machine-friendly formats for further use in your accounting or ERP system.
- Automatically classify documents with AI for easy integration into your digital archive.
- Safeguard sensitive information through instant data anonymization.
- Accurately verify documents to enhance security and comply with regulations.
- Simplify onboarding or automate KYC checks.
Any of the components can be easily implemented via API or SDK into software or applications you’re currently using. All of our solutions are well-documented and created in a developer-friendly way to ensure smooth transition. And we’ll support you throughout the whole journey. After all, your success is our success.
Excited to step into the future? Take the first step by booking a demo below or contact us if you have any questions.