Experience shorter process time with Intelligent Document Processing

Data generated by companies increase by 65% every year. It is time that enterprises shift to intelligent document processing for error free document processing. As most businesses are on their journey ramping up digital transformation, one thing is for sure – adopting intelligent document processing will significantly reduce the time, money, effort, and resources you spend to process documents. All you need is strategic planning and the right IDP solution.

Machines have the ability to tackle large amount of data while humans don’t. Automate your document processing operations for better and faster outcomes.

Gartner estimates that,

By 2025

50% of B2B invoices worldwide will be processed and paid without any manual intervention

By 2030

80% of B2B invoices will be transmitted digitally.

Traditional document processing vs. Intelligent document processing

Research shows that 84% of small businesses use traditional document processing methods. The transition to remote work necessitated an innovative approach to document processing for many businesses. Organizations were dealing with other issues in the accounts payable function like

Budget and resource constraints

Due to limited resource availability, there was a lot of pressure to do more with less. It is critical to scale enterprise revenues without adding resources to the team.

Companies spend 3% of their revenue on printing and maintaining documents.

Process cycle times

Cycle time is a critical metric that businesses use to assess the effectiveness of all recurring processes. The longer it takes to complete a task, the less efficient it is. The cycle time is usually in days and hours.

Difficulties with productivity

Manually reviewing, reconciling, and entering the data from tons of documents can be tedious, time-consuming, and error-prone.

Fraud detection and data loss

Businesses may receive and process hundreds of invoices or insurance forms daily. Because of the volume, it is impossible to inspect each invoice leading to errors and missing data.

Studies show that It costs $20 to file a document, $120 to locate a lost document, and $220 to recreate a lost document.

Intelligent document processing (IDP) to the rescue

IDP can provide organizations with immediate value while developing technologies and skills that can scale to provide better business insights.
It can be helpful in various business scenarios, such as
- Increasing the accuracy of business processes
- Meeting compliance/regulatory requirements
- Making better use of content within documents.
IDP can integrate with record-keeping systems and support access provisioning based on user privilege to index, search, and compile data for improved compliance.
IDP can shorten cycle times by recognizing and classifying multipage or single-page documents based on type, extracting data from documents, validating it faster than any human.

Business Benefits

Intelligent document processing uses advanced Artificial Intelligence (AI) to process documents. Business benefits include

Increased scalability

Improved ROI

Agility

Reduces manual efforts

Improved efficiency

Avoids human error

Increased productivity

High accuracy

Automated document classification

Enhanced compliance and security

Business impact stories

Quicker Process Cycle Time

A renounced insurance company witnessed a 50% reduction in the process cycle time

The previously complicated process of the firm made understanding and extracting data from documents tedious, requiring 48 hours to process an insurance claim.

Improved ROI

An industrial manufacturer witnessed an increase in the proposal win rate by 40%

with Intelligent Document Processing.

IDP has dramatically increased its speed, accuracy, and capacity. They process 200 pages RPFs regularly

Reduction in cost spending

20%-50% reduction in cost per document

A financial services company saved $2.9 million annually by eliminating manual intervention.

The enterprise needs 90 people to do it manually, which costs $6 million annually

How can we help?

Are you processing documents manually? Looking for an IDP partner?

Then bring your use case, and we can provide you with a tailored solution.

At SAXON, we offer contract intelligence and intelligent invoice processing solutions. With our IDP solutions, you can witness high ROI, better data extraction, and high accuracy.

All our solutions are highly scalable to meet your business’s increasing demand.