Taking Your Document Processing Automation to the Next Level
From banking, insurance, and retail, document processing is a big part of today’s operations. These industries deal with a massive amount of physical documents that often lead to redundant operations and human errors if the processes are manual. Consequently, addressing these issues becomes crucial to improve accuracy and speed, with a lower cost of operations. […]
Financial Auditing – IDPs are a better fit for automating financial auditing compared to RPAs
Audit firms need to convert financial documents of companies into standard formats to do a credit analysis or/and financial audit. Businesses provide a variety of documents in a variety of formats. The first stage is to convert the financial information into a standard format for credit analysis. Documents such as invoices, purchase orders, checks, receipts, […]
Invoice processing – IDPs are a better fit for Invoice processing compared to RPAs
Documents such as invoices, purchase orders, checks, receipts, etc have no standard format. However, businesses need to enter the information from these paper documents into the financial systems and ERPs. A lot of manual effort is spent in classifying the documents and extracting the data for analysis. As time is limited: – errors generally creep […]
Check processing – IDPs make for a better fit than RPAs
The total checks written declined to 16.0 B with a value of $26.20 T, a decrease of 4.2 B and $3.48 T from 2015. [1] Checks still comprise 7% of overall transactions [2]. Checks are still an essential form of transaction with high volumes; moreover, the average value of checks written grew to $1,635 in […]
What is the difference between an IDP and OCR?
The capabilities of Intelligent Document Processors (IDP) today are far ahead of Optical Character Recognition (OCR) and better capable to fulfill the needs and expectations of businesses today. We have compiled the top 5 points of comparison that highlight this gulf and the benefits that it brings to business processes.