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Blog | Agnostic, Financial Services, HR and Administration, Hyperautomation, IDP

TAME YOUR DATA MONSTER WITH INTELLIGENT DOCUMENT PROCESSING (IDP)

May 13, 2022 | 3 min read

Author

Frida Kjidderö

A major challenge that businesses face in managing the digital landscape is the maintenance and storage of data.

The amount of data each firm possesses has had tremendous and exponential growth in the last decade and that’s unlikely to change.

Some estimates have indicated that as much as 2.5 quintillion bytes of data is created each day. It is also estimated that between 60% and 73% of all data within an enterprise goes unused. The reasons vary, but in general, it boils down to volume, incomplete data, missing tools to be able to capture and analyze data, and lack of structure within the data. In addition to this, it’s estimated that employees spend more than 25% of their time searching for the right document and information they need to do their job. Wasting valuable time in the process.

This information overload also has other effects. As well as the loss in productivity, there’s also the loss of opportunities the knowledge from the data could provide, ultimately resulting in the loss of potential value creation. It can also generate data protection problems if left unhandled. For instance, the lack of control and overview of storing sensitive data. This is especially important in terms of GDPR and poses a major challenge for firms in handling their ever-growing mountain of data.

THE DATA STORAGE CHALLENGE

It’s clear that our ability to produce data is outstripping our ability to store it.
Today, many firms use less and less physical documents and instead use cloud services for storage. Cloud services provide many business-critical benefits, such as ease of use, backups, ease of collaboration, security and much more.

Operationally, this is the dream. However, it’s key that organizations have the necessary capabilities to harness the data, ensure its managed properly in the cloud but also be mindful of the environmental impact.

There are many initiatives in place to increase the energy efficiency of cloud storage, but the carbon footprint is still major. To keep the servers of the world cool, a massive amount of electricity is needed. It also generates a lot of electronic waste.

SO, WHAT CAN WE DO ABOUT THIS?

The answer is simple; by implementing a smart way to collect, analyze, sort, and cleanse our data.

By implementing intelligent automation technologies such as Robotic Process Automation (RPA) and Intelligent Document Processing (IDP), we can start to work our way through the mountain of data being created.

Using one of our partner platforms such as ABBYY, UiPath or Automation Anywhere, focusing on IDP, we can classify and extract documents of varying structures and export them in a structured manner that makes them easier to find, easier to work with and with less duplication. This is a key capability for successful Intelligent Automation scaling and a key enabler to addressing your full process scope.

REAL WORLD APPLICATIONS

All types of documents can be exported and stored in any location, and IDP can extract specific line-item data from tables as well as standard text to digitize a wide range of business operations.

Here is a snapshot of what IDP can achieve within your business:

Process document volumes in the millions
Create and process structured data out of unstructured documents – e-mail, agreements, etc.
Extract information in over 200 languages
Extract information from handwritten text, forms, and checkboxes
Read tabular data
Read multiple document formats
Find key data elements in varied positions and formats
Verify that documents are signed
Check that all pages are accounted for
Execute rule-based digital tasks
Interact with any Business Applications
Read unstructured text
Support robot and human interaction

TRANSFORMING DOCUMENTS INTO NEXT LEVEL VALUE

IDP provides a powerful force to turn unstructured data into structured data, to migrate data from one system to another, to index a large amount of unsorted data, and decrease the amount of unused information.

With an increase in efficiency in your day-to-day operations, increased searchability in data, increased order and maintenance of information, and the possibility to scale down on data use, IDP can deliver considerable return on investment in short timescales.

But possibly most importantly, this could save your employees a headache or two by making information easier to find. Happy employees are much more productive, creative, and engaged!

Whether your processes are on-premises or in the cloud, we can leverage our best practice IDP methodologies to tame your data monster and have a radical effect on productivity and efficiency.