According to CIO Dive, employees can spend up to eight hours a day finding data. In addition to losing work hours, issues with locating data can lead to errors in business operations and a poor experience for customers.

In this playbook, you’ll discover specific areas where intelligent document processing (IDP) can help your organization address these kinds of business challenges, giving back time to your employees to do high-value work.

IDP is the process of extracting data from an image or document and formatting it in a way to be used in a process or system.

With AI, organizations can extract data through a simple, prompt-based approach — asking to retrieve data such as invoice numbers, contract signatories or a student’s GPA across thousands of documents.

In other words, with IDP, you’re using software to read something for you and get the key points, so you can use the data to inform a business decision or automate a process. If you leave this kind of task to human workers, there can be delays (most computers work faster than people) or errors (even the most detail-oriented humans make mistakes).

When it’s easier to access, organize and process your documents and data, departments benefit. Read on to learn how IDP can be a boon for teams throughout your organization.

Finance & Accounting

Using IDP can help your Finance or Accounting department maintain the speed and accuracy it needs to be an effective steward of finances.

• Process invoices effectively

◦ Automate data extraction to make content searchable (by vendor name, date, etc.).

◦ Speed up payment cycles by automatically routing invoices for review, approval and signature.

• Match purchase orders fast

◦ Use automation to match PO data, requiring only a simple approval to move forward.

• Expedite expense reports

◦ Get employees reimbursed on a faster timeline with digital forms and automated form routing to stakeholders.

Human Resources

IDP enables your HR department to spend more time on its employees and less time reviewing and processing forms.

• Onboard employees faster

◦ Make it easy for employees to fill out their paperwork online and for employers to approve it with automated document routing.

• Streamline benefits enrollment

◦ Gather employee benefits preferences with ease using online forms, and ensure this information is kept safe using records management tools.

Want to learn more about the benefits of implementing IDP at your organization? Download our full eBook, “The Intelligent Document Processing Playbook” here.