We've come a long way since the business world first started using paper and printing technology to manage their business information. Today, paper is seen more as a nuisance than an enabler.
With skyrocketing document storage costs, most businesses are now convinced that large volumes of documents are best stored in digital formats—but what about data processing?
Processing large volumes of documents, especially in industries such as healthcare, insurance, and government services, is like fighting a losing battle.
Manual processing at scale introduces cost inefficiencies and leaves room for manual error. Verifications and corrections are tedious, costly, and sometimes simply not feasible.
Are you guilty of using manual processing for digital documents? Or have you discovered business ease with an intelligent document processing solution?
The challenges of manual document processing
Manual document processing brings a host of challenges, especially when organizations use legacy systems and manual practices to run their business processes:
- Human error: One of the main drawbacks of manual processing is that it introduces human error, which can become a stumbling block in the business process and even result in serious consequences for the company.
- Low productivity: Time-consuming manual verification and approval processes introduce bottlenecks in day-to-day workflows. Work is slow and can be held up if an employee is absent or a manager is not available in the office for approvals.
- Lack of integration with downstream processes: Many organizations have developed unorganized and ad-hoc mechanisms to manage various document formats. This poses challenges to IT and end-user teams to connect those documents to their business processes and existing or legacy applications.
- Data exists in separate siloes: Without an integrated, automated platform, data is often distributed across multiple systems, and users across different applications work in isolation. As a result, collaboration and correlation of data between systems suffer in manual processing.
How intelligent document processing (IDP) solves challenges for document-intensive industries
Businesses need a new approach to large-volume document processing that leverages automation and deep learning technology to process large numbers of documents in split seconds and without error. That's where intelligent document processing or IDP solutions play a part.
IDP automates document processing by intelligently understanding what information the document contains, extracting the information, and routing the captured information to a predetermined application for further processing.
According to an IDP State of the Market Report (2021) by Everest Group:
Among the key factors driving IDP adoption are:
- Improving operational efficiency and productivity (importance of 6.5 out of 7)
- Enhancing employee experience (importance of 5.7 out of 7)
- Improving governance and compliance (importance of 5.2 out of 7)
DRS is now at the cutting-edge of intelligent document processing technology
We have partnered with Hyperscience to deliver a machine-learning-powered platform for intelligent document processing that can be tailored to your organization, whether in financial services, insurance, public sector services, transport & logistics or healthcare & life sciences.
Hyperscience turns documents into the structured data you need to service your customers. It is a configurable platform for automating document-based workflows that can mold to your existing business processes.
Trained on live documents with real-world imperfections and equipped with pre-trained Machine Learning models, our solution can meet your target levels of accuracy and processing time. It intelligently introduces human touchpoints or intervention only when necessary, giving you unified human and machine performance benefits.
An intuitive UI, open API and pre-trained models start helping you process documents in no time. You can get up and running in weeks with 75-95% automation out of the box.
The Hyperscience IDP platform delivers meaningful automation
The Hyperscience IDP platform understands complex, difficult-to-read documents, including hand-filled forms, PDFs, images, and emails. It transforms the information into machine-readable data to drive faster, more reliable downstream decision-making and business outcomes.
Here are some highlights of the platform:
Capture information: Captures information from multiple sources and multiple document types
Read & recognize: It reads through any document fast and extracts printed and handwritten text from structured and semi-structured documents, such as forms, invoices, pay stubs, and checks.
Classify: It detects patterns in vast volumes of data and interprets their meaning, and classifies documents intelligently.
Integrate: It drives greater automation and decision-making through integrations with other systems in your environment during document processing to leverage external data.
As Scott Theaumont (a senior executive at one of Hyperscience's strategic partner companies) put it: "Hyperscience… is one of the surest ROIs for client success for our organizations looking for a practical, valuable application of Artificial Intelligence (AI) and Machine Learning (ML)."
Scott gives the example of how they modernized the inbound claims processing for a US state service across their digital and paper document workflows leveraging the Hyperscience intelligent document processing platform. The platform was used to organize, scan, index, and validate insurance claim information and then send the extracted, machine-readable JSON formats to the 3rd party Claims Management System. The state's claims response time decreased from 5 days to 24 hours while maintaining 99% accuracy. The initiative saved over $1 million and significantly accelerated the response time for constituents.
DRS: Your partner in digital transformation
Automating manual processes, reducing manual bottlenecks and lowering human errors are key value drivers to a successful digital transformation.
DRS helps clients with onsite or offsite scanning services to digitize documents and digitalize manual processes. Our automated data extraction solution extracts information from unstructured sources like images, emails, spreadsheets, invoices and receipts. Automation eliminates errors in data entry and facilitates data transfer between different legacy and other current applications that exist in the customer's IT landscape.
DRS helps organizations in business process transformation, organizing & enabling content in the form of data and documents at an organizational level and leveraging automation to improve customer and employee experience.
With our partnership with Hyperscience, we are now at the cutting-edge of data science and intelligent process automation.
Contact DRS to leverage the benefits of cutting-edge technology to automate document processing.