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Document processing automation – Everything you need to know

October 19, 2022 - Team EdgeVerve

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Table of Contents

Document-heavy organizations will agree – enterprise document management is quite a nerve-wracking task, riddled with challenges. Processing and maintaining documents consumes a lot of productive hours, which employees could have otherwise used to serve more valued purposes. The chances of losing important files, extracting and updating incorrect data on the spreadsheet are always high. Then there are risks of digital file management chaos, high document process cycle time, version control, and unavailability of accurate information when needed. Given the current challenging scenario, document processing automation seems like the best bet for all.

Shortcomings of traditional document processing

Paper document-centric industries like banks, healthcare, and other enterprises share one common problem – the unavailability of crucial data on time. Enterprise data plays a significant role in placing organizations ahead of the market competition through strategic decisions and proper implementations. But enterprise data stays hidden amidst piles of paper documents. The legacy approach demands that employees convert those documents into their digital state and extract information accordingly. Unfortunately, humans make mistakes and easily overlook granular subtleties while extracting data. The data thus pulled paints a half-hearted picture of the actual reality, impairing proper and adequate decision-making. New-age technologies like Automation and AI have the power to dive deep into the core of the documents and fetch insights that carry more value. The following is the list of issues document processing automation is designed to override:

7 Reasons for choosing document processing automation

There are varied reasons why document processing automation is the need of the hour. Here are five compelling ones to assist in your decision-making:

What is document processing automation?

Automated document processing comes with in-built capabilities that harness the power of AI and Automation to process, store, and manage documents effectively. With the right tools in place, such platforms can also handle data extraction tasks effectively. And cloud-based document processing automation software accelerates digital transformation initiatives of organizations. Because documents and data play a primary role in scaling an enterprise’s digital transformation journey, uplifting these areas with tech-enabled solutions should be the priority. Hence, document automation is strategically the first step taken towards it.

Document AI platforms like XtractEdge provide a purpose-built document extraction, processing, and comprehension solution that readily apply to most enterprise scenarios. Furthermore, with advanced AI capabilities like Machine Learning and Deep Learning, software tools optimize the document extraction, processing, and comprehension pipeline to help enterprises unlock business value faster.

Document processing automation best practices

Regardless of the types of documents to process, there are a few best practices to observe to prevent time-consuming, costly problems later. Here are a few tips to consider:

Benefits of document processing automation

The key benefits of automating document processing are the most obvious ones, and they are as follows:

Conclusion

Managing complex documents in bulk has always been challenging for enterprises, regardless of which industry they fall under. And extracting and making quality data available on time is another one. Document processing automation is probably the best discovery for organizations and their employees. Its benefits are far-reaching. As technology advances with each passing day, the future of document management looks promising. Automating document processing is probably the first strategic step towards it – an essential milestone for organizations in their quest for digital transformation.

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