20 intelligent document processing (IDP) use cases

IDP in financial services

With its capability to streamline document-intensive processes, IDP revolutionizes critical functions within financial institutions, offering real-time monitoring, enhanced accuracy and improved efficiency. Here are some key areas IDP is being used to help propel the industry toward a future characterized by speed, precision and security:

5. Loan processing

IDP removes the time-consuming task of reviewing numerous documents by automating the extraction and verification of financial documents essential for loan applications, expediting the loan approval process.

6. Mortgage processing

By using its capabilities to extract essential information and automate the document verification process, IDP helps streamline the mortgage underwriting journey and reduces the time required for approval.

7. Finance and accounting

IDP tackles paper-intensive processes such as invoice and payroll management, gaining real-time accurate financial monitoring and control while reducing the reliance on manual data entry.

8. Invoice processing

IDP uses document imaging software to streamline the extraction of data from invoices and receipts, allowing finance teams to speed up processing and take advantage of early payment discounts.

9. Claims processing

IDP accelerates claims settlement through automated processing of structured and unstructured data while detecting fraudulent activities, bolstering the integrity of claims processes and offering insurers a tool for risk mitigation.

10. Fraud detection

Through automated transaction validation and verification, IDP enhances the detection of document fraud, adding an additional layer of security and enabling financial institutions to address fraudulent activities swiftly.

IDP in human resources

IDP streamlines employee document management workflows in the world of human resources (HR) with automated data extraction and processing. This not only expedites the onboarding process but also ensures accuracy in handling employee data. Here are some ways how IDP frees up HR professionals to focus on strategic aspects of talent acquisition and management:

11. Résumé screening

Through automatic parsing, IDP facilitates a seamless match between job applicants' résumés and job descriptions, simplifying the hiring process by quickly identifying candidates whose skills and qualifications align with role requirements.

12. Employee onboarding

IDP provides HR professionals with an efficient workflow through the collection and processing of HR documents, streamlining the onboarding journey and reducing the manual effort required for handling various employee-related paperwork.

13. Employee information

IDP simplifies processes and ensures a consistent approach to managing and safekeeping documents, such as forms, certifications, resumes and other crucial documentation.

IDP in transportation and logistics

By embracing IDP, companies are reimagining traditional approaches to document management and data processing in the transportation and logistics sector. This technology overcomes manual document processing bottlenecks, enabling organizations to enhance operational efficiency, reduce errors and improve visibility at various points in the supply chain. Here is how IDP can assist the transportation and logistics sector:

14. Shipping and inventory management

IDP transforms paper-based systems often used in shipping, permit management and fleet operations, improving data accuracy to reduce the time it takes to manage inventory and fulfill orders.

15. Sales and distribution

By extracting relevant information from sales orders and invoices, IDP optimizes each step of the purchase and order fulfilment process, minimizing errors that may arise from manual intervention to ensure products are shipped and delivered promptly.

16. Logistics

From the initial stages of shipping coordination to the final leg of customer delivery, IDP ensures that data handling is carried out with precision, enabling more accurate shipment tracking to optimize logistics planning and maintain smooth operations.

IDP in government sector

From citizen services to administrative functions, IDP plays a transformative role in enhancing efficiency, accuracy and transparency for government institutions and agencies. In an era where the demand for streamlined governmental processes is essential, let’s look at how IDP manages the difficulties of vast document handling:

17. Tax and compliance

IDP assists in streamlining tax return processing and compliance audits, translating to quicker and more accurate handling of tax-related documents.

18. Public records management

Using document capture software, IDP facilitates the digitization and archiving of government records, contributing to an efficient record-keeping practice and ensuring an organized approach to information retrieval and archival.

IDP in healthcare

IDP transforms document handling processes in healthcare organizations. From patient records to administrative paperwork, it enhances accuracy, reduces manual errors and optimizes workflows. In a sector where timely and precise information is important, let’s look at how IDP can improve patient care and overall operational efficiency:

19. Insurance claims

IDP accelerates claims processing by ensuring compliance, leading to faster turnaround times for patients and healthcare providers, streamlined administrative processes and accurate processing of claims.

20. Medical records management

IDP facilitates the digitization of patient records, enhancing accessibility and reducing the risks associated with data loss while ensuring that healthcare professionals can quickly and securely access patient information when needed.

The future of IDP across industries

IDP plays a crucial role across different industries, from transforming document management processes to increasing operational efficiencies. Whether it’s contract management, patient care or other sectors like finance, transportation and government, the versatility of IDP in addressing different business needs and challenges is evident.

Hyland IDP combines document capture and processing automation, utilizes artificial intelligence (AI) for document classification and separation and excels in intelligent data extraction. Ushering in a new era of automation, Hyland IDP doesn't just make processes faster and smoother but also improves how accurately and efficiently documents are managed.

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