Types of Businesses That Can Benefit From Intelligent Document Processing
Here at FabSoft, we are software engineers passionate about ensuring our customers make the most of the documents they encounter in the normal course of business. With over 150,000 successful installations, FabSoft solutions have been implemented into the daily operations of many prominent companies worldwide. With all this experience, we know that many businesses can benefit from Intelligent Document Processing, sometimes referred to as IDP. In this guide, we highlight just a few of the businesses that can benefit from using IDP and explain the various applications of IDP within those organizations.
Banking, Financial Services, and Insurance (BFSI) Institutions
BFSI organizations can use intelligent document processing software to significantly improve their document workflows by automating the process of capturing and digitizing paper documents and moving them throughout the business. Intelligent document processing software leverages technologies such as Alternate Reality (AI), Machine Learning (ML), and Natural Language Processing (NLP). BFSI organizations need intelligent document processing to manage large volumes of transactional documents that include:
- Credit card applications
- Loan applications
- Personal finance documents
- Financial applications
- Invoices
- Tax returns
- Payroll
- Claims
- Contracts
For example, to review loan documents, AI technology, and NLP can extract information from documents and generate recommendations for legal and financial teams. Intelligent document processing reduces the time required for document review and frees up time for lawyers and legal teams to focus on more complex tasks. Intelligent document processing software also increases visibility into the statuses of accounts and transactions and reduces the risk of errors.
To learn more, read our blog, The Benefits of Document Capture Software in the Finance and Insurance Industry, and our case study SysConnect Automates Form Creation and Document Routing for IPS.
Healthcare Institutions
Intelligent document software is beneficial across healthcare institutions. Medical professionals must deliver the best patient care while fulfilling documentation and compliance requirements. These tasks involve large volumes of paperwork that must be processed as quickly as possible. Medical professionals rely upon intelligent document processing to streamline the digitization of medical records, update medical records, register patients, manage prescriptions, generate referrals, and more. Care providers, human resource departments, care coordination, recruiting and staffing teams, and administrators can all use intelligent document processing to increase accuracy, adhere to compliance standards, improve productivity, increase security, and reduce costs.
To learn more, read the Freepath Pathology Laboratory success story, Medical Company Automates Their Workflow.
Real Estate
Commercial real estate companies handle large volumes of lengthy, unstructured documents, including purchase and sale agreements, leases, appraisals, mortgage documents, legal contracts, and more. Intelligent document processing software is now a business requirement because it is efficient and effective. With intelligent document processing software, real estate professionals can gain insight into property portfolios, analyze documents for offer scenarios, manage deadlines, generate tax reports, and create service agreements.
To learn more about our solution's benefits to real estate, read the success story, Document Capture for the Real Estate Software.
Retail, Wholesale, and Distribution
As intermediaries between manufacturers and end-users, distributors maintain product lines and provide services. As crucial members of the supply chain, retail businesses, wholesalers, and distributors must manage vast amounts of documents, including the following:
- Invoices
- Purchase orders
- Employee files
- Purchase records
- Service history records
- Service agreements
- Compliance documents
- Tax documents
To meet increasing demands and stay competitive, businesses must be able to optimize inventories, quickly resolve customer service issues, and streamline workflows. Intelligent document processing makes all of these objectives possible with more practicality and success than any other method.
To learn more about retail solutions, read our blog The Benefits of Document Capture Software in the Retail Industry. To learn more about distributor solutions, read this success story, Document Capture for the Aerospace Industry.
Intelligent Document Processing with Fabsoft
Here at FabSoft, we created the Fab-Connect Suite to deliver practical, cost-effective software solutions that intelligently capture and distribute transactional documents across businesses of every size. The Fab-Connect Suite includes MFDConnect, SysConnect, DeskConnect, along with additional solutions available through unique partnerships.
Our Intelligent Document Processing solution, DeskConnect, has intelligent capture technology to manage documents on the user's desktop easily. Whenever a user needs to process a repetitive document, DeskConnect can improve the process by eliminating the user's repetitive steps, removing human error, and forcing consistency. DeskConnect uses AI and Machine Learning to improve the user experience significantly. FabSoft combines best-of-breed solutions to optimize the amount and quality of the data you capture and minimize the effort required.
To see how DeskConnect can work for your business, Book a Demo with us today!