Documents are still crucial for many types of businesses – from bank lending to insurance, from medical to public administration – but their management is expensive, effort consuming and it can easily lead to human error.
According to data from Gartner:
- 15% of a company’s turnover is spent creating, managing and distributing paper documents;
- more than 9 out of 10 employees say they waste up to eight hours a week searching data in documents;
- Using the traditional method to create a new document takes an average of 3 hours and involves 6 errors including punctuation, spelling, omissions and typos.
How can we make the process more efficient? Automating and making document processing a more intelligent process is not only possible, but highly recommended.
From documents to structured and actionable data
To register a new customer or to offer a new service, it is necessary to get hold of many, different documents: from IDs to the pay slip, and they are often uploaded in different formats.
The main OCR services on the market turn paper documents into digital ones, detecting text within an image.
This is already an essential step forward for any company’s digital transformation process, but it does not deal with the entire next phase: from data extraction, to controls and data-entry, verifying if the documents have not been hacked and the data is correct.
Intelligent Document Management is a solution that makes the entire file management process more efficient: thanks to artificial intelligence, IDM speeds up the analysis and extraction of data from documents, drastically reducing the time and costs of critical activities for the company.
How IDM works
Aramix’s proprietary Intelligent Document Processing is able to
- automatically classify all the different documents within a case, even when they are sent as a single file
- identify fields of interest within each document and extract the relevant values
- perform consistency checks on the extracted data
- give an outcome that can be easily integrated with different business management systems.
The advantages of adopting IDM in your company
IDP represents an undeniable advantage for the company, because it drastically reduces management costs and optimizes the process, speeding up the time needed to upload data on the management system.
Employees who deal with document acceptance and data-entry no longer have to perform burdensome, repetitive and mechanical tasks, so that they can be in charge of more rewarding activities or focus on more complex and social oriented practices.
When it comes to customers, the overall user experience and use of the service is greatly improved, because the outcome of the practices comes faster even during work peaks, and all personal data is protected according to the GDPR, supported by servers within the European Union.
Thanks to our Intelligent Document Management solution, we have already helped several credit institutions and insurance players to do more with less, making the path towards paper dematerialisation more efficient and optimizing the whole management process.