5 Impacts of Investing in an Intelligent Document Processing Solution
The scale of raw data that most ARM players possess today, including consumer transaction data and statements, is enormous. While some of this data can be tracked digitally, most of it is still unstructured (in form of scanned documents, emails, images, texts, and PDF documents) and cannot easily be converted into business-ready data. As the magnitude of this raw data doubles every year for many growing collection businesses, very few are equipped to deal with this challenge and perform manpower-intensive tasks on substantial sets of documents. Categorizing and indexing unstructured documents, redacting PII, and scrubbing this data manually can cause delays, errors, and lack of transparency, which can, in turn, increase costs, lower margins, and negatively impact the consumer experience for lenders.
So, how do you navigate these challenges? How do you structure your documents in an easy-to-use and easy-to-share format without using manpower to ‘fix’ them? The answer is investing in Intelligent Document Processing (IDP). With IDP, you can facilitate automation for document processing, and boost throughput by removing error-prone, labor-intensive manual handoffs and legacy document management interventions. Here is how Intelligent Document Processing can impact your bottom line and help you scale faster:
1. Digital documents transformed into business-ready data
With Intelligent Document Processing, all the repetitive yet cumbersome tasks that go into analyzing the documents can be made more process-driven. Technologies integrated into IDP such as Optical Character Recognition (OCR), Intelligent Character Recognition (ICR), and Flex Indexing can help you apply domain-specific validation to a big chunk of raw data and enhance their validation process via RPA. Added benefit? You can customize these technologies as per your unique indexing standards, document types, workflow, and business requirements.
2. Automated redaction for better compliance
IDP can give you a significant leg-up and ensure accuracy, and efficacy in manual redaction processes. In the post-COVID business landscape, data breaches are an alarming concern. Given customer data leaks can cost any collection business its credibility, securing PII through automated redaction, a key feature of Intelligent Document Processing, is a must-have tool to simplify PII compliance, safeguard data, and protect your brand image.
3. Reduced risks, increased compliance
A reliable and fully managed tool such as Intelligent Document Processing to handle Servicemembers Civil Relief Act (SCRA) compliance scrubs can reduce manpower costs and regulatory burdens associated with non-compliance of SCRA guidelines.
4. Improved collaboration
With your documents being digitized through OCR, you can easily extract and insert data across systems in a fast and seamless way. The data can be fetched from legacy ARM systems to excel documents and datasheets, allowing your technological ecosystem to be far more robust.
5. Better data governance
With the time and manpower-intensive tasks automated, Intelligent Document Processing can help you capture, extract, and process data from a variety of document formats to classify, categorize, and extract relevant information, and validate the extracted data. With end-to-end automation of document-centric processes, you can ask your team to spend time on meaningful work that directly impacts your bottom line.
If you are looking to implement an Intelligent Document Processing solution in your business, reach out to us here to learn more about our IDAP solution that can help you convert your existing raw data into a goldmine.