From Manual to Automated: Intelligent Document Processing with AI

Introduction

Introduction

Welcome to Navient’s webinar on taking manual to automated intelligent document processing (IDP) with AI. Today, we’re diving into the transformative powers of IDP with our exceptional Jeff Comr and Chris Crowy, your favorite consultant from Navient. Let’s explore what intelligent document processing brings to the table.

Efficiency: A Peter Drucker Perspective

Starting with a quote from Peter Drucker, "Efficiency is doing better what is already being done today." This is especially pertinent to IDP, as advancements in AI, machine learning, and OCR have dramatically changed how we handle content, pushing us beyond the days of barcodes and clay tablets.

What is Intelligent Document Processing (IDP)?

IDP employs advanced technologies such as AI, machine learning, and OCR to automatically classify, extract, and process data from any type of document. While terms like OCR and machine learning are familiar, AI is newer to the game, enhancing how IDP systems understand and improve over time.

Why IDP?

Save Costs:

IDP keeps costs low with advanced features and a SaaS offering that is easy to set up and use.

Efficiency:

With IDP, documents are processed faster, speeding up downstream workflow processes and reducing business cycle times.

Accuracy:

IDP minimizes human errors by performing classifications and data extractions as well as or better than a human.

Reduce Paper Usage:

By keeping everything digital, IDP saves paper and toner.

Visibility and Administration:

IDP enhances the visibility and management of your digital ecosystem.

Automation Building Block:

IDP is where a lot of digital content starts, ensuring accurate inputs for AI models and further automation.

Customer Satisfaction:

A seamless IDP process leads to improved customer service and satisfaction.

IDP in Action

Cost and Time Savings:

• Invoices: Commercial companies save 40-60% in time processing invoices.
• Healthcare: Reduces time for processing insurance claims by 50-70%.
• Financial Services: Increases throughput for loan processing by 60-80%.

Double Feature: Highland IDP and Abby Vantage

Highland Intelligent Document Processing (HIDP)

Process Flow

• OCR: Performs optical character recognition.
• Document Separation: Identifies and classifies documents.
• Data Extraction and Validation: Extracts relevant data and validates before outputting to systems such as OnBase or ERP.

Continuous Online Learning:

AI and machine learning continuously improve the system without needing additional training.

Administration:

Offers a cloud-based, browser-accessible process monitor for easy point-and-click configuration.

ABBYY Vantage

With 30 years of history, ABBYY Vantage offers a cloud-hosted, low-code platform with pre-configured “skills” for document processing.

Key Features:

• Vision: Determines document type.
• AI Understanding: Applies AI to identify and extract data.
• 200+ Languages: Handles multiple languages with ease.
• Various AI Models: Uses different neural networks optimized for specific tasks.

Use Cases Beyond Basics

Elevate your IDP by exploring advanced use cases:

• Sentiment Analysis: Customer surveys.
• Chat Transcripts: Analyzes support interactions.
• Performance Reviews: Determines employee satisfaction and Flight Risk.
• Insurance Processing: Detects fraud and compliance issues.
• Contract Analysis: Extracts and summarizes terms.
• Compliance Tracking: Ensures accuracy in heavily audited industries.

Training and Resources

• ABBYY Vantage Fundamentals: University.ABBYY.com
• Highland University: Highland University

Conclusion

Thank you for joining us today. We look forward to seeing you at our next webinar. Have a great day!

Keywords

• Intelligent Document Processing (IDP)
• Artificial Intelligence (AI)
• Machine Learning
• Optical Character Recognition (OCR)
• Efficiency
• Automation
• Document Classification
• Data Extraction
• Customer Satisfaction
• Abby Vantage
• Highland IDP

FAQ

1. What is Intelligent Document Processing (IDP)? IDP is the use of advanced technologies like AI, machine learning, and OCR to automatically classify, extract, and process data from documents.

2. What are the benefits of IDP? IDP saves costs, improves efficiency and accuracy, reduces paper usage, enhances visibility, supports automation, and increases customer satisfaction.

3. What systems can IDP integrate with? IDP can integrate with systems like Highland OnBase, ERP, and others via RPA or direct integration.

4. How does IDP improve over time? IDP systems incorporate machine learning, which allows them to continuously learn and improve based on user inputs and corrections.

5. What are some advanced use cases for IDP? Advanced use cases include sentiment analysis, chat transcript analysis, performance reviews, insurance processing, contract analysis, and compliance tracking.