Ready to unlock the power of your documents?
The amount of data found in today’s enterprises is growing exponentially. By 2025, the IDC predicts that data worldwide will exceed 175 Zettabytes. Much of that information is locked in repositories of emails, text, images, PDFs and scanned documents, which creates a bottleneck in achieving true digital transformation.
Organizations across industries are looking to automate business processes and operational workflows through the use of Robotic Process Automation (RPA), Artificial Intelligence (AI) and analytics.
However, most of these initiatives face the challenge of handling data from unstructured sources and/or incorporating cognitive features beyond rule-based automation. One way of addressing this challenge is through the implementation of Intelligent Document Processing (IDP).
What is Intelligent Document Processing?
Intelligent Document Processing is a critical ingredient of intelligent automation. It transforms unstructured and semi-structured information into usable data. Rather than leveraging a single technology as is the case with optical character recognition (OCR), IDP uses a suite of AI technologies including machine learning (ML), natural language processing (NLP), Computer Vision and deep learning to classify, categorize and extract relevant information, and validate the extracted data. This extracted content is formatted in such a way that downstream processes can utilize it as per the requirements. An embedded ML model, within IDP, can identify the type of document and extract content irrespective of the template of the document. This template-free approach makes the engine useful for various types of business process automation needs. Ultimately, integrating IDP into an RPA platform enables today’s business users to automate processes end-to-end.
How you can use Intelligent Document Processing
HGS Digital’s Intelligent Document Processing solution is designed to help businesses across industries improve compliance, risk management, operational efficiencies, and content processing through automation. Businesses can adopt IDP for a variety of use cases ranging from invoices, purchase orders, delivery notes, checks and ledgers to passports, contracts and more. Specific use cases can be applied to key verticals such as Finance/Accounting, Human Resources and Supply Chain.
Use Case: IDP improves grievances and appeals efficiencies
A leading national health insurance player sought to shore up manual reading of unstructured/structured information on grievances. The client had several disparate manual claims-processing systems and relied on a human claims processor, leading to an 84% upheld rate of denial decisions in several markets.
HGS delivered an intelligent machine learning solution to help improve the client’s Star rating, specifically by improving grievances and appeals efficiencies. This was achieved, in part, through Intelligent Document Processing. An HGS-developed internal image analytics engine for source and format-agnostic extraction and processing helped drive an increase in IDP precision levels to 99% and accuracy to 98%.
The project was launched within two months with an objective of reducing overturned denial decisions and auto-forward rates by 50-75%. The solution has improved the ratings in the following areas: appeals auto-forward; appeals upheld; timely decisions about appeals; and reviewing appeals decisions.
Looking to add Intelligent Document Processing into your digital transformation strategy? Connect with us at email@example.com or 312-755-1845.