Document Processing use cases.

Updated Date: 28 October 2024

Data is one of the most important assets to organizations today. Organizations in major businesses, service operations, and shared services, to mention a few, must manage enormous numbers of papers in order to gather this valuable resource. Handling all of this data from purchase orders to client enquiries, is a difficult task.

Fortunately, Intelligent Document Processing (IDP) offers a sophisticated solution. This technology makes it possible for your company to handle its data as effectively and economically as possible by automatically extracting and organizing data from a wide variety of documents. The seamless integration of Intelligent Document Processing with a process automation solution can significantly accelerate your digital transformation efforts.

Research suggests that by 2030, the global market for intelligent document processing would have grown to $12.81 billion. The adoption of intelligent document processing in retail, manufacturing, logistics, and other industries is becoming necessary due to the increased expansion of IDP on a global scale.

5 use cases for Intelligent Document Processing

Today we will delve into five use cases where intelligent document processing can be applied. These practical answers show how beneficial Intelligent Document Processing can be.

Automated Invoice Processing
Automating Commercial Document Management
Optimizing Export & Import Documentation
Streamlining Goods Receipt Processes
Automating Logistics Operations

1. Automated Invoice Processing:

Key data from invoices, including vendor information, invoice numbers, amounts, and line items, are extracted by IDP. You will process invoices more quickly and increase accounts payable efficiency using IDP.

The current practice in most organizations is to extract each invoice document manually and enter the data into the company’s accounting system and then file the invoice away. You can imagine how time-consuming this was. Now, with IDP, this tedious process is completely transformed. The software automatically takes care of these tasks like extracting the data and sending it directly to approving managers.

Check out our Automating invoice processing for an international shipping and logistics company.

2. Automating Commercial Document Management

Businesses often have difficulty with the inefficiencies involved in handling diverse commercial documents like bills of lading, invoices, and purchase orders. Relying on human data entry slows down processes and increases the possibility of mistakes, which can result in costly discrepancies and compliance problems. Furthermore, the lack of standardization across different document formats creates confusion, hindering consistency and prolonging approval processes.

With an accuracy of over 90%, Intelligent Document Processing (IDP) solution provides an effective approach by automating data extraction and classification. This automation standardizes document handling, drastically lowers error rates, and eliminates the need for manual input. By streamlining workflows and providing real-time insights into document status, IDP accelerates approval cycles and enhances operational efficiency.

3. Optimizing Export & Import Documentation

In the realm of global trade, businesses often grapple with the intricate and time-consuming nature of export and import documentation. The multitude of customs forms, shipping invoices, and compliance paperwork can create significant bottlenecks, leading to delays, increased operational costs, and potential penalties for non-compliance.

Intelligent Document Processing (IDP) solutions tackle these challenges head-on by automating the extraction and processing of critical data from various document types. By swiftly capturing essential information with high accuracy, organizations can streamline their shipping processes, ensuring timely deliveries and minimizing the risk of costly errors. This automation not only enhances efficiency but also enables businesses to adapt quickly to changing regulations and market demands.

4. Streamlining Goods Receipt Processes

Managing Goods Receipt Notes (GRNs) can be a complex and time-consuming task for many businesses. The manual process often involves cross-checking incoming shipments against purchase orders, which can lead to errors, delays, and inefficient inventory management. This not only hampers the supply chain but also creates discrepancies that can impact overall operational efficiency.

To overcome these difficulties, Intelligent Document Processing (IDP) automates the data extraction and validation process from GRNs. By utilizing advanced AI and machine learning algorithms, IDP ensures that information is captured accurately and promptly, minimizing the need for manual intervention. This automation accelerates the reconciliation process, enhances inventory accuracy, and improves visibility across the supply chain, allowing organizations to focus on strategic initiatives rather than being bogged down by paperwork.

5. Automating Logistics Operations

A Bill of Lading (BOL) is a critical document type in logistics and transportation that contains essential information about the shipments like:

Shipper and consignee details
Item description and quantities
Delivery information about consignee and consignor

IDP can be used to extract relevant data from BOL such as:

Automating data entry into transportation management system (TMS) or enterprise resource planning (ERP) systems
Validating data accuracy and detecting errors
Extracting key metrics and insights for logistics performance analysis
Automating the verification of BOLs against other documents such as shipping instructions or packing lists.

This helps organizations to increase efficiency and reduce manual processing time, reduce errors, and enhance visibility and tracking of shipments.

To get a valuable case study of BOL check out our Bill of Lading for business efficiency.

How Cozentus Can Help Automate with IDP

At Cozentus, we revolutionize document processing across various industries including retail, manufacturing, logistics, and more. We transformed logistics document processing through IDP by leveraging our expert insights and experience. We can handle any type of document, such as bills, invoices, shipping instructions, pre-alert documents, and more.

Just let us know what you need. Our solutions are highly customizable, ensuring a perfect fit for your specific needs. Our custom solution automates the processing of documents by extracting data, processing it, and integrating with other systems.

By adopting Cozentus, supply chain providers provide their teams with an innovative solution that speeds up document processing and improves overall supply chain efficiency.

Conclusion

Intelligent Document Processing (IDP) is one of the growing technologies that help businesses save time and money. The smart document processing software is pre-programmed to extract data from standard invoice forms.

Additionally, the software has self-learning capabilities. This way, with each new document type, the intelligent document processing software adds to its increasing knowledge and capabilities to accurately read and extract data from diverse documents with higher accuracy.

Cozentus is delighted to help you automate your document processing by providing a powerful automation IDP tool. With expertise in Cognitive Automation, RPA, and AI Automation, we are revolutionizing businesses by helping them improve the operational efficiency of their business processes with AI-powered IDP solutions.

Discover how Cozentus fits into your digitization and digital transformation initiatives, as well as how we intelligently address your day-to-day document processing difficulties.