How can Intelligent Document Recognition change the way you view business processes? The combination of pressure to reduce costs, comply with stringent regulations, and satisfy ever-increasing customer service demands is placing a big strain on operations and processes that rely on unstructured information such as documents, images and e-mails.
Making matters worse is the explosion of information that must be managed efficiently and securely, and the increasingly diverse channels through which documents arrive. Approximately two-thirds of those surveyed report that the volume of documents (paper and electronic) flowing through their operations increased between 2014 and 2016, according to a 2016 survey conducted by Brousseau & Associates and commissioned by ibml. What’s more, two-thirds of organizations report that the volume of paper alone flowing through their document processing operations is unchanged or higher compared to two years ago.
A 2015 InfoTrends study found that implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is one of the main drivers behind higher volumes of paper and digital documents at financial services organizations. For organizations in other industries, “big data” initiatives are requiring the capture of more data faster and more accurately than ever.
Intelligent document recognition provides five key benefits that transform unstructured information into the fuel that ignites better processes and insight:
- Accelerated document processing cycle times
- Streamlined regulatory compliance
- Enhanced service
- Reduced operating expense
- Streamlined document preparation
