In the face of relentless economic growth, Taiwan enterprises are dealing with the challenge of straining back offices, largely involving manual processing of paper documents. Reliance on this traditional approach harbors numerous limitations, hindering efficiency and growth. However, the digital transformation wave is gaining momentum, and intelligent document processing (IDP) stands as the key to a modern, efficient, and flexible back office, contributing to enhanced competitiveness and sustainable development.
Difficulties of Traditional Document Processing Methods
In today’s digital era, operational efficiency plays a key role in business success. However, many enterprises, especially back-office teams are still struggling with manual and costly document processing systems. In the traditional way of working, back offices’ works require employees to do completely manually such as classification, data extraction and data entry from paper documents. So that, this process is a closed loop, easily causing boredom and distraction for the workers themselves due to time consuming effort. Moreover, the high cost of hiring workers just for processing and storing paper records cannot be fully guaranteed at work due to human error can be. Because the frequency of its can greatly affects the accuracy of data, especially in the manual line. Additionally, employees have limited capability to work overtime due to the limitations of physical and mental health…
According to a McKinsey & Company study, 45% of back office activities can be automated, including document processing. This highlights the significant potential for saving time and cost through the application of automation solutions.
Solution: Intelligent Document Processing (IDP)
What is OCR and IDP?
Optical Character Recognition (OCR) technology automatically converts scanned documents, PDFs and images into machine-readable text. It analyzes images containing printed or handwritten characters and translates them into editable electronic text. OCR recognizes various alphabets, numbers, and symbols and often integrates with other applications like IDP.
Intelligent Document Processing (IDP) combines Optical Character Recognition (OCR), Machine Learning (ML), and Natural Language Processing (NLP). As the final stage of document processing, IDP not only extracts text but also understands the context and meaning within the document. IDP is like an AI virtual assistant capable of classifying documents, extracting relevant data points, and verifying information for accuracy.
Benefits of Applying Intelligent Document Processing (IDP)
Improve operational efficiency
IDP provides a solution to manual document processing task, helping businesses optimize back office processes, improving operational efficiency. Firstly, IDP has the ability to process mass documents quickly and accurately over a long period of time, helping businesses shorten work time, meeting the demand to process numerous data in a short period of time. According to Forrester Research, 80% of enterprises adopting IDP recorded a significant increase in document processing speed.
Thanks to artificial intelligence (AI) applications and machine learning, even if accurate data is extracted from various documents, IDP can minimize errors and ensure data consistency. According to IDC, IDP can reduce document processing errors by up to 90%.
Cost optimization
Secondly, upgrade the work process with modern technology solutions, minimizing human resources that allow businesses to allocate funds to spend more reasonably. Instead of storing paper documents that cost expensive space and storage costs, IDP helps store data in electronic form – not only saving cost but also space. Moreover, enterprises will reduce the need to hire staff to handle documents, saving wages and welfare costs. Finally, thanks to high accuracy, IDP also helps to minimize errors in document processing, including reducing error correction and error handling costs. According to Aberdeen Group, IDP can help businesses save 65% of document processing costs.
IDP Solutions from akaBot for Taiwan Enterprises
The trend predicting that AI generation will be the mainstream of the majority of industries in the next few years. Since 2018 in Taiwan, the government-promoted “AI Action Plan” has directed Taiwan to become one of the smartest countries by training AI and optimally transforming operations using artificial intelligence technology. Therefore, taking advantage of technological resources has become an important factor for businesses.
With extensive experience in RPA, akaBot confidently supports customers in automating back office processes, including file processing, data management, monitoring, and ensuring compliance with legal and industry regulations. It helps businesses minimize the risk of violations. In addition, akaBot is a leading provider of advanced intelligent automation solutions, proven in 3900+ large enterprises, delivering significant results, such as Central Retail VN saving up to 500.000USD in 5 years or TPBank achieving double the return on investment (ROI) in 2022,… through automation solutions. This shows akaBot’s extensive experience to meet customer’s requirements and bring customer satisfaction in the Taiwan market.
Wrapping Up
IDP and akaBot are powerful tools that can help Taiwan enterprises automate many business processes. Thereby improving operational efficiency, optimizing costs, and enhancing customer experience. Taiwanese businesses should consider applying IDP and akaBot to quickly achieve economic value and increase competitiveness in the global market.
Reference
https://rossum.ai/blog/hr-manual-document-processing/
https://signeasy.com/blog/business/intelligent-document-processing
https://www.abbyy.com/blog/ocr-vs-idp/
akaBot (FPT) is the operation optimization solution for enterprises based on the RPA (Robotic Process Automation) platform combined with Artificial Intelligence, Process Mining, OCR, Intelligent Document Processing, Machine Learning, Conversational AI, etc. Serving clients in 21+ countries, across 08 domains such as Banking & Finances, Retail, IT Services, Manufacturing, and Logistics…, akaBot is featured in “Voice of the Customer” for Robotics Process Automation” by Gartner Peer Insights, G2, and ranked as Top 6 Global RPA Platform by Software Reviews. akaBot also won the prestigious Stevie Award, The Asian Banker Award 2021, Everest Group’s RPA Products PEAK Matrix® 2023, etc.
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