If you think boosting your business with ADP is a little far fetched, we’re here to prove you wrong.
In chatting with colleagues a little while ago, I realized that there is a misconception that Automated Document Processing is just a new term for document management (storing and locating documents electronically) and automated workflows. Their interests peaked when I explained the true magic of ADP, so let’s take a deeper look into what it is and how it benefits companies.
A paper trail or a collection of documented events is vital to any process. Every day, we encounter transactions of some sort (whether in our personal or business lives), and we need to maintain records of such transactions.
Most of us have moved away from manual filing systems and now scan documents to be stored electronically. This enables us to label or tag things in a meaningful way so that when we need to retrieve the document, it is quick and easy to do – but even this has some limitations. There are crucial data within these documents that could help to make life even more productive. But how to access that data?
Computer Vision
Introducing Computer Vision…Using this technology, we can train a computer to recognize specific document formats and even to identify characters within a document. Computer Vision can work with any digital format, and through ‘seeing objects’ and applying Artificial Intelligence, the system can make observations and draw conclusions based on this intelligence.
The more data you provide to the system to learn from, the better it gets at identifying and concluding.
Optical Character Recognition (OCR)
When it comes to Automated Document Processing, OCR is computer vision’s BFF (best friend forever). As its name implies, this technology recognizes characters (and even images) and turns them into code that can be further processed. OCR is the somewhat less costly version of IDP.
But wait, there’s more: Intelligent Data Processing (IDP)
Intelligent Document Processing (IDP) is like OCR on steroids. It’s faster, more accurate, and requires less human intervention. In addition, OCR is not able to perform the following tasks that IDP can:
- interpret the data it ‘sees’
- identify a variety of layouts
- learn and improve
Other technologies
To add a bit of flavor, there are a few additional technologies we throw into the ADP mix:
- Machine Learning
- Deep Learning
- Natural Language Processing
Putting ADP to use in business
There are so many ways that ADP can benefit businesses, but here are some of the more common uses:
Invoice Processing
The bigger the business, the greater the volume of invoices to be processed. Each invoice from each supplier comes in different formats and has different layouts. Manually processing these documents is time-consuming and error-prone.
And invoice matching is probably the most significant time hog, prone to the most errors. The benefits of computer vision in this space speak for themselves but keep a look out for our upcoming blog that covers these benefits.
If time saving and accuracy don’t provide enough reason to consider ADP, let’s consider the cost savings. It may be an enlightening exercise to calculate your current cost per invoice to establish precisely how much ADP might save you in the long run. Not necessarily only in actual processing costs but also in keeping to payment terms and avoiding penalty interest.
Learn more about our Invoice Processing solution.
Supply Chain Management
By its very nature, the supply chain relies on accurate data to drive workflow.
If the speed and accuracy of processing documents are improved, the entire supply chain benefits. Where the supply chain is optimized, the organization becomes more productive, and sales increase.
ADP can help to process:
- Goods Received Notes
- Shipping Labels
- Waybills
- Consignment Notes
- Proforma Invoices
- Inspection Certificates
Not only does this make a difference to internal processes, but it also provides an additional layer of customer service.
Human Resources
visionAI’s HR Onboarding and Recruitment solution automates and simplifies the recruitment, verification, and onboarding processes.
You can read more about the HR solution, and you may also be interested in:
- Artificial Intelligence in the HR industry
- Artificial Intelligence is bringing back the human in Human Resources
Insurance
With VisionVerify you can automate your customers’ verification and onboarding process, saving you and your customers time.
Learn more about Verify for Insurance and access additional information here:
In conclusion
The ability to identify different pieces of text, such as dates or names, and replace them with actual data is an invaluable feature for any business that deals with large amounts of content. Give us a call today to see how we can help boost your business.
