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In today’s business world, efficient work processes are essential for companies that want to grow. One area that can benefit significantly from technological advances is document processing. Organisations of any size that deal with documents on a regular basis can gain immense benefits by adopting cloud-based solutions. In this article, we look at the importance of intelligent document processing and why it is now more important than ever.
Document processing refers to the process of capturing, managing and storing documents within an organisation. This includes physical documents such as invoices, contracts and forms as well as electronic files. It is not just about storing documents digitally, but also about extracting information efficiently and making it usable.
A document is a structured collection of information, often in a specific format, created for a specific purpose. A file, on the other hand, is a general term for any stored data object on a computer. While any file can be a document, not all files are necessarily documents.
Intelligent document processing (IDP) utilises technologies such as artificial intelligence (AI), machine learning (ML) and natural language processing (NLP) to process documents more efficiently and accurately. By combining these technologies, systems such as DocBits, an AI and cloud-based solution, can analyse complex documents, extract data and convert it into structured and usable information.
A common misunderstanding is to equate automation and digitalisation.
Digitisation refers to the conversion of analogue information into digital formats. Automation, on the other hand, goes one step further and uses technology to perform repeatable tasks without human intervention. While digitalisation creates the basis for modern business processes, automation enables these processes to be executed more efficiently and error-free.
The enormous amount of data generated in our increasingly digitalised world can be both a blessing and a curse for companies. On the one hand, these new data sources allow us to work more efficiently and smarter. On the other hand, the amount of data generated exceeds our human ability to process and utilise it. And this is precisely why the efficiency of document processing is crucial for companies.
Companies are constantly looking for new ways to optimise their processes and this is where intelligent document processing offers numerous advantages. It reduces errors, speeds up processing time and enables precise data extraction. This is particularly important in industries that work with large volumes of documents on a daily basis, such as finance and healthcare.
To fully realise the benefits of intelligent document processing, you need technology that is tailored to your specific requirements and needs and grows with you. DocBits, developed by FELLOWPRO, represents the pinnacle of intelligent document processing (IDP).
This fully AI and cloud-based solution is revolutionising document management. Using optical character recognition (OCR), DocBits extracts precise information from various documents such as invoices, delivery notes and forms. Thanks to advanced AI and ML algorithms, DocBits continuously learns and adapts to different document types and layouts. This eliminates the need for time-consuming manual processes and an automated workflow significantly speeds up processing time.
Cloud-based document processing is indispensable for modern companies. By utilising technologies such as AI, ML and NLP, companies can automate their document processes and make them significantly more efficient.Â
With DocBits, you get an advanced solution that makes your document processing more efficient and accurate while continuously adapting to your needs.
Image credits: Header- & Featured image by freepik
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