Intelligent Document Processing (IDP) automates routine tasks related to the processing of data from documents of various types—any documents that need data extracted for indexing and validation, and ultimately automatic delivery to business systems and processes. To be competitive today, IDP software must leverage artificial intelligence (AI) to automate data-centric business tasks and free up human resources for more strategic work.
A New Era for BPOs
BPO companies around the world have a powerful new tool in their technology stack, one that can process and understand vast amounts of data trapped in unstructured documents. By leveraging machine learning (ML) algorithms and document AI services in the cloud, BPOs can now automate complex document processing and achieve unprecedented levels of productivity and cost efficiency. This technology is revolutionizing how BPO companies operate, how they serve their clients, and how they are expanding their service offerings into new markets.
In addition to ML, optical character recognition (OCR), and intelligent character recognition (ICR) for print and cursive handwriting, IDP software can leverage generative AI services in the cloud to drive even more data automation that produces critical business insights. BPOs then pass along these capabilities in the form of value-added services to their clients. These advances are enabling BPOs to process huge amounts of unstructured data with greater accuracy and at a fraction of the time and cost previously required.
“As IDP technology continues to evolve, BPOs must keep pace and continuously refine their processes to maintain a competitive edge. Embracing IDP is not just a technological upgrade but a strategic imperative for BPOs aiming to thrive in this new age of AI.”
Many strategic partners attended a Kodak Alaris sales conference last May, and conversations around the use cases and capabilities of advanced IDP were practically endless. This is not surprising when you consider that Gartner expects AI utilization in BPO services to surge from the current 6% to 40% over the next two years. This eye-opening stat highlights the urgent investments the BPO industry is making to leverage AI to automate document processing.
The ability to integrate these technologies with our IDP software is changing the game for many businesses, and our BPO partners were excited about the new opportunities to deliver a wider range of services and penetrate new markets.
BPOs can now scale these capabilities across several clients, enabling them to deliver document automation services at a lower cost than ever before, and with a higher degree of speed and accuracy. In business sectors that do a lot of outsourcing, like finance and government, the CFOs that want to deliver transformative improvements are prioritizing AI-based solutions to get the job done. The early adopters are doing more with less, and much of the market is already trying to catch up.
Radically Improving Operations and Service Delivery
BPOs benefit from AI-powered IDP solutions in many compelling ways, including:
- Competitive advantages: The integration of IDP into BPO operations is driving innovation and providing businesses with a lasting competitive edge. BPOs that adopt AI-enabled IDP solutions can offer faster, more accurate, and cost-effective services compared to those still relying on less automated methods.
- Data analysis and business insights: IDP software helps BPOs analyze large volumes of data from unstructured documents and derive key insights that can improve strategic decision-making in a variety of business contexts.
- Scalability: IDP is ideal for helping BPOs scale operations quickly and adapt to changing business needs, such as handling seasonal spikes in demand, expanding into new markets, and increasing the breadth of their service offerings.
- Compliance monitoring and security: Compliance and data security are critical concerns for BPOs, especially those handling sensitive information. IDP improves compliance by ensuring that data is processed according to regulatory requirements and pre-set models trained specifically to handle sensitive information. Features like automated PII redaction and on-premises implementation options further improve data security and compliance.
Getting Started
Getting onto a successful path with IDP starts with relying on the right vendor to help guide, inform, and deliver results. There are several key considerations in the journey, including identifying the right technology fit for each business. The initial setup, integration with existing systems, validation, and transitioning employees to new methods of automation are all important milestones. The long-term benefits of increased efficiency, accuracy, productivity, cost savings, and customer value outweigh these common initial investments. Our clients have found that our IDP platform delivers fast time-to-value and significant ROI.
As IDP technology continues to evolve, BPOs must keep pace and continuously refine their processes to maintain a competitive edge. Embracing IDP is not just a technological upgrade but a strategic imperative for BPOs aiming to thrive in this new age of AI.
At eBizDocs and with our partner, Kodak Alaris, our BPO partners and customers have relied on us to help transform their businesses with AI-powered IDP, and we are laser focused on helping them develop the right strategy for integrating document AI solutions that expand their market presence. Overall, IDP is still in the early stages of adoption, and eBizDocs/Kodak Alaris are well-positioned to help BPOs navigate the complexities of document AI services and infuse the technology into existing processes to achieve higher levels of success across the board.