Robotic process automation (RPA) is already a proven component of digital transformation. Research from a February 2020 report from Grand View Research (an independent research firm headquartered in San Francisco, CA) reports “the global robotic process automation market size was valued at USD 1.1 billion in 2019 and is anticipated to witness a compound annual growth rate of 33.6% from 2020 to 2027.”
RPA is customizable, scalable and versatile. Implementation of RPA reduces the instances of manual errors, while customers receive faster service. Human workers can spend less time on repeatable manual processes and more time on higher level projects.
However, RPA excels when it deals with structured data.
Structured data is highly organized and is made available in clear searchable formats like databases. But a great deal of the data we interact with daily is unstructured data.
This information isn’t as easily searchable and arrives in a variety of formats such as scanned handwriting, invoices, sales orders and customer correspondence.
To incorporate semi-structured and unstructured data into an automated business process RPA must be empowered with Intelligent Document Processing (IDP) which can be used to capture and extract unstructured data. To accomplish this, IDP uses technologies such as Machine Learning (ML), Natural Language Processing (NLP), Optical Character Recognition (OCR) and Intelligent Character Recognition (ICR).
Once implemented, IDP (in conjunction with RPA) can automate and scale the capture, extraction and the classification of data. This process can also integrate the extracted data into existing software such as Excel. This improves the efficiency and quality of the collected data when compared to the manual process.
Applications for this technology span among many industries and departments including
- Receipt Processing
- ID Document Processing
- Claims Processing
- Invoice Processing
- Know Your Customer Document Processing
- Loan Application Processing
- Barcode recognition
- Incident Management
- Employment Records
Organizations can now handle document processing at scale with greater speed and accuracy. To watch a demo of intelligent document processing in action contact firstname.lastname@example.org.