Automated Data Extraction From Documents
Intelligent Document Processing (IDP) automates data extraction from complex, unstructured documents, helping enterprises create a new value proposition for their organizations and customers.
Until now, only humans could process these kinds of documents, costing companies time and money. By removing manual data processing bottlenecks with IDP, enterprises can drive new, transformative business outcomes.
One enterprise client built an entire business model using IDP’s ability to process unstructured receipts.
Another client was able to offer an industry-leading SLA (cost, speed, flexibility) for insurance claims processing resulting in new customer wins and revenue growth.
What other business outcomes can IDP create?
New Ways to Optimize Processes
IDP uses powerful AI technologies to speed up document processing. It also generates significant business impact, boosting scalability, agility, and end-to-end digitization while reducing the staff necessary to process documents.
IDP’s business impact is clear and immediate.
Most clients achieve ROI in just a few months by removing the manual processing bottleneck.
Here are examples of four business outcomes clients have achieved with IDP.
IDP Optimizes Cost
20%-50% reduction in cost per document processed.
IDP saved a financial services company $2.9 million a year by helping the enterprise reduce its manual extraction staffing by 50%. The enterprise initially needed 90 people to manually extract data from complex documents, which cost $5.85 million a year.
IDP Scales Up Capacity
50%-400% capacity improvement.
An engineering firm was able to cut its RFP response time down to a week from three weeks with IDP. The firm was able to process 400% more RFPs with IDP compared to its staff of 80 people reading complex diagrams in documents.
IDP is Fast
50%-75% reduction in process cycle time.
IDP reduced the processing time by 50% for an insurance processing firm with a complicated process for understanding and extracting data from documents. Manually processing documents took 48 hours per document and IDP was able to reduce the total time to less than a few hours.
IDP Increases Revenue
20-80% revenue boost.
An industrial manufacturer increased proposal win rates by 40% with IDP. It had been manually processing 200-page RFPs, but the process was limited by staff speed, accuracy, and capacity. IDP was able to automate that process speeding up RFP responses and capacity.
New Benchmarks for Document Processing
IDP makes your business process fast, agile, scalable, and efficient.
IDP creates a new benchmark for what you can achieve with automation.
This is real value, delivered today.
FAQs
A pre-fund QC checklist is helpful because it ensures that a mortgage loan meets all regulatory and internal requirements before funding. Catching errors, inconsistencies, or compliance issues early reduces the risk of loan defects, fraud, and potential legal problems. This proactive approach enhances loan quality, minimizes costly delays, and improves investor confidence.
A pre-fund QC checklist is a set of guidelines and criteria used to review and verify the accuracy, compliance, and completeness of a mortgage loan before funds are disbursed. It ensures that the loan meets regulatory requirements and internal standards, reducing the risk of errors and fraud.
Using AI for pre-fund QC audits offers the advantage of quickly verifying that loans meet all regulatory and internal guidelines without any errors. AI enhances accuracy, reduces the risk of errors or fraud, reduces the audit time by half, and streamlines the review process, ensuring compliance before disbursing funds.
Choose software that offers advanced automation technology for efficient audits, strong compliance features, customizable audit trails, and real-time reporting. Ensure it integrates well with your existing systems and offers scalability, reliable customer support, and positive user reviews.
Audit Quality Control (QC) is crucial for mortgage companies to ensure regulatory compliance, reduce risks, and maintain investor confidence. It helps identify and correct errors, fraud, or discrepancies, preventing legal issues and defaults. QC also boosts operational efficiency by uncovering inefficiencies and enhancing overall loan quality.
Mortgage review/audit QC software is a collective term for tools designed to automate and streamline the process of evaluating loans. It helps financial institutions assess the quality, compliance, and risk of loans by analyzing loan data, documents, and borrower information. This software ensures that loans meet regulatory standards, reduces the risk of errors, and speeds up the review process, making it more efficient and accurate.
