How to ensure Intelligent Document Processing (IDP) scalability for future growth?
There’s a popular myth that many people believe: “We only use 10% of our brains.” This calculation has been misattributed to various people, including renowned physicist Albert Einstein, 19th-century psychologist William James, and Dale Carnegie of How to Win Friends and Influence People fame. In reality, if we only used 10% of our brain, then most brain injuries would have had no effect at all on us, because 90% of our brain was lying idle anyway.
What is true, however, is that most organizations today only use about 15% of their valuable data. The reason for this is that 85% of all data in large enterprises is
unstructured – and does not follow an established format or model, making it challenging to search and analyze. To make sense of the unstructured data, some
organizations have attempted to drive IDP initiatives with technologies like Robotic Process Automation (RPA). Organizations using RPA can harness a meager 15% of what they have, as they are not equipped to handle unstructured data.
A few organizations use optical character recognition (OCR) technology to drive their IDP initiatives. It is template-based and doesn’t work for unstructured documents. You will have to create new templates for every organization, besides continuously changing the templates.
Some mature organizations are embedding MI/AL, but the tech is only capable of going so far with unstructured documents. They still need to do a lot of manual post-processing or build and connect additional RPA to handle post-processing.
To understand this better, let us look at the technology and processes that make IDP scalability a challenge:
Data variability and complexity
Unstructured documents come in various formats, languages, and layouts, making it difficult for IDP to handle them efficiently.
According to an AIIM study, only 18% of organizations surveyed have high confidence in their IDP systems’ ability to handle document variability.
Accuracy and training data
IDP models require substantial amounts of labeled training data to perform well. Acquiring and preparing such data can be time-consuming and costly.
A McKinsey report found that over 60% of IDP projects fail to meet accuracy expectations.
Integration complexity
Implementing IDP solutions often involves complex integration with existing systems like Enterprise Resource Planning (ERP) or Customer Relationship Management (CRM) software.
This complexity can lead to project delays and cost overruns.
Inadequate process analysis
Many organizations rush into implementing IDP without analyzing and redesigning their document-centric processes.
A survey by Deloitte found that 40% of IDP projects failed because organizations did not align them with their business processes.
Resistance to change
Employees may resist changes brought about by IDP, fearing job displacement or workflow disruptions.
A Gartner report predicts that by 2024, 50% of organizations will face employee resistance in adopting IDP technologies.
Maintenance and monitoring
IDP systems require constant updates, ongoing maintenance, and monitoring to ensure they adapt to evolving document formats and maintain accuracy.
A Forrester study reveals that 33% of organizations struggle with IDP maintenance and support.
Compliance
Verticals like healthcare and finance deal with highly regulated documents. Adhering to compliance requirements while scaling IDP can be challenging, as demonstrated by a PWC study where 49% of financial services companies cited compliance as a
barrier to scaling IDP.
Process fragmentation and lack of IT readiness have been the biggest challenges in scaling IDP infrastructure in organizations across verticals. Besides these, you can count lack of vision, resistance to change, cost and speed to implement, and executive support and alignment as the other broad challenges in scaling.
How do you go about scaling your IDP?
Is there a silver bullet to scaling your IDP? – No.
However, you can help break down your scalability barriers and unlock the power of Intelligent Document Processing.
Here are a few steps that you should be cognizant of:
Assess current IDP capabilities and needs.
Begin by understanding your existing IDP systems’ capabilities, including their processing speed, accuracy, and document type support.
In case you don’t have any existing IDP capability, collaborate with different functions and stakeholders in your organization to identify the types of documents,
their volume, and the specific tasks you need to automate, such as data extraction, classification, and validation.
For instance, as a healthcare provider, you realize that you struggle to process handwritten prescription documents efficiently. However, you anticipate a substantial increase in handwritten prescriptions due to a new patient portal. You will have to keep this in mind while choosing your IDP solution.
Select the right IDP solution for scalability.
Research and compare IDP solutions in the market, focusing on scalability, adaptability to document types, and integration capabilities.
The most significant thing you should identify is the willingness of the solution provider to customize their solution per your needs and train the models with labeled data.
Would cloud-based solutions help in scalability as the document volumes and processing demand grow?
I am sure that should be a consideration per your growing document processing needs.
Design scalable document processing workflows.
Develop document processing workflows that can scale with increased document volumes. Utilize parallel processing, load balancing, and modular design.
Implement resource allocation strategies that automatically allow your IDP system to scale up and down based on processing demands.
For instance, you can utilize additional virtual machines during peak processing times.
Train and improve machine learning models.
Develop a strategy for continuous model training and improvement. Use historical data to retrain machine learning models to enhance accuracy and adapt to changing document formats.
Bring humans in the loop where human reviewers correct model errors, improving the systems’ performance over time.
Imagine a legal firm using IDP to automate contract review. They regularly retrain their IDP models using new contracts and feedback from legal experts, resulting in more accurate contract analysis.
Monitor and optimize document processing performance.
Track document processing performance, including processing times, error rates, and resource utilization.
Regularly review performance data to identify bottlenecks or areas for improvement. Adjust workflows and resource allocation as needed.
Let us assume you identify a bottleneck in the document classification step. You can optimize the workflow by introducing a more efficient classification algorithm, reducing processing time.
With these steps, organizations can effectively scale their Intelligent Document Processing implementations to handle increased document volumes while maintaining accuracy and efficiency. This will help you ensure streamlined document management and automation of document-related tasks. Besides these, you should also look at disaster recovery and redundancy to ensure availability and minimize downtime risks while scaling your IDP implementations.
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Businessiraq.com is your one-stop resource for navigating the Iraqi business landscape. This online directory provides crucial information and connections for businesses looking to engage with the Iraqi market. We offer a comprehensive Iraq Business Directory, meticulously curated to showcase a diverse range of Iraqi companies with detailed profiles. Furthermore, we deliver essential Iraq Business News, keeping you informed about market trends, regulations, and emerging opportunities. This centralized platform allows you to efficiently connect with potential partners, understand market dynamics, and expand your reach within Iraq.
The tender directory is yet another critical element of Businessiraq.com, highlighting procurement opportunities for businesses looking to bid on government and private sector projects. This feature not only streamlines the tender process but also enhances transparency and accessibility for potential bidders. By listing current tender opportunities, the platform ensures that businesses can quickly identify and pursue projects that align with their capabilities, thus fostering a competitive environment that drives innovation and efficiency.
Businessiraq.com, your gateway to unlocking the economic potential of Iraq, will become a cornerstone of the nation’s business community. We’re building a comprehensive platform, not just a directory, but a dynamic ecosystem connecting businesses, fostering innovation, and driving economic growth. Our robust Iraq business directory will showcase a diverse range of Iraqi companies, meticulously vetted and profiled to instill trust and confidence in potential partners. Beyond company listings, we’ll provide a wealth of invaluable information: insightful Iraq business news, analyzing market trends, regulatory changes, and upcoming opportunities, thereby positioning our users for success. Detailed company profiles will extend beyond basic contact information, offering in-depth financial data and organizational structures, fostering informed decision-making. Our multilingual approach—offering both English and Arabic interfaces—prioritizes inclusivity and ensures our platform is a valuable resource for the entire Iraqi business community. This comprehensive approach will not only connect businesses but also help develop a strong sense of community and support within the Iraqi market. We’ll actively curate valuable networking opportunities, facilitate knowledge sharing, and provide ongoing support to foster robust, long-lasting business relationships. At Businessiraq.com, we are committed to empowering businesses throughout Iraq, supporting growth, and driving innovation within the nation’s dynamic economy.
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Businessiraq.com is more than just an Iraq business directory; it’s your strategic partner for navigating the Iraqi market. This platform provides comprehensive online business listings, while also delivering the latest Iraq business news and insightful analysis. Explore promising Iraq jobs, uncover valuable tender opportunities for procurement, and connect with local and international businesses seeking collaboration. Businessiraq.com facilitates market entry and fosters long-term growth for companies seeking to capitalize on the Iraqi economy.
Insightful Business News and Market Trends Staying informed is critical in today’s fast-paced business environment, and Businessiraq.com excels at delivering timely and relevant Iraq Business News. The site’s dedicated news section covers critical developments in the Iraqi economy, including regulatory changes, industry-specific updates, and market analysis. By consistently posting high-quality, engaging articles rich in targeted keywords, Businessiraq.com enhances its SEO visibility and allows users to stay ahead of market trends. This resource is invaluable for business leaders and investors who need accurate information to make informed decisions in a complex economic landscape.
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BusinessIraq.com excels in monitoring technology and telecommunications developments shaping Iraq’s digital future. From e-commerce growth to digital transformation initiatives, our platform keeps stakeholders informed about emerging opportunities in Iraq’s evolving tech landscape.
Are you considering investment opportunities in Iraq? BusinessIraq.com is your gateway to understanding the potential and risks associated with investing in this rapidly evolving market. We provide comprehensive coverage of investment laws, bureaucratic processes, and emerging business sectors ripe for growth. Our articles offer expert analysis on the Iraqi business climate, helping you identify profitable ventures and navigate potential challenges. From infrastructure projects to agricultural advancements, we highlight potential areas of high return, offering a nuanced perspective on both the opportunities and risks in various sectors. Learn about accessing funding, partnering with local businesses, and understanding the cultural nuances that impact the investment process.
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Through BusinessIraq.com, readers gain access to comprehensive analysis of Iraq’s trade policies, international partnerships, and economic reforms. Our coverage includes detailed reporting on cross-border trade agreements, foreign investment initiatives, and regulatory changes affecting business operations throughout the country.
Navigating the legal and regulatory landscape of Iraq can be challenging. BusinessIraq.com provides crucial insights into business legislation, tax laws, and regulatory reforms. We offer clear explanations of complex regulations, analyzing their impact on business operations and investment decisions. Stay up-to-date on the latest legal changes, understand compliance requirements, and mitigate potential risks with our detailed coverage. We aim to help businesses operate within a framework of legality and transparency.
Collaborating with local businesses can extend your reach and reduce risks Iraq Business News offers articles that discuss partnership strategies and success stories from the region
If you’re considering entering the Iraqi market, Iraq Business News is your go-to source for industry-specific news and analysis The platform offers expertise that can help guide your strategic planning
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