REPORT: Achieving the Multiplier Effect in IDP

(EDITOR'S NOTE: This is the introduction to the report. To read the whole report, click "Download Your Copy")

Intelligent Document Processing (IDP) is a significant topic in 2023 due to the rapid digital transformation that many organizations have undergone over the course of the past 3-years.

According to data from SSON Research & Analytics, 68% of shared services practitioners view IDP as a high priority for their process optimization efforts, proving that the solution is viewed as necessary to many organizations looking to digitize.

With remote work becoming the new norm, there is a growing need for digital solutions that can help organizations streamline their operations and maintain business continuity. IDP is one such solution that can help organizations overcome the challenges of remote work and enable a seamless workflow by giving them the ability to manage the information embedded in documents.

By automating document processing, IDP can help organizations achieve several benefits, such as increased accuracy and speed of data processing, reduced errors and manual intervention, improved compliance, and enhanced customer satisfaction. Additionally, IDP can help organizations save time and resources by freeing up the workforce from repetitive, manual tasks and allowing them to focus on more strategic, value-added activities.

According to Gartner by 2025, 50% of business-to-business invoices worldwide will be processed and paid without manual intervention. By 2030, 80% of business-to-business invoices worldwide will be transmitted digitally.

In order to accomplish this level of scale, businesses must first digitize their own document processing. Beyond extracting data from documents, IDP can be utilized to create a document pipeline that improves the workflow of document processing from the point of entry to the point of process execution.

One such opportunity to solve this problem is by taking advantage of the multiplier effect. For IDP, the multiplier effect can be achieved when the previous constituents of a use case can be used to solve new use cases.

Ultimately, IDP can be a solution that starts from a single document processing scaffold that can be applied again and again to meet the needs of different organizational functions.

This report will go beyond providing a foundational understanding of IDP’s applications and characteristics as an AI technology. It will explain the compounded business value of IDP when the multiplier effect is achieved. It will also explain how to overcome the core challenges businesses must address to maximize the value of IDP. Lastly, it will explore how generative AI technologies are adding even more value to IDP investment.