IDC MarketScape for Worldwide Intelligent Document Processing (IDP) Software 2023-2024 Vendor Assessment
IDC MarketScape named Hyland a Leader in intelligent document processing for its IDP capabilities and strategies.
Hyland’s Intelligent Document Processing (IDP) solution is a game-changer in the adoption of intelligent automation for content management processes. Using AI-powered learning models to remove human touch points from ingestion and content management processes, Hyland IDP automates the contextualization of your content.
This allows you to derive even more value from your content, which:
- Improves efficiencies
- Enhances accuracy
- Speeds document processing
- Better serves your team and your customers
Let’s take a look at what Hyland IDP can do for your employees and customers, and examine some indicators that your organization should adopt Hyland IDP as you modernize your IT stack.
What can Hyland IDP do?
Intelligently capture and convert text from multiple channels
Using deep-learning (a subset of AI) for its optical character recognition (OCR) engine, Hyland IDP recognizes hand print and machine print for all Latin-1 languages. This allows for the accurate and intelligent ingestion of content into your system, no matter its channel origination.
Separate content using AI
Hyland IDP can separate large packets of multiple documents into individual documents for processing. This can be especially helpful when multiple document types are submitted as part of a single case or application packet (for example, if an ID, proof of residence and a school transcript are submitted together). This speeds workflows and reduces the amount of time your employees spend doing repetitive, manual file separation work.
Use AI to classify content
Using trainable machine learning (ML) models, Hyland IDP analyzes text and images in the document to identify document types. This ensures the right data will be extracted and that downstream, the right information will get to the right people, quickly, for more accurate and actionable views into your work.
Extract data from content and validate it
The same trainable ML models identify data within structured, semistructured and unstructured content and extract it. Then, AI verifies the extracted content for formatting and structure and can automatically validate it against other systems (for example, match the PO number and amount in the invoice to the values in your ERP system). This not only expedites workflows but also ensures data accuracy and limits costly errors.
Continually learn and improve, as a human would
Hyland IDP uses continuous online learning to work toward higher efficiency, accuracy and autonomy. This approach collects user input to correct results — and the AI model learns from the corrections — so results improve with feedback. This gives the AI model the ability to adapt and improve as your workers would, yielding more accurate results and freeing your team of automatable tasks.
How can Hyland IDP benefit an organization?
Adopting AI and process automation should not only improve business operations and bottom lines, but also the lives of employees and customers. Hyland IDP helps teams:
Drive operational efficiency
- Reduce costs: AI-powered intelligent automation drastically reduces the need for costly manual processing.
- Speed up business processes: Fast and reliable document processing eliminates bottlenecks and accelerates business cycle times.
- Improve data accuracy: AI-powered OCR, data extraction and validation reduce errors and exceptions.
- Enhance process visibility and administration: A web-based interface and low-code process designer simplify administration, deployment and expansion.
- Reduce paper usage and dependence: Transitioning to digital documents reduces paper consumption and contributes environmental sustainability.
Enhance security and compliance
- Reduce the risk of exposure: Automate the processing of sensitive and private information.
- Automate compliance actions: When sensitive information must be treated a specific way, IDP improves auditability and standardizes the processing of relevant documents to adhere to laws and regulations.
Ease IT burdens and modernize your processes
- Simplify automation building: Low-code platform simplifies automation building and management without high costs of development, customization or system integration.
- Scale with confidence: Hyland IDP is highly scalable and can work alongside and within enterprise-wide platforms for a variety of use cases.
- Capitalize on the power of AI: AI is increasingly present across technologies we use every day, so businesses should take advantage of its efficiencies when it matches with their needs and goals.
Support business goals
- Improve customer experience: Faster document processing means quicker responses to customer requests, leading to better customer satisfaction and brand affinity.
- Accelerate decision-making: Quick access to digitized data enables faster, more informed decision-making, leading to better outcomes that can impact lives.
The Forrester Wave™: Digital Process Automation Software, Q4 2023
Forrester recognizes Hyland as a strong performer among DPA vendors in its detailed assessment of 15 providers.
Industry use cases for Hyland IDP
Hyland’s legacy of deep industry expertise doesn’t stop with its content solutions. Hyland IDP can be deployed in any industry, providing new efficiencies and opportunities for teams across an organization.
Here are few high-reward ideas for putting Hyland IDP to work at your organizations.
Financial services
- Loan processing: Automate the extraction and verification of financial documents for loan applications.
- Mortgage processing: Streamline the mortgage application process by automating document verification.
- Compliance: Adhere to regulatory requirements (for example, the Sarbanes-Oxley Act) by securely capturing and managing sensitive customer data in a compliant manner.
- Fraud detection: Identify potentially fraudulent claims by analyzing documents for inconsistencies.
Insurance
- Policy processing: Automate the issuance and management of insurance policies.
- Claims processing: Accelerate the processing of insurance claims by extracting and verifying claim documents.
- Fraud detection: Identify potentially fraudulent claims or billing irregularities by analyzing documents for inconsistencies.
Healthcare
- Patient records: Extract and verify data from medical documents with a high degree of accuracy, minimizing data entry errors and enhancing the quality of patient information.
- Medical records management: Digitize and organize patient records for easy access and data analysis.
- Billing and insurance claims processing: Automatically extracting relevant information from medical documents and invoices to accelerates reimbursement and reduces revenue cycle times.
- Compliance: Adhere to regulatory requirements (for example, HIPAA) by securely capturing and managing sensitive patient information in a compliant manner.
- Patient care coordination: Improve access to digitized patient records and medical histories to enhance care coordination among healthcare providers.
- Fraud detection: Identify potentially fraudulent claims or billing irregularities by analyzing medical documents for inconsistencies.
> Learn more | The power of intelligent document processing (IDP) in healthcare
Higher education
- Student records: Digitize and organize student records, transcripts and enrollment documents.
- Admissions: Automate the admissions process by intelligently processing applications and supporting documents.
- Administrative tasks: Automate paperwork processing, such as enrollment forms, transcripts, and financial aid applications, leaving time for your team to better serve current and prospective students.
- Communications: Accelerate document processing and enable faster response times for student inquiries and applications, improving overall student experience.
- Compliance: Maintain compliance with regulations and standards by ensuring that documents are processed correctly and securely.
Government
- Tax and compliance: Automate tax return processing and compliance checks.
- Public records management: Digitize and archive government records for easy retrieval.
- Citizen services: Intelligently automate document processing for citizen applications, permits and requests.
- Fraud detection and prevention: Hyland IDP can analyze documents to identify irregularities or inconsistencies, assisting in fraud detection and prevention in areas like tax and benefits distribution.
Manufacturing and retail
- Supply chain management: Automate the processing of shipping and logistics documents for better supply chain visibility.
- Quality control: Analyze inspection reports and quality control documents to identify defects and improve product quality.
- Inventory management: Automate the processing of purchase orders and invoices for inventory management.
- Customer feedback analysis: Analyze customer feedback forms and surveys to identify trends and areas for improvement.
Cross-industry
- Contract management: Teach Hyland IDP to recognize phrases and paragraphs to assist in interrogating third party contacts to find terms and clauses that are unfavorable to the client.
- Invoice processing: Automatically extract data from invoices and receipts for accounting purposes.
- Customer and employee onboarding: Streamline the onboarding process by automating document collection and verification, whether in customer service or HR.
- Résumé screening: Automatically parse and match job applicant résumés with job descriptions.
- Contract analysis: Analyze and categorize legal contracts to identify key terms and obligations.
- E-Discovery: Sort and categorize large volumes of legal documents for litigation.
Investing in artificial intelligence for growth, efficiency and competitiveness isn't a leap of faith anymore, but a strategic necessity for businesses.
— Tiago Cardoso, Principal Product Manager, Hyland
What makes an organization a good candidate for Hyland IDP?
Hyland customers are especially well positioned to adopt Hyland IDP, as it works seamlessly with Hyland’s enterprise content solutions.
Let’s explore other indications your organization may be a good fit for bringing in an AI-powered document processing solution.
Common pain points
- Large content volume and diversity: Your organizations deals with a large (and likely growing) amount of diverse content, coming in from various channels.
- Lagging workflows, starting with ingestion: Document-based information is slow to get into your business systems, impacting ideal operational efficiency.
- Manual processing: A large amount of your documents, and subsequently the data points in them, are part of a time-consuming, manual process that could be automated and improved upon using AI.
- Data accuracy is suffering: With high volumes of data and work environments that ask a lot of employees to “do more with less,” errors in human data entry and content processing are increasing and negatively impacting business.
What sets Hyland IDP apart?
In addition to the reasons Hyland customers choose to partner with us for enterprise content solutions, Hyland IDP comes with its own differentiators. For example, Hyland IDP:
- Supports more file types than the industry standard
- Provides faster implementation and realizes faster time to ROI
- Supports additional Hyland and third-party AI and RPA services
- Includes an advanced self-learning standard that increases automated results and minimizes human intervention
- Has a web interface that speeds up and simplifies automation configuration and management
Are you ready to explore the world of intelligent document processing with Hyland? Chat with Hyland about IDP.
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