Benefits of Intelligent Document Recognition
IDR Systems (Intelligent Document Recognition), in areas like invoice capture, typically offer a return on a user’s investment in less than 12 months—mainly as a result of reduced labor costs related to data entry. In a recent survey on invoice processing conducted by IAPP-TAWPI, 75% of respondents said that automated data capture technology reduced their invoice processing costs by up to 25%, and another 15% estimated it reduced costs by 25-75%. In addition, respondents cited increased visibility of their processes, faster invoice turnaround time, and fewer errors as major benefits of their IDR implementations.
Applications of IDR Systems
Of course, while invoice capture is certainly the most prevalent application for IDR technology today, it is certainly not the only one. Other areas being addressed include patient records and explanation of benefit (EOB) forms in the healthcare industry, transcripts in higher education, and reports in the financial services industry. The use of traditional [less intelligent] forms processing software based primarily on OCR/ICR technology also continues to be popular for documents like insurance claims, order forms, and tax returns.