《EdgeVerve:实现智能文档处理(IDP)的乘数效应(2023)(英文版)(14页).pdf》由会员分享,可在线阅读,更多相关《EdgeVerve:实现智能文档处理(IDP)的乘数效应(2023)(英文版)(14页).pdf(14页珍藏版)》请在三个皮匠报告上搜索。
1、ACHIEVING THE MULTIPLIER EFFECT IN IDP How the Right Use of Intelligent Document Processing Can Lead to Successful,Scaled Document AutomationSponsored by:MAY 2023Achieving the Multiplier Effect in IDP SSON 20232A Document Processing Solution Built for 2023IDP:Combining the Best of IA Technology for
2、Novel InnovationHow a Single Use Case Can Form the Template for a Powerhouse of ApplicationsEnsure Automation Success by Addressing these Key ChallengesFoundations of a Successful IDP Use CaseA Case Study of IDP in PracticeHow AI is Redefining what IDP can DeliverThe Next Step in the Evolution of ID
3、PTable of Contents 3691011 SSON 2023Evan BeebeEditorSSON4137Achieving the Multiplier Effect in IDP SSON 20233Intelligent 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
4、 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 d
5、igital 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 docume
6、nts.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 resour
7、ces by freeing up the workforce from repetitive,manual tasks and allowing them to focus on more strategic,value-added activities.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
8、 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
9、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 IDPs
10、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 tech
11、nologies are adding even more value to IDP investment.A Document Processing Solution Built for 2023According 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 transmitt
12、ed digitally.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.Achieving the Multiplier Effect in IDP SSON 20234IDP combines natural lan
13、guage processing(NLP),deep learning models,optical character recognition(OCR),AI analytics and neural networks to automate the processing of structured,semi-structured and unstructured documents from various sources.It can help organizations enable seamless workflows by automating the extraction,val
14、idation,and processing of data from documents.Without this ability to analyze documents in this way,organizations will miss out on a wealth of new information that could help them make more informed business decisions.The combination of tools IDP brings together can revolutionize a businesss data ex
15、traction and analysis capabilities.But before an enterprise begins working with IDP it must first understand the technologies that make IDP flexible enough to automate an end-to-end document processing workflow.IDP:Combining the Best of IA Technology for Novel InnovationNatural Language Processing(N
16、LP)A branch of AI focused specifically on giving computer software the ability to understand text and spoken words like humans.Neural NetworksA subset of machine learning that allows computer programs to recognize patterns and solve problems in AI.Neural networks help IDP classify even the most comp
17、lex documents.Deep LearningThe use of neural networks to stimulate human behavior.Computers use deep learning to gather insights and meaning from text data and documents.Optical Character Recognition(OCR)The electronic conversion of images of typed or hand-written text into digital text.Computer Vis
18、ionA field of AI that trains computers to capture and interpret data from image and video data.Generative AIUsing the power of todays AI and machine learning technologies,AI analytics are the insights gathered from automating data analysis.Analytics is embedded in most technologies and provides comp
19、etitive analysis of business performanceFamiliarizing Yourself with AI TermsAchieving the Multiplier Effect in IDP SSON 20235Examples of Applications of IDPInvoice ProcessingIDP can be used to automate the process of invoice processing,including data extraction,verification,and validation.This can h
20、elp businesses to reduce errors,eliminate manual data entry,and speed up the payment cycle.Contract AnalysisIDP can be used to analyze and extract relevant data from contracts,such as key terms and obligations.This can help businesses to identify risks,compliance issues,and opportunities for optimiz
21、ation.Customer ServiceIDP can be used to automate the process of customer service,including chatbots and virtual assistants.This can help businesses to improve the customer experience,reduce response time,and increase customer satisfaction.ComplianceIDP can be used to automate the process of complia
22、nce monitoring,including regulatory reporting and auditing.This can help businesses to identify and address potential compliance issues,reduce the risk of regulatory fines,and improve overall compliance performance.Human ResourcesIDP can be used to automate the process of HR tasks,such as resume scr
23、eening,applicant tracking,and employee onboarding.This can help businesses to streamline the hiring process,reduce administrative burdens,and improve employee retention.continuedThe Cost of PaperAccording to the Association for Financial Professionals(AFP),the median cost of initiating and receiving
24、 an ACH payment for all businesses to be between 26 cents and 50 cents.Meanwhile,issuing paper-checks come with an across-the-board median cost of between$2.01 and$4.Utilizing AI-driven document processing tools that can digitize payment documents can go a long way in allowing a business to cut spen
25、ding and achieve productivity gains.It will also help with document categorization and organization abilities.The positive impact IDP can have on finance departments is just one example of a business unit that can benefit from IDP.Achieving the Multiplier Effect in IDP SSON 20236By leveraging the fl
26、exibility and versatility of IDP,businesses can apply the same solution to multiple applications,reducing the need for separate solutions for each document type and improving efficiency and accuracy across different workflows.This section will describe how businesses can use IDP to turn limited data
27、 into a solution that meets the needs of each function.How a Single Use Case Can Form the Template for a Powerhouse of ApplicationsTemplate-based processingMany document types have a similar structure,such as invoices,purchase orders,and receipts.By using template-based processing,a single IDP solut
28、ion can be used to automate the processing of multiple document types,reducing the need for separate solutions for each document type.Customizable workflowsIDP solutions can be configured to meet the specific requirements of different document types and workflows.For example,an IDP solution used for
29、 invoice processing may have a different workflow compared to an IDP solution used for contract processing.Multi-language supportBecause of its use of AI-based technologies like NLP,IDP solutions can be trained to recognize and process documents in multiple languages.This can be beneficial for busin
30、esses that work with international clients or have operations in multiple countries.Integration with other systemsIDP solutions can be integrated with other systems,such as ERP or CRM systems,to streamline document processing and improve data accuracy.Even certain systems previously lacked data tran
31、sparency,IDP can be integrated across systems to collect different data and make data discovery more efficient.This can be beneficial for businesses that rely on multiple systems to manage their operations.Achieving the Multiplier Effect in IDP SSON 20237System integrationIDP solutions must be integ
32、rated with existing systems and workflows.This can be challenging because IDP solutions require access to multiple data sources,including document repositories,data storage systems,and business applications.Integration requires expertise in various technologies,including APIs,databases,and data tran
33、sfer protocols.Model developmentIDP solutions require the development of machine learning models to extract information from unstructured data.Developing accurate and effective models requires domain expertise,as well as knowledge of machine learning algorithms and techniques.Organizations may need
34、to invest significant time and resources in model development and testing.Ensure Automation Success by Addressing these Key ChallengesOne of the key reasons the multiplier effect is so important is that it can address many of the common challenges faced with AI.While AI and machine learning have rev
35、olutionized the way businesses operate,many are struggling to get the most out of the solutions they invest in.In fact,according to two reports from Gartner,85%of AI and machine learning projects fail to deliver,and only 53%of projects make it from prototypes to production.These projects fail for se
36、veral reasons,many of which can also derail efforts to introduce an IDP solution.The following are some of the most common challenges faced when working with IDP.Achieving the Multiplier Effect in IDP SSON 20238Performance optimizationIDP solutions must be optimized for performance to handle large v
37、olumes of data quickly and accurately.This can be challenging because the processing requirements of different types of documents can vary widely.Performance optimization requires expertise in areas such as data architecture,system architecture,and performance tuning.User adoptionIDP solutions shoul
38、d be designed to be user-friendly and easy to use.However,the introduction of a new technology can be disruptive to existing workflows and may require changes to user behavior.Organizations must ensure that end-users are trained on the new system and that the system meets their needs and requirement
39、s.Data securityEngaging stakeholders is a meaningful step in ensuring the success of IDP implementation.One way organizations can earn the trust of their stakeholders is by addressing any concerns they might have with the security of their personal and work data.Overall,businesses must be aware of t
40、he security concerns related to IDP and take appropriate measures to mitigate these risks.By implementing robust security measures and compliance controls,businesses can maximize the benefits of IDP solutions while minimizing the associated security risks.Job securityAnytime a new solution is integr
41、ated into employees workflows,they can become fearful that their jobs may be at risk.It is important for businesses to address these concerns immediately and provide appropriate training and support to employees to help them adapt to the new technology.By involving employees in the implementation pr
42、ocess,providing training and support,and emphasizing the benefits of IDP solutions,businesses can help ease concerns and increase the adoption of the solution enterprise wide.Organizations must be prepared to face work stress and job dissatisfaction from employees whose workloads have changed.They a
43、lso must overcome individuals who do not trust the accuracy of the IDP solution.However,both these challenges can be overcome with transparent leadership and training opportunities that show employees how IDP can improve their work capabilities.continuedAchieving the Multiplier Effect in IDP SSON 20
44、239There are four key factors to keep in mind for the success of an IDP implementation:Change to Selecting the right business processes,continuous improvement,stakeholder engagement and data management.These elements contribute to the successful creation of the initial use case.Selecting the right b
45、usiness processesThe key part of this integration takes place before the IDP solution is purchased.Businesses must first determine which processes would be a best match for IDP then map every step of the process to understand how it operates.Processes best suited to IDP are those with large amounts
46、of unstructured and semi-structured data,which require quick and accurate processing.When IDP is implemented well,it can accelerate process documents like contracts without human intervention.This case study by EdgeVerve demonstrates how its solution,XtractEdge,was able to improve workforce producti
47、vity by 70%.Continuous improvementBy monitoring system performance,identifying areas for improvement,and implementing changes,organizations can ensure that IDP continues to deliver value and support business growth.Continuous improvement is essential for ensuring that IDP continues to deliver value
48、and support business growth.Regular performance monitoring,root cause analysis,continuous training of IDP models,regular process reviews,collaboration with end-users,and technology upgrades are all key components of a successful continuous improvement program for IDP in a business.Data managementEff
49、ective data management is essential for the successful implementation of IDP.By ensuring that the data used for IDP is accurate,complete,and relevant,and that the system operates efficiently and effectively,organizations can realize the full benefits of IDP and improve business outcomes.Strong data
50、management,requires an organization to take into account accurate data that can be integrated from multiple systems,that the data is secure,data governance policies are in place,and data analytics tools are in place to track IDP as it works.Stakeholder engagementOverall,stakeholder engagement is a c
51、ritical component of IDP implementation.By involving stakeholders in the process,organizations can ensure that the technology meets their needs,addresses their concerns,and delivers the desired outcomes.By engaging with stakeholders and addressing their needs and concerns,organizations are making ce
52、rtain that the documents IDP is working with are accurate and relevant.Stakeholder engagement doesnt just mean the right documents are being given to IDP but also that improving process efficiency is a collaborative effort.By seeking feedback from stakeholders,the organization is able to determine a
53、reas of the IDP process that can be improved upon,allowing for IDP to become its most effective.Foundations of a Successful IDP Use CaseAchieving the Multiplier Effect in IDP SSON 202310The ClientLarge telecommunications companies regularly deal with a plethora of mobile tower lease contracts.This s
54、pecific clients mobile tower contract enforcement teams were overwhelmed with 700,000+tower lease contracts.The contract enforcement teams would manually review the tower rent contracts and identify&capture relevant information such as favorable clauses eligible for capital refunds from tower and re
55、al estate companies.Meanwhile,the sales and mobile tower negotiations team lacked visibility of their existing contracts,which made it difficult to view cost-saving opportunities in their current contracts and identify potential cost-saving opportunities in new contracts.The manual review of these c
56、ontracts was inefficient and resulted in information accuracy issues.As a result,the client sought a solution that would automate the contract review process and enable teams to work on higher-value tasks.The SolutionThe client implemented XtractEdge,the Document AI platform from EdgeVerve.The solut
57、ion leveraged NLP and Computer Vision-based techniques to extract contract clauses more efficiently and accurately.Following extraction,the data was enriched and made searchable for the users to mine for contracts that match a specific criterion.Additionally,a document pipeline was established to pr
58、ocess contracts from upstream repositories,categorizing them,auto-abstracting and validating signature status.XtractEdge helped automate the contract review process which led to the telecommunications company being able to identify,extract and manage documents from over 700,000+historic commercial t
59、ower lease contracts with many amendments,addendums,and related documents.The ResultUsing XtractEdge,the clients contract enforcement team could claim surplus expenditures and impose penalties on defaulting vendors.XtractEdge is now helping the client with better negotiations,and an accurate view of
60、 their contracts and uncover hidden risks potentially left unnoticed in the contract.Thanks to XtractEdge,the client has now:The client was able to save more than$20 millionProcessed over 700,000 mobile tower lease contractsSeen a 60%improvement in employee productivity among teams reviewing contrac
61、tsA Case Study of IDP in PracticeHow a Large Telecommunications Company Saw a Boost in Productivity with IDPXtractEdge established a repeatable and automated pipeline that enabled more frequent review and comparison of contracts.XtractEdge established a repeatable and automated pipeline that enabled
62、 more frequent review and comparison of contracts.Achieving the Multiplier Effect in IDP SSON 202311How AI is Redefining what IDP can DeliverIn conversation with Swaminathan Natarajan,Associate Vice President and Global Product Head of XtractEdge for EdgeverveCan you tell us more about XtractEdge?Wh
63、at is your vision for the product?XtractEdge is our own Intelligent Document Processing(IDP)platform,perhaps among the very few IDP products that are built from the ground up and centered around AI technologies,especially to allow our customers to use the correct types of AI in solving their documen
64、t digitization needs.With XtractEdge,our focus is to deliver value by empowering business operations users to digitize their current document-heavy,people-driven business processes,thereby enabling their team to make data-driven decisions,enhance workforce productivity and permeate greater operation
65、al efficiency and speed across the enterprise.XtractEdge was built from the understanding that a successful IDP program requires three distinct stakeholders-SME,IT and Operations-to join hands to enable value and success for the organization.We have designed the product with three modular components
66、,each purpose-built to keep the users in mind.Our Document Design Studio allows SMEs to configure extraction models without any technical AI expertise.The Document Processor enables document processing at scale and can automate high-volume flows of documents from ingestion to completion.Our Document
67、 Operations Studio is designed for the business operations user to enable holistic decision-making with single-pane views of document,third-party,and internal data.We have implemented XtractEdge across different industries and helped clients accelerate their document digitization journey.XtractEdge
68、wants to bring choice to its customers be it the choice of AI options,cloud,packaging,or tech stack.We want to bring the latest optimizations to our clients by collaborating with our partners.We have a very clear vision for the platform.As AI moves to the forefront of the workplace,we are continuous
69、ly investing in capabilities to democratize the adoption of document processing and unlock new levels of performance.We believe an IDP platform can form the foundation for digital transformation,and we are helping our clients go a step further and reimagine their operations.Simply put,we want to dem
70、ocratize document digitization among our clients.How are large language models revolutionizing IDP?IDP is a process that helps businesses automatically classify and extract data from various types of documents.One of the key components of IDP is language models,which are trained using large amounts
71、of data and can accurately and efficiently perform these tasks.This powerful technology can address complex language variations and help businesses streamline their document processing workflows,improving efficiency and reducing the risk of errors.Achieving the Multiplier Effect in IDP SSON 202312Pr
72、eviously,IDP was mainly used by large operations teams in the back office.However,language models have enabled businesses to extend IDP capabilities to front office functions,such as marketing and customer service teams.By leveraging IDP,these teams can better manage unique requests and improve cust
73、omer experience.Overall,the use of language models in IDP can help businesses achieve better outcomes and make their document processing workflows more efficient.Can IDP communicate across siloed systems?In many businesses,silos can form because important information gets trapped within documents.Th
74、is can become a major problem when there are hundreds of thousands of documents that need to be processed.Without the right technology to extract and organize the information,silos can lead to miscommunication and frustration between different departments.However,by using language models alongside I
75、DP,businesses can unlock valuable information that was previously trapped in documents.This enables better collaboration between teams and promotes a more cohesive and efficient workflow.This can ultimately lead to better decision-making,improved productivity,and a more successful business overall.H
76、ow long does it take to embed the AI model into an organizations infrastructure and workflows?The time it takes to implement IDP varies based on the size and complexity of the documents involved.The primary effort is to ensure that employees are comfortable using IDP.They must test use cases and see
77、 it in action to have confidence in its capabilities.They should be able to interact with their documents as they usually would,without any noticeable AI involvement.XtractEdge automates a lot of the effort in development of AI models,and if the right use case is selected the use case can be impleme
78、nted and operational in less than twelve weeks.continuedAchieving the Multiplier Effect in IDP SSON 202313This report has explained the tools that combine to make IDP a powerhouse document solution,as well as the challenges businesses face during implementation such as integrating systems and bringi
79、ng new users up to speed.It has also covered the unique value the multiplier effect can bring to a business.Although this report has outlined IDPs features,this report wouldnt be complete without a look at the future of IDP.Although the primary driver for IDP is cost,efficiency and quality in suppor
80、t of reliable business processes,another critical benefit today in Environmental and Social Governance(ESG).Not only do businesses need IDP to keep up with automation efforts across the world,but digitizing documents is important to creating a more sustainable planet.According to the Minnesota Offic
81、e of Environmental Assistance,the average office worker uses 10,000 sheets of copy paper each year.The U.S.EPA estimates that paper and paperboard account for almost 40 percent of our garbage.Generative AI(such as ChatGPT)has the potential to complement and enhance the capabilities of IDP solutions
82、by automating document creation,improving document quality and personalization,enabling new document types,and reducing human bias.As generative AI technology continues to evolve,it is likely that we will see even more innovative and impactful applications of this technology in business document pro
83、cessing.The Next Step in the Evolution of IDPAchieving the Multiplier Effect in IDP SSON 202314EdgeVerve Systems Limited,a wholly-owned subsidiary of Infosys,is a global leader in developing digital platforms,assisting clients to unlock unlimited possibilities in their digital transformation journey
84、.Our purpose is to inspire enterprises with the power of digital platforms,thereby enabling our clients to innovate on business models,drive game-changing efficiency and amplify human potential.Our platforms portfolio across Automation(AssistEdge),Document AI(XtractEdge),and Supply Chain(TradeEdge)h
85、elps inspire global enterprises to discover&automate processes,digitize&structure unstructured data and unlock the power of the network by integrating value chain partners.EdgeVerve,with a deep-rooted entrepreneurial culture,our innovations are helping global corporations across financial services,i
86、nsurance,retail,consumer&packaged goods,life sciences,manufacturing telecom and utilities,and The Shared Services&Outsourcing Network(SSON)is the largest and most established community of shared services and outsourcing professionals in the world,with over 170,000 members.Established in 1999,SSON re
87、cognized the revolution in support services as it was happening and realized that a forum was needed through which practitioners could connect with each other on a regional and global basis.SSON is a one-stop shop for shared services professionals,offering industry-leading events,training,reports,su
88、rveys,interviews,white papers,videos,editorial,infographics,podcasts and more.SSON Research&Analytics is SSONs global data analytics center,and your premier resource for all the metrics,benchmarks and insight that affect your Shared Services and GBS operations.The SSON R&A platform provides data-dri
89、ven intelligence via access to a library of research studies and four data tools:Metric Benchmarker,City Cube,Intelligent Automation Universe and the Shared Services Atlas.Thousands of GBS and outsourcing professionals use our data and insights to understand the emerging landscape in their region and www.sson-www.sson-