How to Improve Business Document Processing

Business document processing is often a routine, mundane task. But it doesn’t have to be. Thanks to technology, documents can be processed faster and more accurately, and that’s important for any business, as faster processing will result in little to no workflow bottlenecks.

More and more businesses are opting for digital solutions for document processing, management, and sharing simply because they are more efficient. According to one survey, 86% of organizations believe workplace transformations can lead to better productivity.

MST provides solutions for document workflow automation, with features such as optical character recognition (OCR), format conversion, protected viewing, annotations, and comparison. All of its features and capabilities aid in document processing.

What is Business Document Processing?

Document processing refers to the conversion of documents into structured, machine-readable data, safeguarding sensitive or private data. Before being processed, documents may be in a physical or digital state. These documents outside the enterprise systems are processed and brought inside the systems to streamline workflows.

Many business documents exist in physical or digital formats that aren’t usable. For instance, scanned images of a document aren’t searchable. Processing allows all sorts of documents to be turned into a standardized format, ideally making them suitable for data extraction in digital systems.

Automated document processing technologies include OCR, Intelligent Document Processing (IDP), and format conversion. These solutions allow data to be located, processed, and used to support various business operations. Documents typically include invoices, contracts, forms, and notices.

Traditional Document Processing Methods

Conventional document processing is cumbersome and inefficient. Employees typically have to enter data manually from physical or digital documents. For instance, an employee may manually enter data from a customer information form into a database or input information from a handwritten document.

Such approaches are intrinsically inefficient and flawed. Not only do they take a lot of time, they’re also prone to errors. Manual data entry can result in error rates of 1-5%. Such errors can have a ripple effect, impacting business strategy and processes.

Consider a bank processing a loan application. The loan applicant fills out a paper application and submits supporting documents in hard copy. An employee is then tasked with entering the data from the form and supporting documents into a system that will process the application and decide whether the applicant is eligible. Not only will this process take time, but it’s also prone to errors. Any incorrect information typed into the system may result in the application getting wrongfully rejected or the person getting approved when they shouldn’t have been.

Modern Document Processing Techniques

Today, there are multiple advanced technologies that automate document processing. These technologies eliminate the need to manually type a document to digitize it, saving time and reducing errors. A use case of this can be seen in the banking sector, where modern document processing techniques improved overall document security, protecting clients PII.

Here are the most common document processing technologies:

• OCR: Optical character recognition, or OCR, is a technology that identifies text in a document or image. It uses algorithms that match the characters or patterns in an image or document with those in its reference database. It turns these analog documents (scans of printed or handwritten paper documents) into digital documents that are searchable and editable. For example, it can turn a printed contract into a Word file that can be edited or signed digitally.
• ICR: Intelligent Character Recognition, or ICR, is similar to OCR. It recognizes handwritten texts with more precision, especially from images that may not be high-quality. ICR is better suited for organizations that frequently deal with handwritten text, such as examination boards that check and score handwritten essays. It can also be useful for processing handwritten archives.
• RPA: Robotic Process Automation (RPA) automates repetitive tasks such as filling in data, transferring files, or extracting data. In the context of document processing, RPA extracts data from analogous or digital documents. Such a tool works based on predefined rules. For instance, it may extract customer information from Know Your Customer (KYC) forms that financial institutions are required to collect.
• AI and ML: Artificial Intelligence (AI) and Machine Learning (ML), a part of AI, are enabling more intelligent and reliable document processing. Trained on data with ML, AI tools complement technologies like OCR and ICR for more accurate outcomes. For instance, an AI tool may process a Word or PDF file for specific information or summarize the entire document into a short, readable summary.

Examples of Documents That Require Processing

Businesses in different industries deal with physical and even digital files that require processing. Here are some examples of documents commonly processed in different industries:

• Healthcare: Medical records, insurance claims, prescriptions, patient forms, identity forms (patient ID, insurance card, etc.)
• Insurance: Claim forms, evidence documents, policy documents
• Legal: Contracts/agreements, deeds, will, court transcripts, evidence documents
• Government: Tax documents, public records, permits/licenses
• Engineering: Technical drawings, site plans, maps, invoices
• Finance: Account opening forms, loan applications, identity documents, financial reports

Document Workflow Automation

Document workflow automation is the use of technology to streamline the creation, editing, approval, and movement of documents within an organization. Although some human input is still necessary, document workflow automation eliminates information silos, bottlenecks, and errors.

Businesses can efficiently handle paperwork by creating workflows around documents that define the trajectory and actions of those documents until they reach their destination or produce the required outcome.

Here are the benefits of document workflow automation:

• Increased Efficiency: Automation eliminates repetitive tasks like data entry, routing, and filing. This frees up employees for more strategic work.
• Improved Accuracy: Manual processes are prone to errors. Automation minimizes this risk and ensures consistency.
• Faster Turnarounds: Documents move through the workflow faster, leading to quicker decisions and improved customer service.
• Enhanced Collaboration: Automated workflows and collaboration tools make it easier for teams to work together on documents, regardless of location.
• Reduced Costs: Automation saves time and resources, ultimately reducing operational costs.

Automated Document Workflow Example

Here’s an example of an automated document workflow that handles expense reimbursement.

Suppose an employee travels on a business trip to another city. To get reimbursed by the employer, they must submit a work-related expense reimbursement form and supporting documents like tickets, receipts, etc.

Here’s what such a workflow with automation will look like:

• The employee takes pictures using their mobile device of the document receipts related to their trips, including air tickets, hotel bookings, taxis, and meals.
• They fill out an online form and attach the digital images of the documents with it as proof.
• The software uses technologies like OCR to extract expense details from the attached documents and create an expense report.
• An accounting employee approves the reimbursement request based on this expense report and sends it to human resources for disbursement of funds.

Document Processing’ Role in Automated Workflows

As you can see in the example above, document processing plays a crucial role in automating document workflows. It involves using technology to extract information from documents and convert it into a usable digital format.

By automatically processing documents, you can eliminate manual data entry, which often results in delays. Without document processing technologies, the workflow in the example above would have taken days. However, that process is expedited with OCR at play and automatic generation and verification of reported expenses. It also saves time for employees involved in the specific workflow.

In essence, document workflow automation and document processing work hand-in-hand. Automation creates an optimized route for your documents. In contrast, document processing prepares the documents for the journey by converting them into a format that can be easily understood and used by the automation tools.

Steps to Implement Document Processing Solutions

Effective and efficient business document processing can be realized with the help of technology, including robust document security protocols. Keep in mind every business does things differently. So, any automated document processing workflows should match the business needs.

Here’s how you can go about embracing document processing:

• Assessing Document Processing Needs: Identify workflows that rely on analogous documents. For example, a bank may deal with physical documents for customer acquisition, claims, and/or expense reporting.
• Choose the Right Tools: Invest in automated document processing tools, ideally those that integrate with your organization’s existing systems. For example, MST’s eViewer HTML5 and Batch Converter solutions readily integrate with enterprise content management applications from IBM, Microsoft, and Alfresco.
• Create Policies and Standards for Processing Documents: Define policies or standards related to specific workflows that provide a step-by-step procedure using your acquired tools. Doing so will create direction and reduce errors. It will also establish a rhythmic flow, particularly for collaborative workflows and documents that go from one department or team to another.
• Provide Training for the Tools and Methods: Once you’ve created the methods for document processing, provide training to employees, especially regarding using any tools. Again, using integrative tools in this scenario offers benefits as employees can use them alongside existing tools with a minimal learning curve.
• Monitor and Improve: Most business processes have room for improvement, and you can fully optimize them only through trial and error. Document processing automation is no different. Measure how incorporating tools and policies impacts workflows and overall efficiency. Make changes where you face hurdles or notice a need for improvement.

MST’s Role in Business Document Processing

As a document automation leader, MST provides two useful products for organizations in several industries: eViewer and Batch Converter.

eViewer is a comprehensive document viewing and collaboration application with native capabilities designed to assist automate document processing. But that’s not all; it has built-in security features that ensure your processed documents are accessed securely and in line with your company’s policies or applicable data privacy regulations.

The OCR feature in both eViewer and Batch Converter helps process physical, typed, or handwritten documents into editable and searchable files. Whether you’re working with forms, contracts, or textbooks, scanned images of these documents can be processed and digitized to produce readily usable files.

Similarly, documents in digital formats like MO:DCA can be converted to formats like PDF, TIFF, DOC and more, which data extraction software can easily read. If you’re dealing with multiple files, the batch converter tool allows you to convert all the files into PDF or TIFF formats simultaneously. This saves time and improves efficiency when dealing with dozens or hundreds of files. Document manipulation allows processed documents to be further modified or annotated. For instance, users can add comments or fix mistakes.

Many of the MST features complement typical document processing needs.

Case Studies

Many companies are already using MST in their technology stack to process and digitize analog documents. Two such organizations include:

• WorldPay: The global payment processing company relies on eViewer to process documents and share them safely across its departments. Its employees can scan paper documents and process them in eViewer with its OCR capabilities, resulting in digitally editable and searchable files in a format acceptable across the organization. These documents are then stored in their central repository and accessed whenever needed.
• AON: This multi-faceted company provides consultancy and risk management. It uses MST’s batch conversion toolkit to process documents in various formats simultaneously. They use documents generated from legacy devices and process them to optimize their workflows and make the files more usable. They have integrated it with the IBM Content Manager 8 system.

Conclusion

Business document processing is essential for companies today, regardless of size or niche. Utilizing advanced tools can offer much-needed automation if you deal with unprocessed physical or digital documents in your workflows. That, in turn, increases efficiency and accuracy.

Improving document processing and management can positively impact your bottom line. By increasing productivity and improving workflows, you can reduce operational costs.

MST’s tools automate document processing with their many features. Designed with a security-first mindset, its products seamlessly blend into the wider technology stack of both small and large enterprises.

Contact today to discover the possibilities with MST!