![]() ![]() Technology also enables organizations to process and extract data from any image or document with a high level of accuracy. Business workflow automation reduces much of the friction in manual processes, reduces operational costs, and streamlines approvals. ![]() For example, lending automation replaces often-complex manual loan processes in which applicants are required to complete multiple repetitive documents and submit them in person or via email as separate files. Increased efficiency is motivating lenders to use automation to help reduce costs, eliminate paper forms, and improve underwriting accuracy.ĭocument- and data-driven technology enables organizations to customize business workflow automation solutions. ![]() Automated review facilitates a faster and more accurate loan approval process. Automated document capture also fuels data-driven workflows that enable the use of machine learning artificial intelligence for analysis.Īutomation streamlines the loan process by simplifying everything from online form completion to review and due diligence. Automation facilitates database updates while, at the same time, providing analytics tools to help users structure and analyze their data for business insights.Įnterprises can use the data generated from automated document processing for predictive modeling. This unlocks the value of data stored in customer documents and business archives. Intelligent document processing combines document-driven workflows and data-driven workflows into a system that enables enterprises to digitize documents and extract the data into a structured format for analysis. The result is unparalleled document processing efficiency that automates classification, capture, and analysis. This hybrid technology combines machine processing power and speed with human analysis and insight. RPA is increasingly being integrated with human decision-making in order to optimize document management. It also facilitates extracting and verifying data that is being copied from one document to another. RPA is well-suited for routine information, such as data collected in form fields. State-of-the-art document processing automation is built on a foundation of RPA, in which software manages tasks that don’t require human insight. BPA has evolved from robotic process automation (RPA) for document processing to data-driven analytical tools powered by artificial intelligence (AI) and machine learning (ML). ![]()
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