Power up your transformation journey with Intelligent Document Processing
Overview
Soroco’s Intelligent Document Processing (IDP) technology goes beyond traditional techniques like OCR. It takes an hybrid approach that offers you the flexibility to leverage advanced techniques like natural language processing (NLP), Computer Vision, deep learning and machine learning (ML) to achieve optimum accuracy for different document types. To top that, Soroco’s IDP enables you to scale without any limitations and fits seamlessly into your existing transformation journey.
Key features of Soroco's IDP
Supports multiple input formats
Rich set of pre and post processing tools
Supports multiple extraction techniques
Robust validation and management dashboard
Solutions by Industry
Discover how Soroco’s Intelligent Document Processing works across industries
The insurance industry is characterized by heavy need to extract information from structured, semi-structured and unstructured documents to make appropriate decisions.
Let’s look at the top 2 issues that affects the industry –
- Lots of data, lots of sources – Choked by routine time consuming tasks (manual data gathering/entry from documents)
- Rules, rules and more rules – Need to comply with multiple regulatory jurisdictions including Garnishments (court orders execution)
Optimize Claims Processing
Automating labor intensive manual tasks like sorting of documents, data extraction from documents, validation and document routing can have a dramatic impact on the Optimization of claims processing making the whole process quicker and more accurate.
Benefits
Overall outcome: 80% reduction in Opex costs with 5 to 7 people (instead of 40) required to process the daily claims workload. In addition:
1000 of FTE hours per year saved
Eliminate human error
Increased customer satisfaction
Significant time savings
The finance and accounting departments are increasingly looking at solutions that will address the document processing problem (especially from customers and vendors/partners) in a reliable, cost effective way.
Let’s look at 2 broad categories that affects the Finance value chain –
Accounts Payable
A necessary process virtually in every enterprise, the handling of received invoices (in different formats and naming conventions) is a paper intensive task that requires a significant amount of work-time every month.
Compliance
Limited ability to leverage standardization due to local payroll, compliance and security requirements as well as lack of data visibility and integrity.
Soroco’s Solution
Soroco’s Intelligent Document Processing can run batches that import various documents, extact and validate for gross-to-net processing; benchmark with global trade data; or feed the procurement system for new hires, transfers, and terminations. Paychecks, benefits administration, rewards and reimbursements can all be automatically tracked and produced by robots to avoid inaccurate submission and overall delays. At scale, it delivers upto 90% accuracy at 90% automation, enables dramatically faster processing.
Benefits
Overall Outcome: 60% reduction in Opex costs with 10 to 15 people (instead of 40) required to process the daily workload of the above kind of transactions. In addition:
Maximize revenue
Avoid financial penalties
Save employees valuable worktime
Accelerate processing
Today banks are looking at increasing efficiencies of processes to prevent human errors and Reduce operation cost by improving time to customer. Given the heavy regulatory compliance needs there is a large dependency of processes on unstructured data especially documents of various kinds.
Let’s look at 2 broad categories that affects the Banking value chain –
Customer Management
Loan processing, underwriting and disbursement is a use case that needs a lot of data from documents to be extracted and lends itself to full cycle automation powered by Intelligent document processing (IDP). The IDP system should identify the key details like name, date of birth, address, KYC number in the various documents collected and match with the data entry done by the loan originator.
Core Transactions
Most banks use word documents that are created every morning with Bulk Deposit Rate details that have to be uploaded onto the core banking system. The information from word file is extracted onto a common excel and then pasted into a macro enabled work sheet. The macro worksheet generates a csv file that will be uploaded on core banking. This entire process can be automated end to end.
Benefits
Overall Outcome: 60% reduction in Opex costs with 10 to 15 people (instead of 40) required to process the daily workload of the above kind of transactions. In addition:
1000 of FTE hours per year saved
Eliminate human error
Increased customer satisfaction
Significant time savings
Supply Chain Management is a multi-faceted process, with multiple system hand-offs, multiple manual interactions and is highly document intensive – consisting of both structured and semi-structured documents. The variations of documents (Invoices, Quotations, Purchase Orders, Bill of Lading, Certificate of Analysis, etc) requires frequent manual interventions (data-entry) and leads to higher operational time which in turn results in Customer dissatisfaction, compliance challenges hindering the profitability.
Optimize Import Order Management Process
Businesses today rely on volumes of paperwork to process transactions that can be entirely digitized. The major objective of business is to reduce time required to validate Supplier documents and generate shipping order manuals. Business also looks for increasing the accuracy of transactions by minimizing process variations.
The entire process of Import Order Management can be automated, with the human-in-the-loop capability for validation and approval – all through a single, unified user interface.
Benefits
Overall Outcome: More than 80% reduction in Average Handling Time and Improved operational efficiency by 85%. In addition:
FTE savings
Minimal human intervention
Improve business KPIs
Reduces average cost to process and order by 30X
Most of the sub-processes in the HR function are typically document heavy and deal with multiple kinds of document – both structured and semi-structured for e.g., KYC documents, Onboarding Forms/Documents, Compliance & Regulatory forms, Garnishment Orders, etc.
Let’s take a look at a HR sub-process for a better view-
Payroll Garnishment Orders Processing
Most of the organizations get a lot of Garnishment Orders like for Child support, Student loan, etc. per year.
Payroll team has to process the Garnishment orders (GO) by getting appropriate data from multiple systems. Each order is downloaded, is read manually by the analyst to validate the order and process the same as a part of the payroll processing. Heavy manual intervention leads to limitations in scaling the process and has high error propensity, impacting organization-wide employee pay cycle.
Soroco’s Solution
Soroco’s Intelligent Document Processing solution successfully processes the Garnishment Orders, and seamlessly integrate with multiple core systems, to update the required information. At scale, it delivers upto 90% accuracy at 90% automation, enables dramatically faster processing.
Benefits
Overall Outcome: 70% reduction in manual effort with improved Process Accuracy and Controllership In addition:
FTE savings
Scalable
Enhanced customer satisfaction
Seamless integration
How leading enterprises are staying ahead with us
Read how global F500 enterprises are leveraging Soroco’s IDP technology to realize transformation goals
Soroco enables a Fortune 50 e-commerce to accelerate its invoice processing
The solution uses Soroco’s proprietary Intelligent Document Processing (IDP) technology to process 1200+ different vendor invoice formats and extracts relevant data with high accuracy.
Accuracy in automated invoice processing
Vendor formats handled
Soroco automates Invoice QR code processing for millions of documents
The solution uses Soroco's IDP to accurately detect QR codes on multi page documents. It improves quality using computer vision technologies and accurately extracts information using government ID , does downstream Recon and gives reasons for bad extractions
Of QR codes were accurately extracted and matched for good quality images
Increase in scale of managing invoices/month
Performance
50-100%
manual effort reduction
6-10x
Average Handling Time reduction
99.5%
upto 99.5% accuracy from unstructured inputs
5x
scale in transaction volume