5 Real-life examples of Intelligent Document Processing and why it is the key to Accuracy

Around 80% of the data across an organization is in an unstructured format which makes it difficult for the employees to manually capture the data from different formats. Documents are received in different forms such as emails, PDFs, image files, scanned documents, etc. which is sometimes non-readable, hence causes errors in data.

Some companies have adopted technologies like OCR to overcome such challenges, but even OCR has its limitations. An OCR tool is unable to read the unstructured documents or identify or read through from different languages. Intelligent Document Processing (IDP) is beyond OCR as IDP solutions have a blend of Artificial Intelligence (AI) which helps it in reading all kinds of documents while maintaining accuracy.

Intelligent Document processing solutions classify the data from the documents and automatically fills the data into the required format. It also extracts the relevant data required for further processing. With AI, IDP solution overcomes the challenges of OCR such as deskewing images, character repair, and speckled images with text.

IDP tools have shown to have over 99% accuracy which is far more than accuracy received in OCR. According to a recent report by Everest Group, the IDP market is expected to grow at a CAGR of 27-30% in 2021.

Below are 5 real-life case study examples of how companies successfully achieved accuracy and saved costs by investing in intelligent document processing tools:

A Large European Manufacturer automates the processing of 140,000 invoices annually to increase efficiency: One of Europe’s largest manufacturers of valves automated the entire accounts payable process and implemented an IDP solution to capture the data from more the 140,000 invoices that were received in different formats. The helped the manufacturer to improve its overall productivity by more than 25% and improve organization-wide cash flow management.
Automated Mortgage Applications Processing For A Leading US Bank: The bank wanted to automate the mortgage processing and was looking to digitize more than 1.4 million bank documents. It implemented an intelligent document processing tool for auto-classification and capturing of data from different unstructured formats of documents.
Streamlined Accounts Receivables Process For A Leading Publishing Giant: The publisher used an intelligent document processing solution to automate the entire order-to-cash cycle and capture the data from payment receipts to increase accuracy.
TruAI Helps In Media Tracking For A Large Advertising Company: Intelligent document processing helped one of the world’s largest advertising companies to capture data from different web sources in order to reduce time and increase efficiency.
Data Capture in Vendor Reconciliation Process for One of World’s Largest Universities: One of the world’s most prestigious universities wanted to process the outstanding documents from the vendors. It implemented an intelligent document processing solution which helped them in automatically capturing data from statements in multiple formats which led to faster processing.

The Functions Of A Cost Engineer

Cost engineering can accurately be described as an adjunct to the established methods of engineering. It takes account of and addresses the links between the tangible and financial aspects of whatever is being manufactured. However, the process of cost engineering also has a bearing upon the approaches and design methods adopted by an engineering business.

Prior to the commencement of a project, a group of investors or key decision makers will confer with a cost engineer regarding the anticipated costs. The engineer must weigh up the projected wage, material and other expenses if they are to produce an accurate budget. On some occasions it may be necessary to offer alternative, money saving solutions to a manufacturing problem. This may ensure that the project doesn’t become overly expensive.

It is fairly common practice for a cost engineer to guide financial management teams when it comes to cost reporting and forecasting. Workers who have had the benefit of such counsel may well provide more realistic projections. It is essential that a cost engineer possesses excellent interpersonal skills, as they are also expected to assist constructors, engineers and cost analysts in the development of variance reports, commitment reports and cash flow forecasts.

The role of cost engineer would be ideal for individuals who are able to understand the practicalities of design and consider the wider picture. They are required to closely scrutinise the details of each project and offer pricing estimates in light of the rapidly changing oil and gas prices. Engineers depend on the financial experts to provide key information regarding the suitability of machinery and working practices for various projects.

It takes great skill to create computerised reports related directly to manufacturing methods in the real world. A cost engineer has to visualise a project from beginning to end, in order to identify potential problems and develop sound solutions. Businesses who employ trained cost engineers could make significant savings and gain a reputation for working in the most practical and efficient way.

Many cost engineers have hands on experience within the manufacturing industry. This allows them to acquire an understanding of ground level workings. People who make the decision to move into cost engineering may further their knowledge during maths and statistics courses. They must also learn how to make full use of complex computer packages such as Galorath, SEER and Microsoft Project. Once the necessary skills have been developed it may be possible to work an intern for a high profile engineering practice.

An industry expert recently claimed that to become a proficient cost engineer it is necessary to apply yourself to the study of mathematical theory. People who have a great understanding of this discipline will have the option of moving into various engineering fields. Anybody who is looking to secure their first job in this highly competitive industry is encouraged to send their CV off to a specialist construction cost engineering practice. Some companies may provide valuable feedback regarding your employment prospects.

Benefits of mobile apps for your manufacturing unit

The manufacturing industry worldwide is growing at a rapid pace. As a result, there is an exponential rise in data volume, inventory, and processes. Industries have to trade off the quality and at times productivity because of the chaos caused by huge data volumes. Mobile apps come in handy in managing this data and in situations where human intervention is less effective. In this blog, we will discuss how mobile apps are helping the manufacturing industry and how your manufacturing plant can benefit from a mobile app:

Driving mobility

An enterprise app can aid manufacturers in establishing an on-the-go and on-demand mobility of data. For instance, manufacturers can integrate their CRM modules into their apps, which will enable employees along with the stakeholders to reach invaluable insights on data even from a distant place. Moreover, they can administer and record the data with the app when needed.

Real-time Notifications

The revolutionary GPS technology can help manufacturers monitor their automobiles and alert the recipients of their shipment timings. Manufacturers can also receive and transmit the data about the machinery of your product and help the Quality control team without any obstacle, with an app.

Technician assistance

Often factory workers and technicians reside in areas that are far off and spend considerable time commuting. A handy mobile app will help them keep a tab on their tasks as well as the state of machines and get alerts on what needs to be done. They can also inform the workforce that is present on the site about any anomaly or deviance that occurred in your machinery.

Enhancing management

With manufacturing plants in various locations, it is vital to focus especially on raw materials besides the finished products. The app enables you to examine all of these and more. The customized mobile app also lets you integrate technologies such as IoT solutions, iBeacons, & AR to trace the products while training the employees in managing the entire procedure.

Increasing visibility

In manufacturing, mobile apps let you track employee activities on an hourly or daily basis. GPS feature lets you locate your employees wherever and whenever you want. You can check whether safety personnel is at the place in your plant to avoid any mishaps. Stakeholders get to keep a tab on the timings of workers and the work they are doing each day.

Some key features of apps in manufacturing are:

ERP Suite for resources planning
Service Scheduling for work order assignment and progress monitoring
Managing Database & Inventory
Managing Supply Chain
Material Requirement for raw material
Communication Channels
READ MORE – 6 Ways AR/VR Will Disrupt Manufacturing Industry in Next 5 Years

Mobile app development services have accelerated technological advancements and the manufacturing industry can take advantage of simplifying the business complexities. If you wish to reap the business benefits that a mobile app development company can offer to your manufacturing unit, avail of the best mobile app development services now!