Intelligent Document Processing: Different Priorities Across APAC, EU, North America
- By CDOTrends editors
- June 19, 2023
In an era where digitization and automation are crucial to business survival and growth, one technology—Intelligent Document Processing (IDP)—stands out as a powerful catalyst. IDP is instrumental in redefining business operations by fostering workforce agility, improving customer experiences, and optimizing supply chain and logistics processes. A recently released report from ABBYY, a global leader in the IDP landscape, provides illuminating insights into this transformative trend.
ABBYY, known for its innovative IDP solutions, unveiled its 'Intelligent Document Processing (IDP) Global Trends & Outcomes Report' on June 6, 2023, in Milpitas, California. The report highlights document-centric processes' formidable challenges and lucrative opportunities and how companies could leverage these to drive intelligent automation initiatives. With a history of three decades and working with over 10,000 customers worldwide, ABBYY's report is a treasure trove of insights that reflect global trends in IDP adoption.
"Enterprises continue to be driven by the ever-changing digital needs of their customers," commented Gabrielle Lukianchuk, the chief marketing officer at ABBYY. "At the heart of meeting customers’ expectations is making operational improvements that impact engagement and deliver measurable value. Various global market factors noted in our report underscore the need for faster access and a better understanding of customer-centric data to craft more exceptional customer experiences."
The report extensively analyzes the key regions and their distinctive priorities to improve workforce agility, customer experience, and overall operational efficiency. The report underscores a consistent trend across these regions—the relentless drive to enhance how they process data and associated documents.
In North America, businesses primarily concentrate on tax forms like the IRS 1040 and financial documents like bank statements and invoices. In Europe, the focal point is on international travel and commerce documents, including customs declarations, identity documents, and waybills. Meanwhile, in the APAC region, a higher emphasis is placed on forms linked to international shipping, like air and sea waybills, identity documents, and financial documents like bank statements and invoices.
However, despite their varying priorities, one shared objective among these regions is evident - streamlining accounts payable operations. All regions are striving to reduce the cost of invoice processing and to improve the efficiency of these operations. In addition, there is a concerted effort to enhance the customer experience for both consumer and business customers through the automated processing of identity-related documents and those used within transportation and logistics.
The accelerated adoption of IDP technology clearly signals its potential to revolutionize business operations and help enterprises thrive in an increasingly digital world. As IDP finds more takers, it is not just a solution that allows businesses to keep pace with digital transformation but also a catalyst that ensures they remain agile, customer-focused, and efficient. As we look towards the future, IDP stands out as a driving force behind the transformative changes we're witnessing in the global business landscape.
Image credit: iStockphoto/Rudzhan Nagiev