Part 2: What to Look For in an IDP Solution

If you’ve been tasked with modernizing an expensive, legacy tech stack – one that has been used by your business and employees for years, even decades – we know you’ve got a lot on your shoulders.

How do you get started, much less successfully select the right IDP solution for your organization — one with a proven ability to classify and extract data, as well as improve data quality, employee satisfaction, customer experience, and revenue?

We’re here to help! Our new E-Book, “How to Choose an Intelligent Document Processing (IDP) Solution,” details the process of finding the right solution, step-by-step.

Want just a bite-sized guide? Here’s a shorthand checklist of the features to look for in an IDP solution and which questions to ask vendors. Armed with this information, you’ll be better informed and well on your way to making the best decision for your business.

Can it read outside the box?

Why it’s important:
In order to effectively automate so you can save time and significantly improve the accuracy of extracted data, find an IDP solution with ML technology that can read diverse document types.

Questions to ask:

  • Can the solution reliably handle handwritten, cursive, and printed text?
  • Can the solution handle mixed entries (e.g., handwritten and printed text) at the same time?
  • Can the solution extract data from low resolution, faxed, and distorted images?
  • Can the solution improve image quality?
  • Can the solution read multiple languages?

Is it easy to deploy and use?

Why it’s important:
Because the last decade has changed the game on expectations for user-friendly tech across the board, you’ll need an IDP solution with a simple and intuitive user interface that caters to non-technical employees.

Questions to ask:

  • Has the solution been put through any user testing as part of its development?
  • Does the solution take into account non-technical users?
  • Can the solution work with your API and existing third-party integrations?
  • How easy is it for the system admin to create new templates, view reports or conduct other frequent tasks?

Will it work within your infrastructure?

Why it’s important:
Digital transformation is a long-term process, so look for a solutions partner that helps you prioritize data security along with processes and initiatives that tackle low-hanging fruit first, and then scale up from there.

Questions to ask:

  • Can you deploy the solution on premise, in your private cloud, or via your physical server, if desired?
  • Does the vendor ask about and respond to your company’s specific pain points?
  • How does the vendor help strategize ways to allow the solution fit into my existing infrastructure?
  • What quality assurance mechanisms are available to ensure accuracy from the start and over time?

Does it invest in itself – and your success?

Why it’s important:
Modernizing your tech stack involves mutual trust and partnership and you’ll want to select a vendor with a proven track record and a vision for your shared future.

Questions to ask:

  • Does the vendor have a product roadmap and will they share it with prospects?
  • How does the vendor roll out new features and communicate them to existing clients?
  • What level of support can clients expect?
  • What level of investment does the vendor dedicated to their product’s research and development and evolving technology?
  • What kinds of quick wins can be expected versus improvements over time?

Does it improve the customer experience?

Why it’s important:
In the ever-changing and increasingly competitive landscape of the insurance industry, a great customer experience is often the single differentiator that can make or break your retention and acquisition metrics.

Questions to ask:

  • Does the solution take into account customer needs and requests — and if so, how?
  • How does the solution prevent errors making it all the way to customers?
  • Is there a way to tie the solution to improved conversion and retention rates?

Does it deliver business value?

Why it’s important:
Your goals include finding ways to decrease costs, get more data, and drive increased revenue and profit, so the right IDP solution should provide clear metrics on how their product will impact these KPIs.

Questions to ask:

  • What are the potential economic benefits of implementing the solution?
  • What is the average time-to-revenue?
  • How do you calculate ROI and what factors are considered?

Learn more by downloading our complete E-Book: “How to Choose an Intelligent Document Processing (IDP) Solution.”

Credits

Design: Chen Nergal

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