Intelligent Document Processing Market - How to Measure ROI

by Brad Blood | October 19, 2020

While most intelligent document processing market (IDP) solutions work behind-the-scenes, measuring return on investment (ROI) is more than just factoring time and materials costs.

A project should only be pursued if it is supported by a well-reasoned business case. The outcome is the most important part of the journey.

Because IDP solutions will grow to solve new use-cases, understanding the total cost of ownership is vital for determining ROI.

What is the Total Cost of Ownership for IDP?

Intelligent Document Processing Return on Investment

Total cost of ownership comes from the following:

  • Licensing
  • Development
  • Operations

These costs depend on the complexity of the project.

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This Article Covers the Following Topics:

How to Ensure Return on Investment with Intelligent Document Processing

intelligent document processing marketThe most important factor affecting return on investment is maintaining a commitment to support the solution with both technical and business resources. This is a power duo that consistently accomplishes great outcomes.

Software in the intelligent document processing market excels at automating manual data entry from documents.

With an almost never-ending supply of unstructured data, you will receive increasing ROI by maintaining focus on establishing new use-cases for extracting new data sets and achieving new business outcomes.

For example, if your initial IDP deployment was for accounts payable automation, turn your focus to human resources workflows. Expand to other departments like legal, procurement, and operations; and to new market innovations by unlocking electronic data contained in PDFs, logs, reports, and other transactional data.

Where Does Return on Investment Come From?

Three primary sources of ROI:

  • Workflow / staffing – increased accuracy, efficiency, and cost reduction
  • Customer experience – increase retention and satisfaction
  • Innovation – bringing new or better solutions to market faster

Just one of these may be enough to justify an IDP solution

How Intelligent Document Processing Delivers Better Business Outcomes

Increasing revenue and achieving better business outcomes is the goal of all technology. It’s important to look at exactly how intelligent document processing market software delivers promised results.

Below are 8 Key Features of IDP

Software in the intelligent document processing market should provide a proven return on investment for automating critical workflows and data extraction or it should not be used.

We look forward to joining you on your quest for excellence through improvement and innovation.

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