Instant data processing is essential in a world where new industrial changes happen rapidly. The abilities it gives are fundamental, such as making quick data-driven decisions, spotting trends early on, and acting on opportunities as they arise. Organizations can make real-time decisions based on the most up-to-date information available.

For stakeholders, access to real-time information about the ordering process, inventory, delivery, and potential disruptions is crucial. By digitizing and automating all business transactions on a digital business network, you may streamline connectivity with clients and suppliers. This information can be used to make decisions about how to allocate resources, optimize processes, and improve customer satisfaction.

An Intelligent Document Processing (IDP) platform can be a useful asset in many industrial settings. IDPs are capable of extracting invoice data from the system, organizing it into digital documents, distributing these documents to appropriate departments for processing, and then integrating this data into ERP systems based on administrator-defined criteria.

Key manufacturing processes where IDP can be useful:

1. Design-to-operate

IDP helps streamline and automate data creation for new BOMs. When customers give feedback about a needed product or request a non-standard item that was never created before, the requirements can be sent in, for instance, XSL format and IDP will help convert it into the necessary product catalog format. In addition, with demand and supply planning, IDP can download and unify documents into one format to make decisions on when the demand will be for a specific product. When processing delivery docs in formats like PDF, XLS, TXT, DOC, IDP can help by recognizing info and giving it to ERPs. It is also useful for creating new master data related to pricing, and tracking competitors’ prices.

2. Lead-to-cash

Vendors’, supplier’s, and customer onboarding processes that require many documents in third systems like CRM or ERP can be made easier with IDP since it allows one-click card account creation. Additionally, opportunity management, quote management, and sales order management requests received in PDF, XLS, TXT, and DOC formats can be automatically downloaded to IDP where it is processed according to specific criteria set by admins.

3. Source-to-pay

Invoice recognition and reconciliation of data can be fully automated with IDP. Initial recognition of an invoice requires a comparison of the invoice data with the relevant data contained in the IDP. Once the data has been matched, the invoice is then reconciled with the IDP, and any discrepancies in the data are identified and resolved. Pro-items from the invoice can be automatically mapped to the General Ledger account, resulting in accuracy and transparency in the data while eliminating the need for manual data entry and reconciliation.

Graip.AI helps manufacturers to structure data.

What is Graip.AI?

Graip.AI is a revolutionary artificial intelligence platform designed to make structured and unstructured document data usable for business applications. By reducing document processing by up to 85%, Graip.AI allows your sales reps to spend more time working with customers, rather than manually entering data from incoming documents to create a quote or sales order.

How Graip.AI works?

1. Document recognition. Documents can be uploaded straight to the system or forwarded via email in different formats like PDF, XLS, TXT, DOC, CSV, and images. After that, the platform reads the data for further processing.

2. Intelligent processing. Data is processed in accordance with the requirements giving the opportunity for human verification to correct/update the information if needed.

3. Integration verification. As a final step, verified data is extracted to the relevant third-party system of your choice and allows document creation in different file formats.

Why Graip.AI?

Graip.AI is a new level of IDP that can also do post-processing and matching. After a client provides unstructured data on product configuration matching the client’s product catalog, IDP can identify the best match for the position according to our product catalog and forward the request to the third system.

Integration to ERP systems can dramatically improve manufacturing processes. Graip.AI provides pre-configured integrational interfaces that allow critical data from documents to be retrieved and sent to ERP following IDP processing. On top of the raw data taken from the document and converted to an ERP-compatible format, various business logic can be applied. Also, Graip.AI has configured integration with the SAP S/4HANA system to build intelligent scenarios.

Solidifying the influence of Industry 4.0

All the modernization of manual processes brings us to Industry 4.0 which continues to push towards automation, employing technologies such as Industrial Internet of Things, big data, machine learning, artificial intelligence, and advanced analytics. McKinsey predicts the demand for physical and manual skills in repeatable tasks will decline by 30% over the next decade.

Supply chain and manufacturing systems can be managed and optimized with the use of Industry 4.0 technologies. It provides you with the real-time data and insights you require to make quicker, more informed business decisions that will ultimately increase the productivity and profitability of your entire enterprise. Industry 4.0 is also about industrial transformation using new digital technology that makes it possible to gather and analyze data across machines and business systems – the entire intelligent enterprise. Specifically helpful for the growth of manufacturing is IoT which has made it possible for businesses to use real-time data to make educated strategic decisions and accomplish a wide range of objectives, including cost savings, increased efficiency, improved safety, product innovation, and more.

The Bottom Line

Industrial manufacturers usually face a number of problems in the manual processing of documents, resulting in costs but low efficiency. Increased productivity, improved operational efficiency, and reduced costs are all results of IDP implementation. This technology can help improve accuracy and speed up the process, allowing manufacturers to respond to market developments faster and bring their products to market and more efficiently.