Are you a stakeholder or Manager of Manufacture company? So, this guide can be very useful for you.
In this article, I’ll show you 14 use cases of IDP in Manufacturing Company and how it can be used to streamline various processes and improve overall performance.
14 Use Cases of IDP in Manufacturing Company
1. Automatic Data Capture from Invoice
In a Manufacturer’s company, there is a lot of Invoice need to process for verification and further confirmation for the manufactured products and supply. In this automation and Tech World, you can use intelligent document processing technology to automate the processing of Invoices. This is an end-to-end solution. Integrating the IDP software into the system can easily extract data points from invoices and integrate extracted details into accounts payable (AP) management systems for faster processing. With the combination of RPA and IDP software, you can automatically Scan, convert and upload data from paper invoices to ERP systems using intelligent data capture with RPA.
2. Invoice data update in ERP
The IDP software with the power of its AI, Machine Learning Algorithm, and OCR technology, captures Data from invoice then store it in the ERP system and maintain control over the administrative and Financial Process for further automation. In this automation process, the software help to reduce the risk of error and speed up the work Organizations business practice.
3. Automatic Order booking
When, a manufacturing company receives a huge amount of Purchasing Order, that time, employees have a lot of pressure to manually check this order and Booked it, and, next, they need to save the data in their ERP system. By using IDP software, you can automatically extract and Update the relevant data from the Purchase Order (PO) received from the vendor and order processing the Paper Form in the enterprise system as a new record. Automate paper-form order processing using intelligent document processing. Forward it to the receivables department to generate an invoice to ship with the ordered product.
4. Automatic Book Closing
With the help of Intelligent Document Processing Software and RPA, you can automate the Book Closing Process in your Manufacturing Firm. It automatically prepares to adjust the Trial Balances, prepare the report discrepancies, total accounts, close entries and prepare post-closing trial balances.
5. Create an invoice
In Manufacture unit, there are huge amounts of Goods manufactured every day. And, When it is time to supply the goods, the manager needs to calculate every quantity of an item with its price. Basically, this is a manual process, which is very time-consuming. So, by using IDP software like Docextractor, it can be automated. This type of Software automatically read email invoice requests and files attachments and logs data into the accounting system. In case of missing information, send an email to the concerned.
6. Bank Reconciliation Process
Intelligent document processing (IDP) can simplify the bank reconciliation process by automatically scanning and extracting data from bank statements. IDP software. Basically, The data is downloaded in unstructured format from emails as well as bank websites as per the company and bank’s rules and regulations. Then, it identifies and matches transactions in the bank statement with the company’s accounting records, which helps to reduce errors and save time. By integrating the software with the existing system of the manufacturer unit, IDP software can help to automate the company’s banking tasks more quickly and accurately, freeing up time for other important tasks.
7. Credit Assessment Report
When it comes to analyzing the financial data from the Balance Sheet, it is very important to check and verify each and every digit of the report. Sometimes, In Manufacture company Logistics Company, or even in any company, employee do mistakes and create error-prone results in the report. IDP Software uses its AI, ML, OCR, and NLP technology to extract data from financial documents such as bank statements, income statements, and tax returns to generate credit assessment reports. By automating this extraction and analysis process, IDP software can save time and reduce the risk of errors that can occur when entering data manually.
8. Lead Collection Process
Using intelligent document processing and RPA technology, it searches the web, emails, and social media platforms. for potential opportunities and tenders. And, next, it identifies the data such as contact details, product interests, and company size, and enters it into a centralized database for lead management. This can help manufacturing companies get high-quality leads in less time and increase sales and revenue, while also improving their overall marketing effectiveness.
9. Drawback Fund Transfer
IDP software can extract data from various documents such as export invoices, and shipping documents, and, next verify the accuracy of the information. The software can then automatically transfer the funds to the company’s account. Basically, the software reconciles data between bank accounts and the company database. During this process, if there is any matching error found, it emails the respective stakeholders. By automating this process, IDP software can reduce errors and save time, which can help manufacturing companies receive their drawback funds more quickly and efficiently.
10. Program Management
Maintaining huge a Factory is one type of Prorame Management Work where as a manager you have to manage people, collecting, managing, and verifying every data across the bills, is one of the crucial work. IDP and RPA technology use to automate the bills of material, map it against production volume to create lean inventories, and jump-start operations.
11. Automatic Updating Main database
By automatically collecting Information on various documents such as invoices, purchase orders, and shipping documents, the IDP software updates the main Database of the Company. It updates each and every production-related detail from each, factory and branch and also provide a real-time status across the manufacturing organization. If you do this, manually, it takes more time and can be error-prone. But, By using the IDP software, can improve efficiency, productivity, and decision-making processes for the company.
12. Compliance and Non-conformance Reporting
In the Manufacturer company, IDP software automatically extracts data from bank statements and compares data of invoices, purchase orders, receipts, and company records across ERP systems. This data can be analyzed to identify any discrepancies or non-compliance issues such as incorrect pricing or missing information. If the software robots found any Incorrect and missing information, it automatically generates a report which helps the manager and stakeholders to improve their processes and ensure compliance with regulations
13. Automatic Price comparison
With the help of IDP software, it automatically compares the price of the products and services by extracting data from the document. In the Manufacturer firm, it is good to justify the price of the product. This software automatically checks for duplicates in catalogs with multiple suppliers for the same product and service and Improves pricing for the Manufacturer. It helps manufacturers make informed purchasing decisions, save time and resources on manual price comparisons
14. Manging Production Proposal
Intelligent Document Processing is also used to manage Production proposals in the Manufacturer company. After receiving the Hard Copy of the Production Proposal, the software Digitizes the proposal request and extracts data from the relevant documents, automates proposal generation, and streamlines the proposal approval process by using intelligent document processing Technology.