Manual submission intake may seem like an age-old practice, but it’s costing businesses more than they realize. With advancements in intelligent document processing (IDP), companies now have the opportunity to not only streamline their operations but also eliminate inefficiencies lurking in manual processes.
From wasted time to misallocated resources, the hidden costs of manual submission processing can pile up quickly, creating barriers to growth and efficiency. This blog dives into these hidden costs and explores how IDP solutions bring automation, accuracy, and scalability to submission processing.
The true costs of manual submission intake
Time-intensive processes that drain resources
Manual submission processing often involves repetitive and monotonous tasks like data entry, sorting, and verifying documents. These tasks not only burden your team but also significantly slow down processes, pushing deadlines and frustrating stakeholders.
A report by McKinsey revealed that employees spend nearly 30% of their time on routine administrative tasks, much of which automation tools like IDP could easily handle. This time sink translates to lost productivity and missed opportunities elsewhere.
Prone to human error
Manual processes are error-prone by nature, especially when entering data from various document formats into a system. Typos, misclassifications, and overlooked details can create a ripple effect, leading to costly rework, compliance risks, or delays in decision-making. Studies show that errors in manual data entry have an average accuracy rate of just 85–90%, significantly affecting business operations.
Limited scalability
Manual processes struggle to keep up as your business expands. Whether it’s dealing with higher submission volumes during peak seasons or supporting new business lines, relying on manual intake can quickly bottleneck operations. Scaling with a manual process often means hiring additional staff, which comes with its own set of costs and inefficiencies.
Missed revenue opportunities
The slow processing times and inefficiencies of manual intake can frustrate customers or clients, leading to lost business. For industries like insurance, where speed to quote is a competitive differentiator, delays caused by poor data processing frameworks can result in missed revenue opportunities.
Hidden employee costs and burnout
Relying heavily on manual work increases operational expenses and can also lead to employee dissatisfaction. Staff stuck in repetitive, low-impact roles are more likely to experience burnout, resulting in higher turnover rates and recruitment costs.
Now that we’ve laid out the hidden toll of manual submission intake, it’s time to explore how IDP technology can completely transform and optimize this process.
How intelligent document processing (IDP) solves these challenges
IDP combines artificial intelligence, machine learning, and automation technology to streamline submission processing, eliminate inefficiencies, and enhance accuracy. Here’s how it addresses the hidden costs of manual intake:
1. Submission processing automation
IDP automates the repetitive tasks typically associated with submission intake, such as document collection, data entry, and classification. Tools like Indico Data’s Intelligent Intake solution handle:
- Unstructured data from sources like PDFs, emails, and spreadsheets
- Classification of document types (e.g., application forms, invoices, historical records)
- Extraction of data points without the need for manual intervention
This significantly reduces processing times while freeing employees to focus on higher-value tasks.
2. Error reduction through AI
With error rates as low as 1–5%, IDP ensures data accuracy and consistency. Advanced machine learning algorithms not only extract and validate data but also flag inconsistencies, ensuring your systems receive clean, reliable inputs. This level of precision eliminates costly rework and compliance risks triggered by human error.
3. Scalability without hiring spikes
IDP empowers businesses to manage submission volumes during peak periods without hiring additional staff. Whether it’s a seasonal influx of applications or processing documents across multiple geographies, IDP solutions scale automatically to meet increased demands.
For instance, Indico Data’s platform supports 70+ languages and can process 900+ document types, making it ideal for businesses serving global markets.
4. Faster time to quote or decisions
By automating submission intake, IDP accelerates decision-making cycles, giving businesses a competitive edge. Insurance underwriters, for example, can experience up to an 85% reduction in submission processing times, enabling faster quotes and stronger client relationships.
5. Cost-effective operations
Automating manual processes leads to immediate cost savings. One use case showed that companies integrating IDP reduced operational costs by up to 70%, while improving output quality and speed—an exponential improvement over manual workflows.
Related Content: How AI-powered underwriting automation improves decision speed and accuracy
Real-world applications of IDP
Insurance underwriting efficiency
IDP solutions are revolutionizing insurance underwriting by automating tasks like submission triage, loss runs processing, and application reviews. Companies adopting these technologies are reporting impressive gains, including quadrupling capacity and increasing net premiums by 30% quarterly through enhanced speed and accuracy.
Data entry automation across industries
From finance to healthcare, IDP’s ability to handle unstructured data makes it a game-changer for industries reliant on manual data entry. Businesses are not only reducing errors but also expanding their ability to leverage actionable insights from their data.
Supply chain optimization
By automating forms like shipping notices and invoices, supply chain managers are reducing cycle times and mitigating errors in inventory management processes.
Why now is the time to adopt IDP
The business case for IDP is clear. Organizations that replace manual submission intake with modern automation tools stand to gain:
- Improved accuracy and compliance
- Faster processing and decision-making
- Significant cost savings delivering measurable ROI
- Enhanced scalability to support business growth
Sticking to manual processes is no longer viable in today’s competitive landscape. Businesses that fail to adapt risk falling behind industry leaders already reaping the rewards of automation.
To learn more about the benefits and use cases of intelligent document processing, visit our Comprehensive guide to intelligent document processing (IDP).
Take the next step toward efficiency
The days of manual submission intake are numbered. Intelligent document processing is the solution to eliminate inefficiencies, improve productivity, and future-proof your operations.
If you’re ready to transform your submission workflows, we’re here to help. Start by exploring how Indico Data’s IDP platform can drive better data-driven decisions.
Book a demo today and unlock your business’s true potential with automated submission intake.
