Standing out from the competition
Software vendors are faced with the challenge of constantly evolving while positioning their products at the forefront of the market. This requires a combination of strategic planning, the use of advanced technologies and a strong focus on customer needs. Software providers can apply various strategies to achieve competitive advantages.
Strategies for innovation leadership
Implementation of advanced technologies:
- Use ML (machine learning) and AI solutions – such as the integration of IDP (intelligent document processing) to automate document-related customer processes
- Leveraging cloud computing to improve scalability, flexibility and accessibility
- Using business intelligence and data analytics to analyze data and gain insights that can lead to product improvement and personalized customer solutions
- Use of IoT devices and edge computing for improved user experience and to open up new business opportunities in manufacturing, transportation & logistics, among others
- Integrating blockchain into software solutions to improve transparency, security and efficiency
Promoting an innovation-friendly corporate culture:
- Continuous training of employees and promotion of a collaborative working environment
Focus on customer experience and involvement:
- Integrate customer feedback and strive for user-centered development
- Personalization of software for higher customer satisfaction and loyalty
- Use of augmented reality & virtual reality to create new opportunities for customer interaction and engagement
Strategic partnerships and collaborations:
- Entering into industry partnerships or collaborating with research institutions to gain access to new technologies and resources
- Use of open innovation to benefit from co-creation and shared wisdom
Invest in research and development:
- Prototyping and MVPs to quickly test innovations and bring them to market
Use of low-code/no-code platforms:
- Faster and more cost-effective development, improved time-to-market rate and more agile response to change
Improvement of data protection & data security:
- Increased integration of security measures into the development process
In order to not only keep pace with technological developments, but also to help shape them as an innovation leader, state-of-the-art technologies – above all the integration of AI-based solutions – are becoming increasingly indispensable for software providers.
The role of artificial intelligence (AI) in innovation leadership
Artificial intelligence (AI) plays a crucial role on the path to innovation leadership, as AI has become a catalyst for innovation across all industries. By using customized AI models, software providers can open up completely new opportunities for their customers to create value by automating processes, analysing data, identifying patterns and making predictions. From optimized processes to personalized user experience, AI offers enormous potential for the future of software development.
In short: AI is a powerful technology for software vendors to extend the functionality of their software and enable their customers to take business productivity to the next level.
endless possibilities.
ExB is an Intelligent Document Processing platform that transforms unstructured data from any type of document into structured results. Our AI-based software can not only extract all relevant information from your documents, but also understand them. This allows you to automate your processes and save both time & money, while improving your customer experience and employee satisfaction. Win-win.
Relevance of IDP for innovation leadership
AI-based white label solutions have a transformative power as they offer software vendors a unique opportunity to add powerful, modern technologies to their portfolio without having to invest in development themselves. Automation and digitalization are essential for companies to ensure modern, efficient and cost-effective business processes. This is why there are numerous different AI solutions on the market. However, IDP is a particularly important AI tool among all of them. This is because IDP is revolutionizing how companies in all industries handle incoming messages and documents. Digital document workflows are the beginning of every digital transformation.
Functional scope of IDP
Intelligent Document Processing (IDP) is a technology that converts information from static documents or unstructured data into structured, dynamic information. IDP can automatically capture and process various document formats – such as digital and scanned documents or emails with attachments. Advanced AI technologies such as Optical Character Recognition (OCR), Intelligent Character Recognition (ICR), Machine Learning (ML) and Natural Language Processing (NLP) are used to improve the efficiency, accuracy and speed of data processing.
The aim of IDP is to automate and optimize processes relating to the processing of documents. This makes manual document processing almost completely superfluous and creates lean, transparent digital document workflows. Software providers enable users to enter data automatically. For software providers themselves, this means that data quality, integrity and consistency in the TMS, WMS or ERP system, for example, increase.
Data - the driver of innovation
IDP is at the heart of the digital transformation of companies. Almost every company is faced with the challenge of digitizing a constantly growing amount of semi-structured or unstructured data from documents quickly, accurately and efficiently. However, data capture in companies still largely takes place manually. Such processes are error-prone and time-consuming. In addition, employees are burdened with highly repetitive tasks. ICP enables users to enter data more easily.
4 facts about document data:
- Over 80% of all business data is still in unstructured formats such as documents, emails, images and PDFs.
- 7.5% of all paper documents are lost and 3% of documents are misfiled.
- Office workers use an average of 10,000 sheets of paper per year.
- Incorrect database entries cost an average of €100 in manual correction time.
In a world where data is generated at an exponential rate, manual data entry is simply no longer fit for purpose. Every company needs efficient, optimized processes and lean workflows in order to work optimally.
It is therefore worthwhile for software providers to integrate IDP as a component into their core software. In this way, they enable their customers to implement automatic data entry in the broadest sense and use the collected data to evaluate accurate, reliable and up-to-date information in real time, which they can use to make more informed decisions.
Companies that work with a large number of different documents on a daily basis benefit disproportionately from IDP.
End customer application example - IDP in “Logistics & Transport”
In the logistics sector, IDP helps to optimize supply chains, improve route planning and make the flow of goods more efficient. This is because all types of physical documents with varying degrees of standardization – such as handwritten notes, photos of delivery bills, invoices or bills of lading and customs documents – are automatically digitized. This makes the data usable for further processing or it can be automatically transferred directly to other systems such as TMS, WMS, DMS or ERP systems.
Examples include the automatic capture and digitization of orders, invoices and delivery bills, the completeness check of consignment bills or packing lists, for example.
End customer application example - IDP in “Production/quality control”
Quality control is an important area of production. Here it is important to carry out the inspection of products and to document all test results accurately. IDP can support quality control by automatically capturing data from inspection reports, product specifications and other test results, enabling manufacturers to identify and resolve quality issues more quickly and efficiently.
Application example ERP finance module: invoice capture & verification
The focus of ERP systems is the control of company processes including all data volumes – not the recording of data. This is where IDP comes in. ExB’s IDP solution can handle various invoice formats (whether as a PDF or in an e-mail attachment), different layouts and complex invoice data. This means that every single incoming invoice document, no matter how small, is captured correctly and the required data is extracted, checked and approved. Once the invoice has been approved, payment can also be made automatically. This saves time, processes can be tracked transparently and employees can focus more efficiently on the essentials.
Our IDP solution can also be customized and flexibly adapted to the requirements of software providers and their end customers. The manual entry of invoice data is therefore absolutely minimized. This increases data quality, integrity and consistency in the ERP system.
The need for IDP solutions has become apparent as companies increasingly rely on digital data and documentation. However, not all IDP solutions are the same and companies should be aware of their requirements and look for flexible integration when searching for the right solution. Not all IDP providers offer this.
Software providers: Innovation leadership through IDP integration from ExB
Software providers that offer ERP systems or merchandise management systems (MMS), supply chain management software (SCM), transportation management systems or document management systems, for example, benefit from the integration of IDP. This is because upstream IDP software can be used to automate data entry based on documents in all software-supported processes.
The integration of IDP as a white label solution is more cost-efficient than developing comparable AI-based functions in-house. At the same time, software providers can expand the functional scope of their own software with a state-of-the-art, AI-based solution for intelligent document processing, thereby gaining new customers and retaining existing customers. ExB’s IDP solution is also scalable and can be flexibly adapted to the company’s own growth. While the focus thus remains on core competencies, software providers can also position themselves as technological pioneers on the market and differentiate themselves from the competition by integrating such AI tools.
Advantages of an IDP white label partnership with ExB
By integrating ExB’s IDP solution, software providers benefit in many ways:
- Increasing sales, as AI-based innovations offer potential for acquiring new customers
- Acquiring new customers and improving the loyalty of existing customers with features that can be adapted to individual customer needs
- Gaining competitive advantages through product differentiation
- Fast time to market through simple and seamless integration
- Enhancement of your own brand through innovation
- Fast access to AI-based technology and innovation
- Focus on core competencies as no in-house development & maintenance required
- Expansion of own development skills and resources through access to ExB IT professionals, including access to specialist knowledge
IDP will become increasingly indispensable for the customers of software providers in the future. Software providers who want to position themselves for the future are therefore well advised to integrate IDP into their software sooner rather than later.
Im Gegensatz zu herkömmlichen Systemen nutzt IDP fortschrittliche KI-Technologien wie Machine Learning, OCR und NLP, um unstrukturierte Daten intelligent zu analysieren, zu extrahieren und in verwertbare Informationen umzuwandeln.
Die White-Label-Integration von IDP ermöglicht es Software-Anbietern, ihre bestehenden Lösungen schnell und kosteneffizient um KI-basierte Funktionen zu erweitern. Dadurch können sie sich als Innovationsführer positionieren und neue Umsatzquellen erschließen.
Herausforderungen können in der Komplexität der Datenstruktur oder bei der Anpassung an spezifische Kundenanforderungen liegen. Diese lassen sich durch flexible, skalierbare Lösungen und eine enge Zusammenarbeit mit dem IDP-Anbieter wie ExB überwinden.
