Singapore has a large number of retail industries. According to the Ministry of Trade and Industry, there are around 22,000 retail businesses in Singapore, and they contribute around 1.4% to GDP (gross domestic product). This is making Singapore retail become important for Southeast Asia and Asia-Pacific as a result of its role as a gateway. Many global brands launch their products first in Singapore before expanding to other Asian countries such as Indonesia, Thailand, or Malaysia.
Managing operations and finance in retail industries is challenging, especially for large companies that handle documents such as receipts, tax returns, and financial reports. The manual method often leads to financial losses. According to Singapore Business Review, Singapore businesses lose around $473 million each year as a result of manually processing administrative and financial data. Intelligent document processing plays a crucial role in this case as it provides solutions to simplifying process management and increasing efficiency. This article will discuss how Intelligent Document Processing (IDP) works for retail industries in Singapore.
What is Intelligent Document Processing
Intelligent Document Processing (IDP) is advanced technology that combines Artificial Intelligence (AI), Optical Character Recognition (OCR), and Machine Learning (ML) to automate the process of extracting, categorizing, and analyzing data from various sources.
Why Is the Retail Industry a Fit for Intelligent Document Processing (IDP)
Here are some reasons IDP is suitable for the retail industry in Singapore:
1. Automate High-Volume Documents and Multilingual Tasks
The retail industry on a daily basis works with a huge number of documents, such as invoices, receipts, purchase orders, inventory lists, and return forms. With these documents, IDP helps businesses in streamlining the document management process. Singapore’s retail business is multicultural, thus, its documents include some languages, including English, Malay, Mandarin, and Tamil. With IDP, businesses can easily process it, especially for documents from regional vendors such as China and Malaysia. This IDP significantly benefits business by saving time and reducing errors.
2. Faster Invoice Processing and Vendor Payments
IDP extracts key information from invoices, and some IDP, like Fintelite, can extract it into an accounting platform or existing system, which saves time when managing documents. A faster invoice processing time will have an impact on timely payment to the vendor. This can help to strengthen relationships with vendors and avoid delayed payments.
4. Build Customer Relationships
IDP extracts quickly and accurately return and loyalty forms, allowing businesses to complete returns more swiftly and increase customer trust. Businesses can also use IDP to analyze their customers’ transaction histories, ensuring that they are offering personalized products for loyalty programs.
3. Improve Compliance
Retailers face strict regulations. Accurate documents such as invoices, purchase orders, and more reduce businesses from errors that can affect potential penalties that can lose business and ruin business reputation, ensuring businesses compliance with the requirements.
Fintelite, Best Intelligent Document Processing for the Retail Industry in Singapore
We examined and understood Intelligent Document Processing (IDP) above, which has benefits for businesses such as streamlining operations, strengthening the relationship between customers and vendors, and leading businesses to achieve goals. Fintelite exists to provide the greatest solution for retail businesses looking for efficiency. With its sophisticated IDP, Fintelite can process any type of document in all formats 10x faster than manually. It not only processes retail documents but also detects any sign of fraud. This can protect businesses from avoiding unwanted issues such as financial loss.
