The Beginner’s Guide To Intelligent Document Processing (IDP)
The world is led by data today, everything we see around us is data-centric. In fact, in all the tech evolution that the world has witnessed to date – data has been the spine of them all!
But, data processing and management are not easy. Most businesses are struggling to manage a gigantic amount of databases without human errors or without compromising employee productivity.
Large amounts of written and image-based documents contain significant amounts of information. This data can be read, extracted, gathered, labeled, and interpreted using natural language processing (NLP), optical character recognition (OCR), and computer vision so that it can be used digitally. Advanced solutions for Intelligent Document Processing (IDP) seamlessly turn semi and unstructured data into proper usable insights, that can drive well-informed decision-making. The core of digital transformation lies within the data possessed by businesses, but 80% of it is sadly contained in unstructured formats including business photos, documents, emails, and PDF files.
The next phase of automation, known as intelligent document processing, can capture, extract, and process data from various document formats. It uses AI technologies such as driven natural language processing (NLP), computer vision, deep learning, and machine learning (ML) to categorize, segment, and extract essential information. It then validates the extracted data to be considered apt for decision-making processes.
In today’s world, businesses are struggling with data overload. The plethora of data makes it difficult to filter out important information from unimportant noise. It can be costly and time-consuming to mine vast amounts of data for relevant insights. Intelligent document processing, or IDP, can be applied in this circumstance to simplify the life of the data management teams.
Intelligent document processing (IDP) is a workflow automation system that ingests massive data streams and extracts, reads, classifies, and organizes pertinent information into formats that may be used. A vast variety of document types, including papers, PDFs, Word documents, spreadsheets, and countless other formats, can be processed by the system. IDP’s major goal is to automatically and manually extract valuable data from enormous amounts of data.
There are many advantages of automating some of your document processing with IDP. Artificial intelligence can be used by IDP to eliminate the need for human data entering and processing staff. IDP reduces expenses and eliminates human error while speeding up data processing, leading to process optimization and productivity enrichment.
Structured, unstructured, and semi-structured data are the three types of data that are most frequently found in contemporary businesses. Structured data is easier for human data processors to read and comprehend. However, unstructured data processing and analysis require time. Data that is semi-structured is a mix of both. With the aid of intelligent document processing technology, structured, unstructured, and semi-structured data processing can all be automated.
What is the process of intelligent document processing?
The process of processing intelligent documents involves a few steps.
Beginning with intelligent document recognition, IDP scans and categorizes documents using sophisticated deep-learning AI technology. This technology is capable of learning up to 190 languages and can read and comprehend documents similar to a data processing employee.
After your data has been categorized, clever document automation software starts to extract the information that is important to your company. Through the use of cognitive AI technologies that isolate particular data points from the broader document, extraction is made possible. IDP then arranges the pertinent information and makes it available in a digestible way.
A business process management approach that includes intelligent document processing is one that is worth considering if your organization has a lot of organized, semi-structured, or unstructured data.
Top Intelligent Document Processing Use Cases
Various industries use IDP. Here are some use cases for intelligent document processing:
- The processing of invoices and other accounts payable tasks can be automated by finance departments.
- The processing of resumes, employment screening, employee surveys, and other HR data may all be done by human resources departments using IDP.
- With the use of intelligent document processing software, government organizations may manage permits, produce electronic papers, and handle applications.
- Automated document processing is used by insurance businesses to handle claims, identify fraud, prioritize insurance policies, and quicken document processing inside your company.
- Using IDP, law firms can process, store, and handle legal data more accurately than they could with manual document processing.
- These are only a handful of industries that utilize intelligent document processing to hasten and enhance data processing workflows. IDP has a wide range of uses and benefits for most organizations if you’re using the proper software.
Advantages of sophisticated document processing
It has been shown that intelligent document processing enhances corporate operations and boosts team productivity. A few of the main benefits of automating document processing are as follows:
- Utilizing intelligent document processing will improve the accuracy of your processing. Compared to IDP, human data processors make a lot more mistakes.
- By automating certain of your procedures, you can cut the cost of document processing. Manual document processing typically costs between $6 and $8 per document. Automated document processing has a significantly reduced per-document cost.
- By giving employees the chance to work on more worthwhile projects, you may increase employee productivity. Employees are free to focus on other tasks since they are not required to handle unnecessarily tedious paperwork.
How to choose your IDP software
The best intelligent document processing software for your company can be chosen by following a few steps.
- Identifying your organization’s needs for data processing is the first step in selecting an IDP. More of your data is structured or unstructured. The majority of your data is in what format? Do you wish to automate how much of your data processing?
- The next step is to determine which of your data is best for intelligent document processing. Think about how long it takes to process each of your data types and which data sets could benefit your company the most from automation. The documents that need the most time to process manually can be good IDP candidates.
- You can choose intelligent document processing software once you’ve determined the document processing workflows you wish to automate. Based on the need for automation and the needs your business has for automated document processing, you should decide. To help you make a decision, consider the following inquiries:
How quickly can the solution for intelligent document automation be put into place?
How simple is it to update the software?
What kind of assistance is offered by the software firm for their services for intelligent document automation?
Can the software’s clever document recognition technology read every document your company wants to process?
Will the software’s accuracy considerably reduce your error rate?
Still confused? Reach out to the experts. Reach out to AutomationEdge for a free demo!