Everything you need to know about Intelligent Document Processing

Everything you need to know about Intelligent Document Processing

The next-generation solution for extracting data from unstructured and complex data is Intelligent Document Processing software. IDP is known to handle variation and document complexity with the help of machine learning and various AI technologies. Today, enterprises deploy Intelligent Document Processing everywhere to increase process automation, otherwise hindered by OCR limitations and manual data entry bottlenecks.

Attributes of Intelligent Document Processing Automation:

• Components of IDP

• IDP in each stage of document data integration

• Difference between IDP and document capture

• Examples of innovation using IDP

• Achieve success with IDP

• The catalyst for transformation

Intelligent Document Processing (IDP) Software Provides:

·    Direct cost savings and reduces expenses dramatically by cutting costs to process a larger volume of data

·    Higher straight through processing minimizes the need for knowledge workers to manually processing of documents

·    Ease of use allows businesses to get a faster set up faster automate more processes in lesser time

·    Process efficiency is known to enable end-to-end automation of every document-centric processes

·    Accuracy uplift can see and work on  immediate significant increases in data accuracy with the help and use of artificial intelligence

·    Strategic goal boost automates data processing and supports business goals like improved customer service experience

Components of an Intelligent Document Processing Platform:

These platforms include necessary steps to transform digital documents or paper into accurately labeled data.

IDP platforms must:

• Agnostic to industry

• Flexible enough to accommodate both unstructured and structured data

• Scale to process extractions daily

• Integrate with on-premises and cloud content management systems

• Provide a visual interface for classification and training

Role of IDP platforms:

• Invoices & financial statements

• Mortgage documents

• Oil and gas documents

• Mill test reports

• Contracts & leases

• Explanation of benefits

• Complex forms

• Electronic files

• Medical forms

List of the newest Intelligent Document Processing vendors:

• Ademero

• Docparser

• Google DocAI

• Google Lending DocAI

• Google Procurement DocAI

• Groundspeed

• Handl

• IBM Datacap

• Indico

• Nanonets

• Ocrolus

• Vidado

• Xtracta

Five Categories of IDP Vendors are:

• Innovative IDP vendors

• Legacy IDP vendors

• Niche IDP vendors

• Systems Integrators with IDP offerings

• Technology providers with IDP components

Each category tends to view the IDP challenge differently and, therefore, has developed in other solutions.

Innovative IDP Vendors

• BIS

• Hyperscience

• Datamatics

• EdgeVerve

• Ephesoft

• Infrrd

• Rossum

If the case is messy,  complex, and unstructured, then ensure to look at these vendors. 

OCR or RPA vendors:

• ABBYY

• AntWorks

• Automation Anywhere

• HCL Technologies

• Kofax

• OpenText

• Parascipt

• UIPath

• Workfusion

Niche IDP vendors

• Capsys

• Evolution AI

• Ikarus

• Instabase

• Mitek

• UST SmartOps

IDP System Integrators

• Accenture

• Deloitte

• EY

• KPMG

• LTI

• PWC

• Symphony

• Virtual Operations

IDP Technology Suppliers

• Amazon Textract

• Google Cloud Vision

• Microsoft Azure Computer Vision

How should you navigate the IDP landscape?

• Most of the enterprises run this gauntlet more than once. It is obvious to define and redefine requirements with a better understanding of vendor capabilities followed by the scope of business process challenges. 

• Experts says deployments and conversation with many enterprises means an evident disruptive innovation. Most of the enterprise customers had expectations for years of experience with OCR. And were surprised to learn about the proper IDP solution that can deliver automation they once thought was next to impossible. 

Conclusion:

Data is the core of an establishment. Experts say it is pivotal to an organization's day-to-day workflow and progress. The biggest challenge companies face today, even after having an abundance of data, is utilizing this data in a much more innovative way as this is more relevant to success. Intelligent Data Processing technology or IDP is gaining popularity in many fields at an alarming rate. Tackling this huge amount of inflowing data becomes overwhelming and challenging for the regular human workforce. However, advancement in technology did make things easy for computer trained algorithms to read, scan and understand digital and paper documents like humans.



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