By automating document processing, IDP reduces the time and effort required to locate, validate, and input data for business processes, allowing employees to focus on higher-value work.
Direct cost savings. Reduce expenses by dramatically cutting costs to process large volumes of data.
Higher straight-through processing (STP). Minimize the need for knowledge workers to process documents manually.
Scale. The volume of digital documents only continues to increase; IDP offers a scalable solution to process large data volumes quickly and accurately.
Process efficiency. Enables end-to-end automation of document-centric processes.
Accuracy uplift. See immediate significant increases in data accuracy with the use of AI.
Intelligent document processing software is ready to extract and organize data across industries and business functions, right out of the box.
Automate loan application processes, digitize paper records, and extract data from financial documents such as invoices and bank statements.
Digitize patient records, process insurance claims, and extract data from medical forms to improve accuracy and speed up the billing process.
Automate claims processing, extract data from policy documents, and improve fraud detection.
Automate document-heavy processes from supply chain management, to invoice processing, to quality control.
Automate invoice processing, expense management, and financial report analysis and accelerate tax filing and audit.
Accelerate employee onboarding processes, manage resumes and job applications, and extract data from HR forms.
From OCR to generative AI, intelligent document processing technology continues to advance and play a central role in automating business processes.
Document processing has long been a labor-intensive and time-consuming task for organizations. Data entry represented a full-time effort in and of itself. For decades, optical character recognition (OCR) provided the only data extraction solution, enabling partial automation of data capture by converting images into text. OCR solutions applied templates to map extracted text into a usable structured format.
With the rise of computing and digital documents, the amount of business data increased astronomically. Initial document processing solutions provided user-friendly interfaces atop OCR functionality. This added accessibility, making it easier to connect OCR output with desired data fields.
Intelligent document processing gets its name from the AI technologies that power its data extraction and transformation capabilities, extending automation beyond structured and semi-structured documents to unstructured information. At the core of most IDP solutions are machine learning (ML) models that address a specific range of use cases, such as invoices or mortgage documents, enabling high-accuracy data extraction and processing but requiring extensive training.
Recent advancements in AI have led to transformative change in IDP technology. Driven by the emergence of generative AI and the integration of large language models (LLMs), innovations have opened up new possibilities for automating documents that could not be automated before.
With its ability to accurately extract and transform data from diverse document types, IDP has near-limitless applications to document-based tasks and workflows.
Streamline supply chain. Use IDP to process barcodes, manifests, invoices, and more, for rapid supply chain operations from orders through accounts payable processes.
Digitize. Use IDP document scanning to convert paper-based documents into machine-readable file formats (PDF, Microsoft Word, etc.) with searchable text for optimal performance.
Assemble documents and reports. Pull data from multiple sources and populate document templates to produce in-depth reports, complex legal documents, and much more.
Extract the right information. Intelligent capture seamlessly pulls the information you want from documents for further processing, storage, and use in other applications.
Manage documents and data. Store and organize documents for easy retrieval or archiving and automate record retention requirements compliance.
Document Automation is built into the Automation Success Platform to seamlessly bring document data into any process and accelerate end-to-end automation.
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What is the difference between OCR and intelligent document processing?
Optical character recognition (OCR) is just one component of IDP. OCR is a technology that recognizes and converts printed or handwritten text into digital form, while intelligent document processing (IDP) involves a more advanced process that not only extracts data but also classifies, validates, and integrates it for use in business processes. OCR alone cannot provide the same level of accuracy and efficiency as the combination of technologies used in IDP. Additionally, IDP offers scalability and automation, making it more suitable for handling large volumes of documents in various industries.
How accurate is intelligent document processing?
Intelligent document processing is known for its high level of accuracy, with solutions attaining up to 99% accuracy rates. This is due to the use of multiple advanced technologies, such as NLP, OCR, and machine learning algorithms, which work together to extract and validate data from documents. Additionally, human-in-the-loop validation can further improve the accuracy by allowing for feedback and corrections from human input. Overall, intelligent document processing offers a highly accurate solution for managing large volumes of documents with complex data.
How does intelligent document processing improve data accuracy and efficiency?
As an AI-driven technology, intelligent document processing software continuously learns as it processes data to improve accuracy and efficiency over time. In addition, human-in-the-loop validation can further boost accuracy by allowing for human review and input.
Can intelligent document processing handle handwritten text?
Yes, intelligent document processing can handle handwritten text by employing intelligent character recognition (ICR) technology to decipher hard-to-read text.
What functional areas within enterprises benefit most from IDP?
Intelligent document processing has wide-reaching benefits across functional areas within enterprises. Some of the functional areas that can benefit the most from IDP include finance, legal, and HR by automating document-based workflows and improving efficiency. Any function that deals with large volumes of documents and complex data is an ideal candidate for streamlining processes through IDP.
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