The goal of Intelligent Document Processing (IDP) is to automate the extraction and conversion of complex and unstructured documents into structured data. This eliminates the need for huge data sets and costly training tools. Also known as cognitive data processing or intelligent data capture, IDP leverages various technologies such as artificial intelligence, machine learning, optical character recognition, computer vision, etc., to perform various tasks like classifying, categorizing, extracting relevant information, and validating this data for enhanced accuracy.
Intelligent Document Processing and OCR
Although the terms IDP and OCR are interchangeably used, OCR is actually the subset of IDP. IDP is a next-generation technology that can handle more complex documents, overcoming the limitations of traditional OCR in terms of extracting data from complex and non-standard documents. Due to the increasing complexity of unstructured data, many organizations are now looking to implement intelligent document processing. This technology can help them automate their existing processes and improve their efficiency.
How Does Intelligent Document Processing Work?
Initially, digital document capture devices capture and convert paper-based documents into electronic formats to provide users with digitized versions of these documents. Deep learning and computer vision algorithms are applied to identify the various layouts of documents in different formats, such as PDF files, scanned images, etc. With the help of natural language processing (NLP), IDP workflows recognize and interpret various characters and numbers in documents. Through the use of various techniques such as sentiment analysis, feature-based tagging, and named entity recognition, natural language processing can easily read and interpret documents with 99% accuracy.
IDP – Applications and Use Cases
Apart from being cost-effective in processing large volumes of data, IDP enables end-to-end automation of document-centric processes with the help of AI technologies and improves accuracy significantly. These capabilities entertain enterprises to shift and adopt intelligent document processing solutions for a wide range of use cases and applications across industries. A few of them include:
Banking & financial services
The banking and financial services industry is dedicated to writing and analyzing large volumes of financial documents. These documents often need to be processed swiftly and without errors. With the help of an efficient, accurate, and reliable document processing software, such as IDP, the industry, as well as its clients, can focus on their core business.
IDP can capture and analyze words and numbers in a more intelligent manner and also perform various tasks such as identifying client addresses, insurance policies, and many more. Besides being used for data extraction, it can also enhance fraud detection by enabling banks to spot potential fraudulent activities.
Logistics companies process thousands of orders and price inquiries. With an overwhelming amount of documents in the process, it’s vital that they have the proper tools and resources to process them efficiently and effectively. Apart from the back-office processes, sales and marketing, planning, and analytics, IDP solutions are also capable of enhancing predictions and strengthening after-sales services as they are powered by machine learning.
The continuous preservation of patient health records is a critical component of the healthcare industry. It allows organizations to manage their operations efficiently. The need for accurate and timely information is cardinal in the healthcare industry and with the help of intelligent document processing, organizations can manage and store all the patient data in one place and access it on-demand.
Legal service providers often handle large volumes of archives and documents related to mergers, acquisitions, audits, etc that comply with stringent regulations. Most of these tasks involve the creation and management of documents that are usually in various formats. Having a system that can handle and manage all of such time-intensive and sensitive information requirements becomes crucial. With a document automation tool that uses IDP, the legal service providers can quickly access and extract valuable information from their documents, and eliminate errors and discrepancies that they might have previously overlooked.
Human resources and talent management
Human resources (HR) is a vital part of a company’s operations, and it is often buried in the volume of data that it collects. There are various types of data that HR collects, such as employee and recruitment records, financial records, training data, personal progress reviews, career progression statistics, etc.HR also collects data such as recruitment, on-boarding, and termination records, which are very time-consuming and challenging. However, with IDP, HR can easily access and analyze relevant data and mitigate the risk of losing sensitive information.
Data is a critical component of any organization’s transformation. It can help them gain new insights and create new ways to improve their operations. And enterprises that invest in intelligent document processing can transform their operations and remain at the forefront of innovation.
Is document processing becoming a challenge for your business growth? Devfi is revolutionizing document processing for many businesses across the industries. The AI-powered IDP solutions seamlessly integrate various workflows and business processes. To know more, contact us.