All businesses go through massive amounts of data on a daily basis. To gather necessary information from the documents, employees spend long hours going through each document, extracting the required information. It is often labour-intensive, time-consuming, and also prone to errors. Intelligent Document Processing (IDP) is an automation solution that uses AI technology to process large volumes of data. One of the biggest advantages of IDP is that human intervention is not required in the processing of documents.
Intelligent Document Processing can extract usable data from any structured and unstructured formats. It can capture data, extract, and process it from different types of document formats. IDP can classify, organize, extract, and validate data with the help of Artificial Intelligence (AI), Machine Learning (ML), and Natural Language Processing (NLP).
How does Intelligent Document Processing work?
Organizations deal with different kinds of structured and unstructured data formats. Extracting information from structured formats is relatively easy with the help of less advanced technology. But that is not the case for unstructured data. It requires advanced technology to extract usable data. Unstructured data include files like emails, word documents, spreadsheets, pdf, etc. Extracting data from all these different formats is difficult, and IDP as an intelligent automation solution can ease the trouble. Intelligent Document Processing solution allows organizations to automate data capture, classification, extraction, and validation of documents effortlessly with the highest accuracy.
Let us explore the different stages of Intelligent Document Processing.
Capture: Unlike traditional OCR systems, AI-powered tools can identify, capture, and extract data from unstructured documents automatically without any manual effort.
Classify: The documents are classified into Image-based, Content-based, and Rule-based with the help of tools such as Optical Character Recognition (OCR), Natural Language Processing (NLP), and Machine Learning (ML) technology.
Extract: The extraction of data from unstructured documents is made simple and easy with the help of IDP. In this stage, AI tools carefully analyze each document and then extract relevant information.
Validate: The accuracy of the extracted data is ensured by checking it against validation rules and AI techniques. Human intervention can be employed to further verify the accuracy of the data.
Export: The next step is to export and integrate the extracted information into the workflow. The information can then be easily accessed by the organization to take appropriate decisions.
How IDP benefits organizations?
Data is the core of every organization, and it is also crucial in the digital transformation journey. Many organizations struggle with data processing as it tends to be repetitive, time-consuming, and laborious. Employees often make mistakes while processing huge volumes of data, and it can adversely affect productivity and efficiency. To survive the cut-throat competition in the digital era, organizations must quickly adopt technologies that will simplify document processing. Intelligent Document Processing solution enables enterprises to streamline the processing of semi-structured and unstructured data without manual help. IDP helps organizations to become smart and more efficient. Let us see how Intelligent Document Processing can benefit organizations.
Increase Efficiency
Intelligent Document Processing reduces human intervention in the process of extracting data from documents in an organization. IDP eliminates the need for human help in the task of capturing, classifying, extracting, validating, and integrating the data. Automating document processing ensures that the data is error-free and boosts the efficiency of the workflow.
Increase Speed
Manual processing of documents often takes hours and hours and given the volume of data that an organization goes through on a daily basis, it becomes quite tiresome for the employees. As a result, errors occur and it slows down the whole process. IDP can eliminate errors, improve speed significantly, and complete the process in the shortest time possible.
Reduce Cost
IDP also offers the benefit of cutting down the cost required for human labor. Organizations that adopt IDP technology to automate document processing can reduce labor costs by 30-50%. It also reduces the operational costs of the enterprise.
Meet Regulatory Compliance
Since Intelligent Document Processing automates data extraction, it also simplifies the process of compliance. IDP ensures transparency in managing documents that compliance with stringent regulations becomes easy and smooth.
Improved ROI
IDP can transform business operations by eliminating manual data processing, which costs time and money. Organizations can overcome the challenges of manual processing and enjoy improved ROI with Intelligent Document Processing.
Equatd is a leading company offering Intelligent Document Processing solutions for various industries. We help organizations automate document processing and relieve employees from the tiresome task to manual data entry. Intelligent Document Processing can help enterprises in a number of ways, but automating document processing can definitely enhance the workflow. With IDP, enterprises can effortlessly manage huge volumes of data and extract necessary information with ease. Our Intelligent Document Processing solution helps companies improve accuracy, efficiency, agility, scalability, consistency, and boost customer satisfaction.
Talk to our experts to learn more about Intelligent Document Processing for your business.