Information and technology industry is revamping while it incorporates artificial intelligence and machine learning in its systems. The amalgamation of AI and ML paves the way to build robust and advanced digital products. One of such products is Intelligent Document Processing (IDP).
What is intelligent document processing?
Intelligent Document Processing (IDP) is a technology that uses artificial intelligence and machine learning algorithms to automate the extraction of information from unstructured documents, such as invoices, resumes, and contracts. IDP can be used to classify, extract, and validate data from various types of documents, such as PDFs, images, and scanned documents.
This technology can be used to improve efficiency and accuracy of document-based business processes, such as invoice processing, resume screening, and contract management. IDP can also help with compliance and data governance by automating the capture and validation of important information from documents.
Learn more: Importance of Automation in Revolutionising B2B Markets
How does intelligent document processing work?
Intelligent Document Processing (IDP) typically works by using a combination of machine learning algorithms, natural language processing (NLP) techniques, and optical character recognition (OCR) to automate the extraction of information from documents.
The process typically begins by first digitising the documents, which can be done by scanning or converting them to an electronic format such as PDFs. Next, the OCR component is used to convert the scanned or electronic images into machine-readable text.
Once the document is in a machine-readable format, the IDP system uses machine learning algorithms to classify the document based on its type and content. This can be used to determine the structure and layout of the document, which can be used to guide the data extraction process.
After the document is classified, IDP system uses NLP techniques to extract the relevant information from the document. This may include extracting specific data fields such as invoice numbers, dates, and totals, or identifying certain types of information such as names and addresses.
Once the data is extracted, IDP can also be used to validate and verify the data, by using pre-configured rules and business logic. After the data is validated, it can be exported to other systems or used to trigger workflows and business process.
Why are intelligent document processing solutions important?
IDP software solutions allow organisations to automate the extraction of information from unstructured documents, which can help improve efficiency, reduce errors, and lower costs. Some of the key benefits of intelligent document processing software include:
- Efficiency
IDP can automate many of the manual, time-consuming, and error-prone tasks associated with document processing, which can help organisations improve the efficiency of their document-based business processes.
- Accuracy
IDP can use machine learning algorithms, natural language processing (NLP) techniques, and optical character recognition (OCR) to extract information from documents, which can help organisations improve the accuracy of their data.
- Compliance
IDP can automate the capture and validation of important information from documents, which can help organisations comply with regulations and improve data governance.
- Cost savings
IDP can reduce the need for manual labour, minimising human errors and reducing the costs associated with document processing.
- Scalability
IDP can process large amounts of unstructured data, which can help organisations scale their operations and handle increasing volumes of data.
Need of Intelligent Document Processing in Various Industrial Sectors
Intelligent Document Processing is useful in various industrial sectors because it allows organisations to automate the extraction of information from unstructured documents, which can improve efficiency, reduce errors, and lower costs. Some of the specific reasons why various industrial sectors need IDP are:
IDP solutions automate the processing of invoices, purchase orders, and other financial documents, which can help organisations reduce processing time, improve accuracy, and lower costs.
- Human Resources
IDP automates the screening of resumes, which can help organisations quickly identify the most qualified candidates and reduce the time and costs associated with manual resume screening.
IDP software solutions helps in the processing of shipping documents, bills of lading, and other logistics-related documents, which can help organisations improve the efficiency and accuracy of their supply chain processes.
IDP processes patient records, insurance claims, and other healthcare-related documents, which can help organisations improve the efficiency and accuracy of their healthcare-related processes.
- Legal
IDP tools assist in the processing of legal contracts, which can help organisations improve the efficiency and accuracy of their legal processes.
Conclusion
The application of intelligent document processing can vary depending upon industry and need. However, in general, IDP can be used to automate the extraction of information from a wide range of unstructured documents, such as:
- Invoices, purchase orders, financial statements, and other financial documents
- Resumes, job applications, and other human resources-related documents
- Shipping documents, bills of lading, and other logistics-related documents
- Patient records, insurance claims, and other healthcare-related documents
- Legal contracts, agreements, and other legal documents
- Surveys, forms, and other types of structured and unstructured documents
- Data fields such as invoice numbers, dates, and totals
- Identifying specific types of information such as names, addresses, and phone numbers
- Extracting structured and unstructured data from forms, surveys, and other types of documents
- Identifying and extracting text from multiple languages
- Automating image processing and recognition from the document
The time is now to revamp your digitalisation journey! Adopt IDP solutions and simplify your documentation processes right away!
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