Best Intelligent Document Processing (IDP) Solutions

IDP helps organizations combine the data from paper documents with the massive amounts of digital data available. It provides organizations with visibility and a comprehensive evaluation of the data. IDP also facilitates end-to-end process automation. Since it can be integrated into any platform, it helps streamline processes. Additionally, this technology helps other AI analytics and machine learning processes, which require structured data to train and operate.

OCR (optical character recognition) is a technology that captures and converts an image into machine-readable text. This process is useful for digitizing documents. However, it doesn’t extract context from the content or interpret the data.

Here is where IDP comes in. IDP uses OCR technology to convert an image of the text into readable text. Next, it uses machine learning and deep learning to classify, interpret, and process the data. Additionally, the data can automatically integrate existing workflows for further processing.

IDP goes beyond OCR capabilities, processing a wide range of paper and digital documents, unstructured and structured data, handwritten text, etc. IDP recognizes and captures the content and extracts the context from the content.

As an example, processing a simple check requires several layers of processing:

• Recognizing the type of check and the bank that issued it.
• Capturing the digital text printed by the bank and the text handwritten by the user.
• Recognizing the amount in numbers and text.

Intelligent document processing identifies and extracts data from documents, processing it so it can be ready for analysis. Some benefits of intelligent document processing tools include:

• Increased efficiency: Manual document processing is prone to error, and costly in both human hours and paper. The automation feature of IDP reduces errors and reduces the cost and time involved in manual document processing.
  
• Improved compliance and security: IDP produces increased accuracy in document verification, enhancing compliance and management of sensitive documents. IDP takes the humans out of handling sensitive data in personally identifiable information documents. IDP can streamline the accuracy of regulatory reports.
• Better data quality: IDP provides organizations with easy, reliable, and accurate access to the data contained in unstructured documents like emails, texts, PDFs, and scanned documents. By verifying, analyzing, and processing the data, IDP improves the overall quality of the data for the organization.

Intelligent document processing converts unstructured data from documents into structured data. It classifies, extracts, and automates the processing of data from documents. There is an array of document processing solutions, offering a range of features. What should you focus on when trying to select an intelligent document processing tool?

1. Look for a solution that automates the extracting of unstructured/semi-structured data. The solution should eliminate manual processes such as data entry.
2. It should integrate with existing systems, including accounting and workflow processing.
3. The solution should be able to decipher scribbles, handwriting, and difficult content.
4. Some IDP solutions automate document creation by gathering data from distributed sources.
5. It should help digitize paper documents, streaming them into machine-readable formats that can be processed down the line.

Intelligent Document Processing goes beyond traditional Optical Character Recognition by incorporating AI and machine learning to understand, interpret, and process unstructured data. Unlike OCR, which simply reads text, IDP systems can extract relevant information, classify documents, and continually improve with exposure to more data. This results in more accurate data extraction and streamlined workflows for your business.

Industries like finance, healthcare, legal, and insurance greatly benefit from Intelligent Document Processing. These sectors typically handle vast amounts of unstructured data, such as invoices, patient records, contracts, and claims, where automated data extraction and validation can save time and reduce errors. Implementing IDP can result in significant cost savings and increased operational efficiency.

Yes, many Intelligent Document Processing solutions are equipped with multilingual capabilities. They use natural language processing to understand and process text in various languages, allowing for seamless integration across global operations. This feature is particularly beneficial if your organization operates in multiple regions or deals with international documentation.

An Intelligent Document Processing system typically includes data capture, classification, extraction, validation, and integration. These components work together to automatically capture data from documents, identify document types, extract relevant information, verify its accuracy, and integrate the processed data into your business systems. This automation helps in reducing manual intervention and improving data accuracy.

Intelligent Document Processing enhances compliance and data security by ensuring data is processed consistently and accurately. Automated extraction and validation help minimize human errors, and integrated audit trails provide transparency and accountability. Additionally, sensitive information can be automatically flagged or redacted, helping your organization comply with data protection regulations such as GDPR or HIPAA.