In a world where data is king, it’s more important than ever to make sure that all of your data is usable. That’s where Intelligent Document Processing (IDP) comes in. IDP solutions use AI technologies to extract and process data from unstructured documents, making it easy for you to get the information you need from your business data.
There are a variety of IDP solutions on the market, each with its own unique set of features. But what all IDP solutions have in common is the ability to make your business data work for you. With IDP, you can easily and quickly extract the information you need from documents, emails, images, and PDFs.
Let us take you through the basics of what is IDP and how it can help you get the most out of your business data.
What Is Intelligent Document Processing?
Intelligent Document Processing (IDP) is the next generation of automation, able to capture, extract, and process data from a variety of document formats. It uses AI technologies such as natural language processing (NLP), Computer Vision, deep learning, and machine learning (ML) to classify, read, and understand documents. This allows businesses to automate the processing of large volumes of unstructured data, saving time and resources.
What Are The Benefits Of Intelligent Document Processing?
There are many benefits that businesses can experience by implementing intelligent document processing:
- Improved Customer Service: By automating the process of extracting data from customer documents, businesses can provide faster and more accurate service.
- Reduced Costs: Automating manual tasks can help businesses reduce operational costs.
- Increased Efficiency: Automating tasks that are typically done manually can free up employees’ time to focus on higher-level tasks, leading to increased efficiency across the organization.
- Improved Decision Making: IDP solutions can help businesses make better decisions by providing accurate and up-to-date data.
Intelligent document processing is a powerful tool that can help businesses transform their data. If you’re looking to improve your business operations, IDP is worth considering.
How Does Intelligent Document Processing Work?
IDP solutions are able to extract data from a variety of document formats, including PDFs, images, and emails. The extracted data is then processed and converted into a format that can be used by businesses.
IDP solutions use a variety of AI technologies to accurately extract data from documents. These technologies include natural language processing (NLP), Computer Vision, deep learning, and machine learning (ML).
IDP goes through these 7 steps:
- Pre-Processing: The first step is to convert the document into a digital format. This can be done by scanning or OCRing the document.
- Layout Analysis: In this step, the IDP solution will analyze the document layout to identify and extract data fields such as text, tables, and images.
- Data Extraction: The data extraction process involves extracting data from the identified fields and converting it into a usable format.
- Data Classification: This step is used to classify and validate the extracted data so that it can be easily processed and analyzed.
- Data Enrichment: Data enrichment is the process of adding additional information to the extracted data. This can be done by using external sources of data or by using internal sources of data.
- Data cleansing: This step is used to cleanse the extracted data so that it can be used for further analysis. This step normally involves the business user, a concept known as ‘Human-in-the-Loop’ validation.
- Data processing: This is the final step in the intelligent document processing process. In this step, the extracted and cleansed data is processed and analyzed so that it can be used for decision-making.
Intelligent document processing solutions are constantly evolving and improving. They are becoming more accurate and efficient at extracting data from a variety of document formats.
IDP solutions will play a key role in digital transformation, helping organizations to derive value from their business data. Intelligent document processing is the future of business automation. If you’re not using it, you’re falling behind.
Contact us today to learn more about how our IDP solutions can help your organization transform its business data.