Banks, loans, and insurance companies are involved in handling a massive volume of paperwork, including thousands of customer applications, loan documents, account statements, and compliance forms every day. A massive task force of employees has to manually checks the data from documents and then save it into the database. It’s a long drawn tedious process for customers that lead to a poor experience. For banks, it’s a recurring capital expense. Cumulatively, a capital concern for any of these businesses. It’s only natural that most businesses are turning to intelligent document processing, a combination of artificial intelligence and cognitive services, to automate the entire process to not just save time and capital, but also enhance their customer’s experience.
As we know, today, businesses strive to harness the vast amount of information available to gain a competitive edge. For companies or government organizations dealing with paper documents, the task becomes even more challenging.
To solve these critical problems like Error-Prone, and time-consuming Repetitive Data Extraction Tasks, Intelligent Document Processing Technology is used in Modern Companies.
Powerful Intelligent Document Processing (IDP) software such as Dccextractor IDP Technology enhances the productivity of Manual Tasks and automates Data extraction from paper documents with just a Mouse Click.
As a business owner and director of Management of a company, your main goal is to grow your Business. And, for this, you have to first see and analyze the all data of the Business. Business intelligence combines business analytics, infrastructure, data mining, and data visualization. It prioritizes analytics, and control data on trusted platforms, and empowers business owners to see and analyze the data by insight.
With the use of the IDP software in your system, it creates an insight into where you can see, how much document data is uploaded, how much is extracted, how the extracted data is saved into targeted storage, what is accuracy, and many more data insights. This insight is very useful to the overall Business intelligence process to analyze the whole data from Document uploading to processing to saving.
What is Intelligent Document Processing (IDP)?
IDP, a cutting-edge technology, makes this vision a reality. It combines artificial intelligence, machine learning, and optical character recognition to automate data extraction, document processing, and analysis. IDP enables businesses to efficiently convert unstructured data from paper documents into structured, actionable insights.
Just Imagine a world where documents are no longer burdensome archives, but rather valuable sources of information. Not imagine, that’s the reality, By using, IDP software, and its machine learning algorithm, you can do everything of what you want to do with documents’ data, That’s the power of IDP.
How IDP Can Help Businesses Extract Data from Documents for Business Intelligence
One of the most important tasks in BI is extracting data from documents. In the realm of business intelligence, IDP plays a pivotal role. By integrating with existing systems, it empowers companies to extract, organize, and analyze data from a multitude of documents. This holistic approach enhances decision-making, optimizes workflows, and uncovers hidden opportunities that were previously buried in a sea of unstructured information. This can be a time-consuming and error-prone process, but IDP can automate the process and improve accuracy.
For example, If you have thousands to lakh volume of invoices of business, in which you want to extract, total sales quantity, Total amount, and Address. This software automatically detects these label and extract the data and then, create an insight into this matric.
As we know, Business intelligence is the process of using data to gain insights into business performance and further decision-making. This raw data can come from unstructured documents. So, in this case, when you have a large volume of unstructured documents, IDP Software pre-processes the unstructured documents and extracts the important data from them, and makes this data more accessible and useful for BI by automating the process.
Here are some of the ways that IDP(Intelligent Document Processing) can be used for business intelligence:
- For Lending Companies, Logitisicts companies, or those organizations that are dealing with many types of invoices, contracts, and other financial documents, IDP software Extracts data to track spending and identify trends.
- In Hospitals, it Extracts data from medical records to track patient outcomes and identify areas for improvement in care delivery.
- Extract data from customer surveys and feedback forms to understand customer satisfaction and identify opportunities for improvement.
Why should you use IDP Technology in your business?
Business Intelligence (BI) plays a vital role in helping organizations gain valuable insights from data to drive informed decision-making processes from complex unstructured data to Structured format. There are several benefits to using IDP for BI, including:
- Increased efficiency: IDP can automate the process of extracting data from unstructured documents, which can free up human resources for other tasks.
- Increased accuracy: Accuracy is the most important thing while extracting data, it improves the accuracy of BI data by identifying and correcting errors in data entry. After many tests on different types of Documents, such are Aadhar cards, invoices, and Banking Documents, we see, Our Docextractor IDP software provides a 99% Accuracy rate.
- Improved insights: IDP can help organizations to gain insights into business performance by making data more accessible and usable.
- Reduced costs: IDP can help reduce the costs associated with BI by automating the data extraction process.
4 Steps to Use IDP Software for Business Intelligence
- Upload Unstracurd Documents: Powerful IDP software like, Docextractor offers Google Drive, Dropbox, Onedrive, other API integration, and also Local Disk to upload your Documents.
- Prepare your data: Before you can use IDP to extract data from your documents, you need to prepare your data. This process may include the Key point you want o extract from the documents, cleaning up your documents, and removing any formatting.
- Model Training: Once you have prepared your data from the documents, you need to train the Model which teaches the model how to extract data from your documents.
- Extract data: Once the IDP model is trained with the powerful Machine Learning Model, as per your data requirement, you can use it to extract data from your documents.