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What is Intelligent Document Processing (IDP), and How does it work?

Intelligent Document Processing

In this post, I’m gonna show you the complete information on Intelligent Document Processing (IDP) and the use cases in the Industry in 2022’s AI era.

Here, you will know & learn,

  • Why Most People use IDP
  • How IDP Performs Document Data Integration
  • Benefits of Docextractor’s IDP solution
  • And, Lots more

So, Let’s dive right now.

What is Intelligent Document Processing (IDP)?

Intelligent document processing is the method of Capturing and Extracting Data from the Documents. It is the next generation of Automation that captures data from complex documents and processes them structurally. Intelligent document processing improves human understanding of the data through AI Technologies such as AI, ML, NLP, OCR, ICR, Computer Vision, and many more Document Extraction Machine.

Why is Intelligent Document Processing important?

Nowadays, It is a very big problem that, Businesses with Tech Skilled People and resources are under pressure to speedily grow their Business. On the other hand, companies are focusing on improving customer and employee experiences as a key to revenue, margins, and retention. To solve this issue by using Artificial Intelligence and Machine Learning, you need to use IDP.

Intelligent Document Processing (IDP) can provide significant benefits in both cases. When you implement this technology in your business, it would be better to understand and manage the content. Also, By applying IDP, saves time, and money and reduces the risk of Error.

How Intelligent Document Processing Platforms Manage Data Integration of Each Stage

  • Image Processing: Computer Vision Algorithm is used in Image Processing Technology. Intelligent Document Processing Platform can do two types of optimization of digitized documents, one optimized for machine reading, and the other for on-screen viewing on CMS.
  • Document Capture: By using Docextractor IDP Service, you can integrate with scanning hardware to digitize physical media, such as paper. By the way, It speeds up the Traditional Slow Scanning Process.
  • Natural Language Processing (NLP): With the help of IDP Software, you can easily find, World, Grammer mistakes in paragraphs, sentences, or other language elements in your document that convey specific meanings. 
  • OCR: The OCR machine needs the correct to read the text in the document and present the result accurately. Implementing IDP technologies, A “layered” method eliminates the need for better OCR by synthesizing results from multiple engines until almost 100% accuracy is achieved.
  • Document Extraction: When an Artificial intelligence robot of the software understands the content, then Accurate Successful Data Extraction will be done. Since AI is just as smart as its training, the system must be trained to find and label all expected information in a document. It includes the Natural language documents and extracting specific data elements such as dates, numbers, etc.
  • Data Verification: IDP platforms are unique because they use external databases and pre-configured dictionaries to verify the information. So, it is no doubt that all extracted data are Validated and Trustworthy. 
  • Integration: IDP platforms are an important source in the data supply chain, and integrate with all downstream applications. By using the Intelligent Document Platform, you can integrate any software or app in Cloud or in the Local Database.

Intelligent Document Processing (IDP) Use-Cases

Here are the Industry-specific use cases of IDP Solution:

1. Logistics:

  1. Shipping Label
  2. Packing List
  3. Landing Bill
  4. Certificates

2. Insurance:

  1. Identify and Income Verification Document 
  2. Tax Returns
  3. Balance Sheet
  4. Application Form

3. Real Estate: 

  1. Rent Roll
  2. Offering Memorandum
  3. Operating Statement
  4. Receipts

4. Accounts Payable:

  1. Invoices
  2. Purchase Order
  3. Receipts

Benefits of Docextarctor’s Intelligent Document Processing

  1. Fast Document Processing: You can Speed up data extraction up to 5-10x  faster than other methods.with Docextractor IDP solutions.
  2. Improved accuracy & Productivity: One of the major benefits of the IDP Software is, that it extracts data with up to 99.9% accuracy for a variety of documents, including 95% + through direct processing. And, On the other hand, the Processing time is very low, it does not need any human intervention. As a result, extracting data from unorganized text and manual data entry without any human intervention improves productivity.
  3. Make Business More user friendly: Built-in IDP makes it easy to get started by opting for the common document processing situations for pre-packaged use.
  4. Make Business More user friendly: Built-in IDP makes it easy to get started by opting for the common document processing situations for pre-packaged use.
  5. Enterprise-level automation: By using it, you can easily Integrate Internet Document Processing Software into the existing other systems. Docextractor software gives full control to the system and integrates without the need for expensive upgrades.
  6. Cost efficient: IDP is a fully AI-based Automotive Process. There is no manual Data Entry work, human, error, and also Manual Review. Fully combining the Accurate Document Processing and high-speed process, saves 50% to 70% cost of for the Company.
  7. Electronic Document Processing & Storage: IDP Software helps to accelerate the process. It manages the unorganized document structurally in any format with automation. Moreover, this AI solution ensures paperless document processing and data sharing among colleagues.

How Docextractor is revolutionalizing Document Processing for Businesses

One of the Best IDP Solution Providers is Docextractor, It integrates with various document workflows and business processes. 

These are the way how Docextractor help to Business to grow with the Power of Artificial Intelligence:

  1. Automatic data extraction for IRS forms.
  2. Data extraction and verifying the data from the Orginal Document.
  3. Invoice Data Capturing and bank statement processing.
  4. Shipping Label/Receipt/Lading Bill Processing.
  5. Sales Compass/ Non-standard Agreement Data Processing.
  6. And, Lots More Automatic Processes.

Docextractor comes with a pre-trained API for some common document types such as bank statements, forms, invoices, driver’s licenses, and more. It is the biggest advantage of using Docextractor because you do not need to spend extra time training about this software.

The Docextractor removes and fixes the Duplicate Data Entry Error, Missing Value Error, and Data Capturing error, overall, you can say, this AI-based software eliminates the all Data Error rate. Simply, you need to review and approve the final changes of the Process to the platform. For these reasons, Most People use and recommend us, Docextractor, for the purpose of Intelligent Document Processing.

Conclusion

In conclusion, Intelligent Document Processing is the AI and ML base Document Capturing and Validating the Automatic Process. For instance, by using IDP, you can scan paper invoices, identify and recognize the correct entity, and many more things. I hope you have got all the essential information about Intelligent Document Processing and How the Docextractor IDP solution will grow and Proficient your Document Processing, from this in-depth article.

Now, I’d like to know from you:

Have you used any other of it as an alternative?

Let me know in the comment.

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