Intelligent document processing is transforming how organizations process and manage digital documents. By leveraging the power of modern technology, organizations can benefit from faster, more accurate workflows, better return on investment (ROI), and improved customer satisfaction.
What is Intelligent Document Processing?
Intelligent Document Processing (IDP) helps process documents faster and with minimal human involvement. A state-of-the-art IDP offering uses optical character recognition (OCR), natural language processing (NLP), computer vision, machine learning (ML), and artificial intelligence (AI) to convert structured, semi-structured, and unstructured data from a variety of document formats into usable digital data. It enables organizations to quickly access critical documents, such as financial records, contracts, invoices, and emails, to automate processes and increase productivity.
It is an increasingly important technology that combines advanced AI and machine learning algorithms to enable automated understanding of documents. IDP solutions enable data extraction, validation, and ingestion of various document formats and from variety of sources, boosting the efficiency of downstream business processes.
IDP technology can also help to streamline document processing for businesses. IDP uses human-in-the-loop (HITL) capabilities to handle complex documents and exceptions, as well as machine learning to improve itself over time. These features make it superior to more basic template-based capture tools, making it a powerful solution for any business dealing with large amounts of documentation.
It utilizes various technologies to convert digital documents into a computer-readable format. It enables users to extract required data from documents like forms, resumes, and scanned images quickly and accurately. IDP is based on Optical Character Recognition (OCR) technology and is often used by organizations to automate their document management processes.
IDP uses:
Optical Character Recognition:
Intelligent Document Processing (IDP) is the automation of interpreting and extracting data from physical or digital documents using Optical Character Recognition (OCR). By leveraging OCR technology, IDP enables computers to accurately convert scanned images into machine-readable forms such as plain text; tables help extract information from scanned documents.
Computer Vision:
Machine vision and artificial intelligence techniques to analyze documents and extract actionable information. IDP enables efficient data capture, improved overall organization, and insightful analysis of documents.
Natural Language Processing:
Once the text has been extracted it is important to understand the semantics of the text, find synonyms of the terms wherever applicable. It is also important often to process documents in multiple languages for an enterprise. The NLP technology is suitable for this purpose.
Deep Learning:
It is a technology that utilizes deep learning approaches and techniques such as neural network architectures and can be used to detect patterns on the learned data as the IDP solution is deployed. It can be used to detect anomalies in the extracted data.
How Does Intelligent Document Processing Work?
Intelligent Document Processing (IDP) has five key steps that include pre-processing, document analysis and extraction, post-processing, validation, and storage. These steps enable organizations to streamline operational activities by utilizing powerful AI technologies.
IDP helps in Ingestion & Pre-processing
Intelligent Document Processing helps to enable the capture, preparation, and processing of data from multiple document types. It does this by combining and splitting documents, running data checks and validations for accuracy as well as making corrections to poor image/pdf quality. It also provides users with tools for data labeling and annotation, performed manually by humans in some cases.
IDP helps in Document Analyzing
IDP technology enables sorting and analyzing documents of various types and forms. Documents are first classified into different categories through an automatic process, in which specialized solutions can suggest appropriate classifications based on existing frameworks. Human intervention is necessary to ensure the classification engine is working appropriately.
IDP helps in Data Extraction
Intelligent Document Processing (IDP) enables automated data analysis and extraction from documents. With an IDP system, users can quickly and accurately process data from various content source formats with minimal effort.
IDP helps in Data Validation
A state-of-the-art Intelligent Document Processing (IDP) solution validates the extracted data. It is validated against external and internal databases for accuracy and then checked by humans for any outliers or needs of pre-processing or additional ML model training to improve extraction quality.
IDP helps in Integration
After the data is extracted, it is validated and then sent to downstream applications for use, such as systems of records like ERP, CRM, Insurance systems and to data lakes, or other RPA solutions, where it can be used for decision-making and business process improvement.
Benefits of Intelligent Document Processing
Intelligent Document Processing (IDP) is a technology solution can automate labor-intensive administrative tasks for businesses, thus freeing up time and resources to focus on other areas. IDP offers organizations many benefits, such as improved efficiency, accuracy, and document security. Plus, it’s a cost-effective way to free up valuable employee hours.
IDP enables efficiency improvement
Intelligent Document Processing (IDP) is a technology designed to automate manual processes and deliver rapid, efficient results. With its utilization, companies can dramatically improve the workflow of existing staff members, leading to faster response times, better customer service, and increased revenue.
IDP reduces operational costs
Intelligent Document Processing (IDP) is automating document handling to reduce costs associated with manual effort and overhead. By utilizing IDP, it is possible to save on time and resources both when operations are stable and during notable increases in workload, such as seasonal surges.
IDP minimizes errors
It allows businesses to process documents efficiently with reduced errors. Such a platform can speed up the rate of work and make tasks less daunting by minimizing the risk of data entry mistakes. As a result, organizations can provide better service to their customers and ensure customer satisfaction is maintained.
IDP increases data security
Intelligent Document Processing (IDP) is a helpful technology that provides extra data security and control. With IDP, businesses can capture and convert paper documents into digital formats to prevent possible data leaks caused by misplaced records. Also state of the art solutions offer PII data protection by redacting PII data. Additionally, the digital versions also allow for the proper disposal of physical copies.
How can Kanverse.ai Support Your Business with Intelligent Document Processing?
Kanverse's Intelligent Document Processing software leverages the power of artificial intelligence and machine learning to provide the most advanced and accurate processing of documents.
Kanverse Intelligent Document Processing (IDP) allows structured, semi-structured and unstructured documents to be accurately processed with the help of AI-powered automation with up to 99.5% accuracy. Kanverse helps extract text from both printed and handwritten documents, and to process images and not only extracts but also improve the data by validating and enriching it to facilitate better decisions in downstream applications.
Kanverse's Intelligent Document Processing technology can provide your organization with accuracy and speed needed while processing documents. Powered by pre-trained machine learning models (trained on real-world documents) and a sophisticated document understanding algorithm, it extracts data from handwritten, scanned, badly skewed or unclear coffee-stained forms quickly and accurately. The solution involves human intervention only for oversight, allowing you to focus on customer service instead of being bogged down by manual data entry.
Are you and your company looking to gain deeper insights into data and automate labor-intensive, manual processes? Consider Intelligent Document Processing (IDP) as a solution! IDP offers the potential to increase customer satisfaction, boost employee efficiency and save costs. To discover all the possibilities of this technology, schedule a demo of Kanverse's IDP capabilities.