The challenges of an archaic and painfully manual document-handling process are well-known. It’s also well-known that technology can help. However, it’s not always clear which technologies will provide the best support for core business processes.
Artificial intelligence is not a new concept, but it’s one that continues to evolve and improve as we learn more about how it works. Businesses across the globe can benefit from the adoption of this technology, especially those that are still relying on manual document processes for business functions.
Organizations that have been slower to adopt document processing technologies may be playing catch-up, but one thing is certain: it’s time to take a close look at their document handling and manual processes, educate themselves on how these documents affect the business and take all the necessary steps to ensure that the process is handled as properly as possible and drive organizations toward automation. For documents this means Intelligent Document Processing (IDP).
“Deloitte found in its Automation with Intelligence survey that organizations adopt intelligent automation with the expectation that it will increase productivity, reduce cost and provide greater accuracy. Organizations also need intelligent capture to understand and turn unstructured and semi-structured data into a structured format. And accordingly, the IDP category is quickly arising as businesses look for new ways to extract data from the many documents driving their business – insurance claims, purchase orders, invoices and so on. Consequently, many organizations are investing more resources to deploy IDP capabilities. Everest Group estimates that the IDP market will grow 70-80% over the next two years to $1.1 billion…”
Continue reading this comprehensive and poignant take on IDP here.
About the author
Karan Yaramada, CEO & Founder