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How to choose an Intelligent Document Processing (IDP) solution?

January 7, 2022

Data is the lifeblood of any business. It enables individuals from all levels of the organization to take action and business decisions. However, data in its native state is not beneficial for any organization. Data can be structured, semi-structured, or unstructured, and retrieving unstructured and semi-structured data can be challenging to say the least. In addition, the cost incurred to set up this function involves manual work, which can increase operations cost multiple folds.

Today, we embark on a digital-first future; driven by cutting-edge technologies like artificial intelligence (AI) and automation. Organizations can now re-evaluate their data processing strategy. Intelligent documents processing is one such outcome.

Enterprises witness an inflow of documents from multiple channels and in various formats - paper, pdfs, docs, images, etc. Unfortunately, these data from documents are often manually processed by humans. Manual data processing causes a huge operational bottleneck for enterprises - it is costly, unscalable, error-prone, unproductive, and hampers staff morale.

In this article, we elaborate on key points to consider while considering solutions to automate document processing routines.

Don’t depend on templates to process documents!

The first wave of document processing technology was driven by template-based optical character recognition (OCR). This process seamlessly extracted data from similar documents. However, this approach had its pitfalls. The system would fail when it witnessed different documents; it required dedicated resources to keep creating new templates and maintaining old ones. It turned out to be equally inefficient, unproductive, and highly time-consuming.

IDP products should seamlessly process a multitude of documents.

The inflow of documents depends on the industry the company is operating. Documents witnessed across business processes – comes in different types and formats. A highly efficient document processing solution should seamlessly parse and process different document types (multi-lingual, skewed, multi-page, etc.) A high out-of-the-box extraction accuracy ensures high confidence while extracting data from documents.

Don’t settle for less than 99.5% extraction accuracy!

The leading metric that determines document processing effectiveness is having a very high extraction accuracy; that minimizes error rates - when the system witnesses documents bearing different orientations. Process owners can achieve a touchless document processing experience, agnostic document type through an intelligent document solution that unifies multiple AI technologies.

IDP solution should capture customized business requirements!

Traditionally, data processing teams involve themselves with manual work to verify and validate data from extracted documents before publishing it to any records systems. The verification and validation process are robust and prone to error. Often involves switching across multiple systems and physical records.

Team members must also memorize data validation rules that can be cumbersome and often lead to calculation errors. IDP solution should deploy business logic on the extracted data and process it; before it gets published or stored to downstream business applications.

Does the solution deliver frictionless transformation?

Modernizing business processes through new technology impacts employees by forcing them to change their routine operational techniques. Looking for an IDP solution with a simple and intuitive User Interface (UI) that works with existing processes can boost employee adoption in less time. It also becomes critical to think about deployment and post-deployment phases. It is essential to understand system upgrades, monitor and perform maintenance issues, and how the IDP system will work in the existing enterprise IT environment.

A Hyperautomation platform like Kanverse.ai can automate the processing of documents whether they are AP Invoices or insurance ACORD & other Supplemental Forms with up to 99.5% extraction accuracy. Kanverse brings together multiple AI technologies - Computer Vision, Natural Language Processing, Machine Learning, and Fuzzy Logic, along with Business rules and workflows to accomplish end-to-end automation. Kanverse AI adapts to changing forms layouts seamlessly. It ensures end-to-end process automation, saves costs, reduces forms processing cycle time, increases productivity, enhances staff experience, and meets compliance requirements.

Read the Kanverse whitepaper to get a detailed understanding of the important factors to consider when choosing an Intelligent Document Processing solution for your business.

About the Author

Aritro Chatterjee, Product Marketing, Kanverse.ai

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