Why Intelligent Document Processing?
Most organizations still follow the hectic process of reading and understanding documents for business acumens. These documents come in various forms such as invoices, quotations, statements, policy documents, contracts, legal documents, etc. Extracting information from these unstructured documents has always been a challenge to businesses. This requires higher cost, additional time, and precision of the information.
Existing data extraction and OCR software use rule-based systems to extract information from these documents. These systems work well with structured documents. However, these solutions are not efficient when it comes to semi or unstructured document formats
What is Intelligent Document Processing?
Intelligent Document Processing is an AI-driven document extraction platform that helps to extract semi or unstructured data and information from complex documents.
IDP makes cognitive and repetitive document processing simple. It automatically identifies, extracts, validates, and stores complex pieces of information from any kind of document with a record >85% accuracy and a proven >90% reduction in processing time. This saves cost and improves the overall performance.
Intelligent Document Processing in Businesses
Businesses adopting AI-based technology have accelerated their growth and enabled end-to-end automation on their document-based business process. The solution provides more chances to scale and manage customized used cases.
Today’s rising expectation on automation requires it to be proficient in extracting information from both structured and unstructured documents in a fast, accurate and cost-effective way.
The accuracy of IDP offers a competitive advantage by providing a deeper level of semantic understanding of documents through linking contextual elements. It offers access to data lakes and provides opportunities for highly specialized workflows within an organization.