Intelligent document processing is the next generation of automation, which enable systems to capture, extract, and process data from a variety of document formats automatically to enable end-to-end business process automation.
Intelligent Data Processing (IDP), also known as intelligent data capture, is the process of intelligently capturing specific information and streamlining document processing tasks. IDP solutions transform unstructured, semi-structured information into usable data and works with both paper and electronic documents. By capturing data intelligently, it’s easy for organizations to manage information faster and more efficiently with digital document format.
IDP is a specific form of Intelligent Process Automation, where technologies such as Machine Learning, Natural Language Processing or Intelligent Character Recognition are added to the processing of documents to eliminate tasks within a process that would normally rely on human intelligence.
This is especially relevant for businesses that are receiving a high volume of semi-structured and unstructured documents such as invoices, sales orders and customer inquiries which usually can’t be fully processed using rules-based automation software.
The IDP platform is based on a huge, pre-built database of labeled data points. It uses artificial intelligence technology, also known as transfer learning, to create a system trained on one task to be used for a related task. Transfer learning removes the need for the system to be trained on thousands of documents to achieve high accuracy.
After receiving various of types of documents from different devices, an Intelligent Data Processing system will recognize, classify, and extract important information and then direct it to the selected document workflows for review.
There are three key techniques that are applied to an IDP system: Document Classification, Data Extraction, and Data Release.
IDP solutions enable businesses to optimize their processing of documents through utilizing DPA technologies to deliver end-to-end solutions which are more efficient, reduce manual tasks and costs.
In addition to this, IDP solutions collaborates with human operators, enabling the system to continually learn in a process called ‘human in the loop’ and thus, it can process content regardless of the format it’s received in.
The human in the loop enables the system to scale for business growth and adapt to changing content, which enables continuous process optimization.
Business data is crucial to every organization’s workflow because it facilitates the daily progress of business processes in the organization.
While 80% of business data is unstructured, it’s crucial for businesses to convert these documents into a digital format and properly categorize the extracted information.
For organizations that want to maintain control of its data and achieve higher goals, the deployment of technology like IDP into their business processes can help boost productivity, enhance customer experience, and provide more significant insights.
Intelligent Document Processing technology can be used to extract and organize data across many different industries and business functions. Banking and insurance industries can greatly benefit from IDP solutions.