The world is led by data today, everything we see around us is data-centric. In fact, in all the tech evolution that the world has witnessed to date - data has been the spine of them all!
But, data processing and management are not easy. Most businesses are struggling to manage a gigantic amount of databases without human errors or without compromising employee productivity.
Large amounts of written and image-based documents contain significant amounts of information. This data can be read, extracted, gathered, labeled, and interpreted using natural language processing (NLP), optical character recognition (OCR), and computer vision so that it can be used digitally. Advanced solutions for Intelligent Document Processing (IDP) seamlessly turn semi and unstructured data into proper usable insights, that can drive well-informed decision-making. The core of digital transformation lies within the data possessed by businesses, but 80% of it is sadly contained in unstructured formats including business photos, documents, emails, and PDF files.
The next phase of automation, known as intelligent document processing, can capture, extract, and process data from various document formats. It uses AI technologies such as driven natural language processing (NLP), computer vision, deep learning, and machine learning (ML) to categorize, segment, and extract essential information. It then validates the extracted data to be considered apt for decision-making processes.
In today's world, businesses are struggling with data overload. The plethora of data makes it difficult to filter out important information from unimportant noise. It can be costly and time-consuming to mine vast amounts of data for relevant insights. Intelligent document processing, or IDP, can be applied in this circumstance to simplify the life of the data management teams.
Intelligent document processing (IDP) is a workflow automation system that ingests massive data streams and extracts, reads, classifies, and organizes pertinent information into formats that may be used. A vast variety of document types, including papers, PDFs, Word documents, spreadsheets, and countless other formats, can be processed by the system. IDP's major goal is to automatically and manually extract valuable data from enormous amounts of data.
There are many advantages of automating some of your document processing with IDP. Artificial intelligence can be used by IDP to eliminate the need for human data entering and processing staff. IDP reduces expenses and eliminates human error while speeding up data processing, leading to process optimization and productivity enrichment.
Structured, unstructured, and semi-structured data are the three types of data that are most frequently found in contemporary businesses. Structured data is easier for human data processors to read and comprehend. However, unstructured data processing and analysis require time. Data that is semi-structured is a mix of both. With the aid of intelligent document processing technology, structured, unstructured, and semi-structured data processing can all be automated.
Top 7 IDP Solutions to Check Out In the Market
Kofax TotalAgility is high-level software for handling documents that can be used to automate document processing within your company. It can help you save time and money by automating routine tasks, improving the precision of data extraction, and guaranteeing the safety of your document management system.
Powered by artificial intelligence, this document automation tool makes it easy to extract information from virtually any file or database. A single click is all it takes to get the information you need out of a variety of file types like PDFs, scanned pictures, Word documents, Excel spreadsheets, and more. The gleaned knowledge will be made accessible as XML or JSON-formatted structured data. This allows for seamless integration with other platforms, resulting in streamlined processes and higher-quality data.
DocEdge uses IDP solutions to capture data across critical documents (e.g., email, text, PDFs, and scanned documents) to categorize and extract them for further processing using AI technologies such as computer vision, Optical Character Recognition (OCR), Natural Language Processing (NLP), and machine/deep learning.
DocEdge backed by automation has great possibilities to streamline operations. In fact, automation and RPA have an inconceivable capacity to revolutionize the entire data process, considering the possibilities of automating not just the extraction of the data involved but also the other critical features for an end-to-end process automation
DocEdge features an approval console and repair station to ensure a human is in the loop for the checkered part if required.
3. Intelligent Capture by OpenText
With OpenText Intelligent Capture, employees can mine their email and paper files for useful information about the company. It also contains a function for monitoring email mood and predicting when a message will be disregarded.
The healthcare industry can benefit from its ability to improve the organization of patient medical records. This aids the banking business by facilitating the rapid and easy retrieval of necessary paperwork.
As a document processing tool, ABBYY FlexiCapture helps businesses digitize paper and unstructured documents in a way that preserves their original data while making them easily searchable and accessible online.
IDP from FlexiCapture can determine the language of a document, pull out the relevant material, and reformat it into a more usable digital format all by itself. Key data fields in the document, such as names, addresses, or financial numbers, can be identified by the software and either stored in a database or linked to other databases.
5. Document Understanding by UiPath
Invoices, receipts, and contracts can all have useful information extracted from them with the help of UiPath Document Understanding, a cloud service. Companies can use it to automate data entry or develop unique data extraction solutions, leveraging AI to recognize and extract information from documents.
It also uses machine learning to pull useful information out of unorganized text. This is a system that handles the intricate tasks of text extraction and analysis on your behalf.
In addition to PDFs, Word documents, and Excel spreadsheets, it may also be used to extract information from other file formats. Data extraction, content classification, and sentiment analysis are just a few of the other applications of this innovation.
Document scanning, extraction, and formatting are all time-consuming processes that can be avoided with the help of Datamatics TruCap+, an intelligent document processing program.
IDP system Datamatics TruCap+ automates these operations so people can spend more time doing what they do best. If you use the TruCap+ system, your documents will be checked automatically, converted to a format such as PDFs or Microsoft Word documents, and filed away in the locations of your choosing. It can also be used by businesses for automated data extraction from reams of paper documents.
7. IQ Bot by AutomationAnywhere
IQ Bot provides cognitive (intelligent) automation to work on and transform important, but less structured data to automate business processes quickly and efficiently, simultaneously reducing human error. Cognitive automation takes semi-structured and unstructured input and converts it into structured data that is used by Robotic Process Automation (RPA) bots for end-to-end automation.
Advantages of sophisticated document processing
It has been shown that intelligent document processing enhances corporate operations and boosts team productivity. A few of the main benefits of automating document processing are as follows:
- Utilizing intelligent document processing will improve the accuracy of your processing. Compared to IDP, human data processors make a lot more mistakes.
- By automating certain of your procedures, you can cut the cost of document processing. Manual document processing typically costs between $6 and $8 per document. Automated document processing has a significantly reduced per-document cost.
- By giving employees the chance to work on more worthwhile projects, you may increase employee productivity. Employees are free to focus on other tasks since they are not required to handle unnecessarily tedious paperwork.
How to choose your IDP software
The best intelligent document processing software for your company can be chosen by following a few steps.
- Identifying your organization's needs for data processing is the first step in selecting an IDP. More of your data is structured or unstructured. The majority of your data is in what format? Do you wish to automate how much of your data processing?
- The next step is to determine which of your data is best for intelligent document processing. Think about how long it takes to process each of your data types and which data sets could benefit your company the most from automation. The documents that need the most time to process manually can be good IDP candidates.
- You can choose intelligent document processing software once you've determined the document processing workflows you wish to automate. Based on the need for automation and the needs your business has for automated document processing, you should decide. To help you make a decision, consider the following inquiries:
- How quickly can the solution for intelligent document automation be put into place? How simple is it to update the software?
- What kind of assistance is offered by the software firm for their services for intelligent document automation?
- Can the software's clever document recognition technology read every document your company wants to process?
- Will the software's accuracy considerably reduce your error rate?
Conclusion
Intelligent Document Processing (IDP) is the smart data processing of the future for all industries, as more and more businesses around the world integrate IDP into their operations. IDP adoption can assist organizations to reduce data extraction errors and accelerating growth.
