The volume of data and documents that enterprises must manage continues to increase at an exponential rate. Businesses are looking for ways to automate document-intensive processes to improve efficiency and reduce costs. However, many organizations struggle to find the right mix of automation and manual intervention that will enable them to achieve their desired results consistently. So how can businesses ensure successful enterprise automation? The answer lies in intelligent document processing (IDP).
IDP is a form of artificial intelligence that uses machine learning to read and understand unstructured data, such as human language, images, and videos. This technology can be used to automate a wide variety of business processes, from customer onboarding and claims processing to contract management and compliance. By automating these processes with IDP, businesses can not only improve efficiency, save time, and reduce costs but also improve the accuracy and quality of their outputs.
How Intelligent Document Processing Works
Intelligent document processing uses intelligent document recognition technology to classify documents, then process data just like a human would. After the document is processed, IDP software extracts meaningful data and assembles it into an accessible format.
IDP-powered automation begins with the creation of digital “workers,” which are software bots that are trained to perform specific tasks using IDP. For example, an IDP-powered bot could be trained to read and extract data from customer onboarding forms. Once the bot has been trained, it can be deployed to automatically read and process forms at scale, without the need for manual intervention.
One of the key benefits of next-generation IDP is its ability to read and understand human language. This natural language processing (NLP) capability enables IDP-powered bots to read and extract data from documents written in any language. This is a significant advantage over traditional rule-based automation solutions, which require rules to be manually written for each new language.
In addition to NLP, IDP leverages optical character recognition (OCR) to read images and videos. This enables businesses to automate processes that involve scanned documents or handwritten forms. For example, IDP can automatically extract data from scanned invoices, receipts, or tax forms.
The volume of data that enterprises must manage continues to increase at an exponential rate. In order to keep up with this demand, businesses are turning to automation. However, many organizations struggle to find the right mix of automation and manual intervention that will enable them to achieve their desired results consistently. IDP technology can automate a wide variety of business processes, from customer onboarding and claims processing to contract management and compliance.