What is Intelligent Document Processing?
Intelligent Document Processing (IDP) is a process that converts unstructured data into a structural format or readable structural documents faster with higher accuracy. For example, IDP can read characters like signatures, social security numbers (SSNs), and handwritten characters using Artificial Intelligence (AI) and Machine Learning (ML) and convert them to readable ones.
Document processing is considered the most powerful tool for companies/organizations, and automation has been used effectively to minimize manual work.
Relevant industries for IDP:
- Financial services
- Healthcare
- Business functions
- Aviation
Stages of IDP Process:
Document Preprocessing
This step improves the quality and accuracy of the scanned documents with deskewing and noise reduction techniques.
Document Classification
Classifying the documents based on their structure, content, or type using NLPs & supervised/unsupervised learning.
Data Extraction
In this stage, essential data from the documents are extracted using NLPs, Deep learning, OCR, AI and ML techniques.
Data Validation
This step brings accuracy to the process and corrections if needed, using Fuzzy logic, RegEx, and a predefined set of rules.
Human Review
This is the final step which involves human involvement in reviewing the documents based on the confidence level score from the AI.
Here are a Few Significant Benefits of Intelligent Document Processing:
Increased Productivity
Document management, generally, is considered to be a time-consuming process. But, with IDP in play, processes are automated with the help of AI and ML technologies in data entry and record management by reducing errors due to manual entry processes. In addition, repeated tasks are automated, which helps in saving time and cost, thereby increasing the overall efficiency.
Reduced Costs
When the processing of large documents is involved, it could be a time-consuming task. But intelligent document processing automates the lot, reducing labor costs and completing the process within the stipulated time.
Increased Compliance
Data security and compliance have been the need of the hour in the current circumstances. Since intelligent document processing reduces the risk of human error by automation, it can help businesses to be more compliant and streamlined and increase the accuracy of regulatory reporting.
Faster Document Retrieval
Intelligent document processing enables you to identify and capture text-based content from documents and then segregate and associate them with the relevant pages. IDP helps you find the appropriate information linked to the pages in the paper and retrieve the needed information using automation.
Reduced Human Efforts
The primary purpose of IDP is to reduce human efforts. With the latest developments in AI, one can process documents efficiently based on their format – audio, video, or text. The automation has been done with the help of NLP (Natural Language Processing), where the AI analyzes the content based on the format and processes documents. Therefore, it helps minimize human intervention.
Why Rannsolve’s IDP is Perfect for Intelligent Document Processing,
Rannsolve’s IDP has been designed to leverage Artificial Intelligence and help clients attain higher accuracy and Productivity. The built-in classification system automatically classifies the different templates and extracts appropriate contents from the templates. The Intuitive Review system provides powerful options for reviewing the extracted contents.
Intelligent document processing plays a significant role and it’s high time we unveil its true character in advancing document processing. With a few more innovations lined up in the AI and the IDP field, it’s evident that document processing has more to explore with automating the documents.