The use of Intelligent Document Processing (IDP) software has been growing as businesses deal with massive volumes of complex documents. This software helps organizations of all sizes minimize the use of inefficient and costly processes, enhance data accuracy, and tap into the potential of their existing employees more effectively. As the current business landscape grows, public and private organizations are looking to enhance efficiencies and minimize costs by adopting IDP. Let’s delve into understanding what IDP is and how the software can help your organization scale.

What Is Intelligent Document Processing?

IDP helps transform structured data (such as forms), semi-structured data (such as invoices, cheques, and so on), and unstructured data (such as deeds, medical records, emails, contracts, and so on) from different document formats into actionable and digitized information. It combines technologies, such as Natural Language Processing (NLP), Optical Character Recognition (OCR), computer vision, Artificial Intelligence (AI), and Machine Learning (ML) to scan, categorize, detect, and extract data. IDP solutions comprehend a variety of document formats along with their content and then go on to extract, validate, and integrate quality data into suitable business processes and downstream systems.

Moreover, IDP software overcomes the restrictions of legacy document capture tools such as OCR and RPA. The software also streamlines document processing by leveraging Human-in-the-Loop (HITL) machine learning to manage exceptions and to train and enhance its capabilities over time.

Why do Industries Need Intelligent Document Processing?

The dependence on paper-based documents and manual data entry has been a conventional practice in various industries – from legal and healthcare to finance and logistics. However, with the massive amount of information that we have to deal with, and the need for faster and more efficient processing, traditional methods are not enough.

IDP is a transformative solution that automates redundant tasks, minimizes the risk of human error, and enhances productivity. It removes the need for manual data extraction, classification, and verification, resulting in significant time and cost savings. With its capability to manage large volumes of unstructured data, IDP is a crucial asset to achieving compliance and efficiency across diverse industries.

Industries that Choose IDP

IDP has found widespread adoption across different industrial sectors due to its transformative benefits. Industries dealing with large volumes of data and document-centric processes have embraced this technology.

Finance and Banking

The finance industry relies heavily on document processing for loan applications, account opening, KYC (Know Your Customer) verifications, and transaction processing. IDP helps streamline these processes by automating data extraction, verification, and classification, leading to faster customer onboarding and improved compliance.

Healthcare

In the healthcare sector, medical reports, patient records, insurance claims, and billing documents create significant paperwork. IDP takes the load off by processing these documents accurately, minimizing administrative errors while allowing medical professionals to focus on their core responsibility, which is patient care. If you are looking at customized solutions for your Healthcare organization, then Aretove has been at the forefront of providing the best solutions for healthcare industries. For more info click here.

Insurance

Insurance companies need to manage a huge load of paperwork regarding policy applications, customer inquiries, and claims processing. IDP improves operational efficiency by automating claims verification, policy management, and data extraction which results in efficient and quick claims settlement and improved customer service.

Legal

Law firms and legal departments have to handle extensive case files, contracts, and legal documentation. IDP helps with document discovery, data extraction, and contract analysis. Thus, legal professionals can access critical information quickly, resulting in better case management and decision-making.

Logistics and Supply Chain

The logistics industry has to deal with bills of lading, invoices, customs documents, and shipment records. IDP accelerates document processing, minimizes errors, and enhances tracking and tracing capabilities.

Human Resources

The HR department of any organization has to manage various documents, such as employment contracts, resumes, and performance reviews. IDP helps automate candidate screening, employee record-keeping, and document management streamlining HR processes and saving valuable time.

Government

Government agencies need to manage multiple complex documents related to citizen services, licenses, permits, and public records. IDP helps with managing these documents efficiently, enhancing service delivery, and transparency in such government processes.

How to Implement IDP?

The need to automate is quite apparent, and today organizations recognize the need to adopt and invest in solutions that simplify their day-to-day processes. Selecting the right solution is not straightforward, and identifying your organizational requirements is the first step toward true automation. Following are the steps to implement the right IDP solution:

Step 1: Choose the Right Artificial Intelligence/Machine Learning Engine

Identifying an AI/ML Engine, which is considered the “heart” of the solution is the first step. The expansion of large hypervisors in the marketplace means that there are multiple choices for organizations to choose from. Hypervisors, also known as virtualizers or virtual machine monitors are a type of computer software that creates and runs virtual machines. There are multiple options available, such as Azure, AWS, and Google, or industry leaders such as ABBYY and Kofax.

Step 2: Identify the Right Commercial Model

Before selecting a solution, we recommend that you understand the cost model and pricing structure. How your organization plans to utilize the solution decides the pricing model most suitable for your business. Most of the engines work as a consumption-based model, a pricing model created for users to pay for services based on their use.

Step 3: Select an IDP Platform That Works with The Engine

Intelligent Document Processing is the “body” of the entire function, leveraging the engine’s power to run successfully. Functionally, all hypervisor engines are Application Programming Interfaces (API), or Software Development Kits (SDK). Thus, they comprise a limited capture interface to push large amounts of documents, they also face limitations in offering a User Interface (UI) that end users can authenticate, modify, or edit documents.

Step Four: Choose the Right Technology Partner

IDP can be complex to implement, and the process is bound to change frequently due to the growth and advent of AI and ML technologies. Your partner needs to have a complete understanding of the IDP industry and have practical use-case experience implementing IDP, ideally across different verticals.

Wrapping UP

Implementing IDP revolutionizes the way organizations manage their document workflows. By automating the extraction, classification, and processing of data from various document types, the technology not only improves efficiency but also significantly minimizes the risk of human error.

Aretove understands organizations’ exclusive business needs across industries and how to successfully implement an IDP solution. Partnering with us will help transform your Intelligent Document Processing (IDP) initiatives into a powerful asset for your organization. With our deep expertise in ML and AI, we provide tailored solutions that seamlessly integrate with your existing systems.