In today’s fast-paced business environment, organizations are facing increasing challenges in terms of managing and processing large volumes of documents. Intelligent Document processing can help. From invoices and contracts to employee records and customer data, the sheer volume of information can be overwhelming, leading to manual errors and longer processing times.
That’s where Intelligent Document Processing (IDP) comes in. IDP is a technology that uses machine learning and artificial intelligence to automate the process of extracting information from documents. With IDP, organisations can quickly and accurately extract the data they need from documents, eliminating the need for manual data entry and reducing the risk of errors.
Through IDP, We can convert Information that is unstructured or semi-structured into useful data by intelligent document processing (IDP) systems. The core of digital transformation is business data, but 80% of it is contained in unstructured formats including business documents, emails, photos, and PDF files.
The next phase of automation, known as intelligent document processing, can capture, extract, and process data from various document formats. It classifies, categorises, and extracts pertinent information using AI technologies including natural language processing (NLP), computer vision, deep learning, and machine learning (ML), and then validates the data extract.
IDP has several key benefits for organisations
- Improved efficiency: By automating the process of extracting information from documents, IDP can significantly reduce the time and resources required for document processing, freeing up employees to focus on higher-value tasks.
- Increased accuracy: IDP uses advanced machine learning algorithms to accurately extract data from documents, reducing the risk of manual errors and increasing the accuracy of data captured.
- Better decision-making: With accurate and up-to-date information at their fingertips, organizations can make better-informed decisions, leading to improved business performance.
- Increased security: IDP helps organizations to secure sensitive information by reducing the need for manual data entry and minimizing the risk of data breaches.
Whether you are a small business or a large enterprise, IDP can help you to streamline your document management processes and improve your overall business performance. With IDP, you can achieve greater efficiency, accuracy, and security in your document processing, leading to a better customer experience and improved bottom line.
The volume of data found in businesses is expanding
We can expect Worldwide data to reach 175 zettabytes by 2025, according to IDC. Automation and digital transformation are seriously hampered by the fact that the majority of this information is locked away in emails, text, PDFs, and scanned documents—just consider the amount of data included in emails alone.
Transform unstructured Data- Intelligent Document processing
With IDP we can transform unstructured and semi-structured data into structured, useable information, offering document-centric business processes end-to-end automation. RPA-automated processes will need knowledge workers to read documents and extract data if IDP-like solutions are not used. The benefit of RPA can only be realised through IDP.
Process Automation
A. Extract
- Extract content regardless of format
- Leverage AI for classification
B. Auto Error detection
- Automatic error detection & flag for correction
- Leverage AI to flag exceptions
C. Verification
- Leverage low-code applications for verification
- Human intervention if necessary
D. Load data
- Load data into LOB Applications
- Load into analytics engine to get rich insights
MindMap has delivered 264K forms into CRM per year reducing 75% of Average Data entry time. We have by now processed over 5 Million invoices with 3.5M pages of Data scanned.
