The Top 5 Critical Capabilities of Intelligent Document Processing18 November 2021
Lately, digital transformation programs have gathered attention, with organizations looking to enhance productivity and profit margins. It has augmented the need for these advancements and made it a "must-have" for a digitally competent workforce more apparent than ever.
For many organizations, the prerequisite for employees to use digital tools has emphasized the gap between people's skills and those they need. Services such as Intelligent Document Processing are crucial technologies that provide disruptive solutions driving innovation and growth through end-to-end automation. Intelligent document processing (IDP) endeavors to redefine the document intake processes to eliminate inefficiencies and drive ROI.
These services are a relatively new phenomenon but aren't growing at a slow pace. A market study reveals that the global Intelligent Document Processing market is expected to amplify from USD 0.8 billion in 2021 to USD 3.7 billion in 2026, at a CAGR of 36.8% during the projected period.
Some of the critical capabilities of the IDP solution can help businesses confidently transform the process, thereby achieving intelligent automation success.
Here are the top 5 capabilities of IDP that are critical for the business to succeed. Let’s dig in
- IDP with robust native AI support
Most IDP players layer a few AI technologies onto the older OCR platforms paving the way to operational risks. Legacy OCR platforms or OCR platforms with rule-based systems lack the capabilities to fully use the AI technologies that you need to overcome the most persistent document processing challenges. Hence it is imperative to choose an AI-native platform and build an IDP solution on top of it to get the most mileage out of AI technologies and overcome the most challenging document processing problems.
- Handles unstructured document
A Forrester study reports that 85% of enterprise data is not structured, implying that most valuable data is not utilized to accelerate digital transformation. From contracts to reports, unstructured documents are omnipresent, and it is difficult for template-driven solutions to handle such unstructured data. IDP addresses the drawbacks of the traditional data capture as it leverages AI to transform semi-structured and unstructured information into a structured document
- Enterprise scalability
IDP supports scalability as it can process a sheer volume of documents across various departments that contribute to the enterprise's overall mission and goals without any arduous effort. If the AI is truly intelligent to process unstructured documents, then nothing should prevent IDP solutions from scaling automatically across enterprise verticals.
- True no-code platform empowering SME’s
Traditional approaches are replaced today by no-code platforms. The alternative offers the flexibility of custom software and, at the same time, reduces time-to-market. In addition to that, no-code platforms provide drag-and-drop tools slicing down the amount of time for the SMEs, enhancing document processing speed.
- Continuous learning and improvement system
Unlike traditional OCR technologies, IDP solutions continuously learn and improve over time. The AI learns from human actions over time, enabling the IDP solutions to improve and deliver higher extraction accuracy. Continuous learning and development, in turn, enhance return on investment over time.
Understanding the critical capabilities of IDP helps you to pick the best IDP solution and the vendor to address your business challenge and deliver the best outcomes for your organization.
To learn more about IDP, please visit https://www.botminds.ai/