According to a Gartner news release, finance departments alone can save 25,000 hours of rework due to human errors at the cost of $878,000 per year for an enterprise with 40 full-time accounting personnel by implementing intelligent document processing solutions and tools.
Intelligent document processing solutions and tools improve human understanding of data science tools, including computer vision, optical character recognition, machine learning, and natural language processing. Intelligent document processing is becoming more popular due to its ability to automate data extraction operations that were previously difficult, if not impossible, to execute.
What’s new is a single platform solution that’s changing how we do business. Better business outcomes result from new data sources, which pave the door for human-initiated innovation. Intelligent document processing solutions and tools are sophisticated software that feeds tagged data from any text-based start into the data supply chain.
Defining Intelligent Document Processing
Data extraction and processing from various document processing solutions and tools are automated using IDP. To automate document processing, it leverages deep learning technologies. Intelligent document processing collects unstructured data from documents and converts it to structured data using RPA bots, artificial intelligence, and computer vision.
How Does IDP Work?
Business users can automate processes end-to-end by embedding document processing software into the RPA platform. When you combine IDP and RPA on the same platform, you get the two most crucial parts of the automation puzzle operating in unison and smoothly.
While IDP is an integral part of the automation process, RPA ties it all together, starting with downloading a document from a source such as an email and transmitting it for processing.
The platform provides validation and decision-making after structured and unstructured data has been effectively extracted. After the data has been successfully removed, the procedure is completed by entering it into a record system.
RPA also allows for easy integration with any content-driven platform. While the purpose of IDP is straightforward in theory, it can take a variety of shapes in practice.
5 Stages And Components For Intelligent Document Processing
Pre-processing is a term that refers to the process of preparing something before. IDP uses noise reduction, binarization, and de-skewing techniques to maximize the quality of documents as they arrive to be processed in diverse settings.
- Processing Of Images
IDP uses computer vision to decipher document structure and recognize “features” like text, graphs, and photos. Text can then be extracted from the document using older methods like OCR and ICR. Some IDP systems create a digitized version of the paper, or “digital twin,” ready for machine-reading during this process.
- Data Extraction And Classification
IDP recognizes, separates, and classifies document components using machine learning (ML) and natural language processing (NLP). The classification engine of an IDP is in charge of parsing out all of these various components, appropriately categorizing them, and routing them to their next destination. IDP systems’ capacity to target important information and extract it for additional analysis or processing is one of its primary outcomes. IDPs frequently offer a library of pre-trained extraction models or pattern matching tools such as Regular Expressions to do this (RegEx).
- Validation Of Data
IDP platforms use external databases and pre-configured lexicons to check data collected from documents. Not only does this approach assure data quality, but it also ensures that data is captured in the correct format and is ready to use right away. In most cases, a HITL (Human-in-the-Loop) machine learning framework is used to validate data, with incorrect data directed to humans for assessment and correction. Using this approach, the validation model can learn and increase its accuracy over time.
The validated data is then integrated into big business systems and workflows as the final step of the IDP process.
Analytics And Business Intelligence
Intelligent document processing is also advantageous for business intelligence. The system may provide a comprehensive overview of all bots in use in a given environment, including real-time operational insights such as the number of document processes in use, accuracy rates, and data related to business outcomes. Users can receive an overview of procedures from start to finish at a glance.
Use Of A Fully Integrated Document Processing Platform
Only a small portion of the processing problem will be solved by document extraction techniques or traditional optical character recognition (OCR). To put it another way, you’ll need to consider the big picture. To get the most return on your investment, consider everything that goes into processing a document to ensure a seamless, quick operation with no errors.
That’s why an end-to-end automation solution based on RPA and AI makes sense. Let’s have a look at some of the other benefits of utilizing a fully integrated document processing platform.
Increased Efficacy And Effectiveness
According to industry analysts, intelligent document processing heralds in a slew of significant improvements. Simple manual document processing costs about $6-8 per document on average. For more complex documents, the typical cost per document might be north of $40-50. If a catastrophic loss of paper-based records occurred due to fire or flood, more than 70% of enterprises would fail within three weeks.
- Reduce the chance of making an error by at least 52%.
- Reduce the cost of manually processing documents by 35%.
- Reduce the amount of time you spend on document-related tasks by 17%.
- Reduce the time it takes to process documents by 50-70 percent.
- Reduce your operational costs by 30%. YOY
- Reduce the time it takes to verify documents by 85%.
- Reduce the time it takes to apply for financial aid from six weeks to just a few days.
- Aim for a 99.9% accuracy rate.
Compliance And Security Have Improved
The high accuracy rate of intelligent document processing solutions and tools makes it perfect for handling any compliance-related document and sensitive information such as personally identifiable information (PII) or health data. IDP reduces the risk of sensitive information being exposed to third parties by eliminating the need for humans to access, review, or handle any of the data included papers. In addition, IDP can assist in streamlining and improving regulatory reporting accuracy.
Data Quality And Usability Have Improved
Most of an organization’s data is “dark data,” stored as emails, text, PDFs, and scanned documents. IDP unlocks the potential of dark data by transforming it into high-quality, structured data that is ready for analysis using RPA and AI-based solutions.
Encourages And Expands Automation
When combined with workflow management technologies, intelligent document processing solutions and tools are a significant enabler of end-to-end process automation. It aids in integrating numerous technologies that contribute to the automation of complicated business processes and the attainment of hyperautomation.
Furthermore, cognitive technologies such as RPA and AI require structured, high-quality data to “learn” and function. Intelligent document processing improves RPA/AI consumption data by translating unstructured documents into cleansed, structured data streams.
It saves time and money on data input, makes vital information more accessible, and aids in developing a digital workforce.
Every business relies on documents, and collecting valuable information is essential for making sound decisions. With new digital technologies and apps being introduced and implemented, organizations need to evolve from reactive to proactive. Intelligent Document Processing (IDP) is a concept that successfully achieves a precise balance between intelligent automation and intelligent people.
The one-of-a-kind document processing technology offers a whole new universe of possibilities for today’s and tomorrow’s businesses. Using the services of a reliable and professional document scanning provider can assist businesses in keeping up with the competition. In fact, for most companies, AI-assisted support can reduce paperwork time by up to 80%. By focusing more on value-based tasks, companies can achieve a unique balance between automation and human intervention.
To know more about document processing solutions and tools, contact ONPASSIVE team.