This is no longer wishful thinking, but has long been part of everyday working life in many companies and is accessible to everyone. This is the power of Intelligent Document Processing (IDP). In our article, you can find out exactly what IDP is and what advantages Intelligent Document Processing brings.
What exactly is an IDP and how does it work?
Intelligent Document Processing (IDP) is an intelligent automation (IA) technology that extracts, reads and interprets structured, unstructured and semi-structured data in a variety of formats. IDP itself is made up of many different capabilities. It represents the perfect interplay between Optical Character Recognition (OCR) and Artificial Intelligence – especially Machine Learning and Natural Language Processing.
OCR is the component that enables IDP to convert an image from text into a machine-readable text format. In order for a system to understand and extract data, it must first be able to identify and read it. This is where natural language processing (NLP) comes into play, which forms the interface of communication between humans and computers and gives IDP the ability to imitate the natural language of humans, thus ensuring that the correct data is extracted. Last but not least, machine learning also makes an essential contribution to this innovative technology. As the name suggests, machine learning is the part of IDP that enables autonomous learning through experience, which continuously improves efficiency.
A brief example to describe IDP in more concrete terms:
You receive any number of invoices in a wide variety of formats every day. These all have to be processed manually in order to filter out important information such as the invoicing party, invoice address, amounts and bank information. IDP does this job for you. First, OCR converts the information so that it can be understood by the computer system. NLP then identifies the desired, individually defined data and communicates it to the user. Ultimately, machine learning guarantees that the process can be repeated without errors and that the learned work steps can be transferred to any type of document.
endless possibilities.
ExB is an Intelligent Document Processing platform that transforms unstructured data from any type of document into structured results. Our AI-based software can not only extract all relevant information from your documents, but also understand them. This allows you to automate your processes and save both time & money, while improving your customer experience and employee satisfaction. Win-win.
Advantages of Intelligent Document Processing
As already described, the manual processing of documents, which is often very time-consuming and repetitive, can be significantly reduced thanks to Intelligent Document Processing. In addition to the enormous time savings, however, there are numerous other advantages – we present the 6 most important benefits below:
1. huge scope
The possible applications of IDP are almost limitless. Whether image or text, whether analog or digital, whether unstructured or structured, whether in the insurance industry or in healthcare. As soon as your company has a large amount of incoming data, an IDP solution is an interesting option for you.
2. customized solution
Although IDP can be used so extensively, intelligent document processing creates room for a high degree of individuality. Every company has different priorities and different information is considered relevant. IDP can be tailored to individual requirements and can be easily integrated into existing applications and workflows.
3. considerable cost reduction
The time saved thanks to IDP not only reduces the workload of employees, but also saves costs in the medium and long term. This is because the time invested in document processing can now be used for other more important activities, which also increases productivity.
4. increased customer satisfaction
This also goes hand in hand with increased customer satisfaction. This is because the automated, fast process allows you to offer customers a shorter response time and thus improve the customer experience.
5. lower risk of error
While there is always a certain potential for error with humans, it is all the less likely with machines. The process of intelligent document processing remains constant and uniform and therefore offers a lower risk of error.
6. strong competitive advantage
Improved standardized operational processes and automated decision-making processes increase overall efficiency. Together with all the other benefits of IDP, this ultimately leads to greater competitiveness.
IDP for you
Are you curious to find out how IDP can improve your daily business? Good idea! We will be happy to help you and advise you in an individual consultation. Contact us without obligation using the contact form and follow us on LinkedIn for news about AI and IDP.
