The business success depends largely on digital transformation: faster operations, better quotes and offers, minimal errors, and accurate documentation play an integral role in overall enterprise productivity and profit-earning capacity.
Handling large volumes of data from multiple channels is challenging for any human force. The process of capturing data and inserting it into a corporate system involves a risk of error let alone time expenditures.
Intelligent automation of document processing addresses the issue of time-consuming document workflow via dedicated software that can be customized and seamlessly integrated into the available IT system. For instance, every custom-tailored Graip.AI intelligent document processing solution is calibrated for solving unique, industry-specific tasks.
What Is IDP?
IDP stands for Intelligent Document Processing, a technology that automates data extraction from multiple sources and classifies it for further processing. The data can be captured from structured, semi-structured, and unstructured documents and converted into usable structured data.
IDP functionality is based on AI, OCR & ICR (optical & intelligent character recognition), computer vision, machine learning, and natural language processing (NLP) technologies to recognize and capture data and classify and validate the extracted data for further handling and management.
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Given self-learning capabilities and real-time analytics, IDP offers more than just improved accuracy and shortened time in document processing — the software provides reports and insights based on the processed and analyzed data.
How IDP Works
First of all, all paper documents should be converted into electronic formats, such as PDF, PNG, JPG, and so on, to be processed by the IDP algorithms. The further process looks as follows:
- Preprocessing stage. At this stage, OCR-based technology is involved to distinguish characters (words) via:
- Binarization. A colored image is converted into white (background) and black (text) pixels.
- Deskewing. If an image is aligned horizontally, it is adjusted using several techniques, such as Topline, Projection profile, etc.
- Noise removal. All tiny spots or dots are removed so as not to be confused with characters.
- Classification. Typically, documents are classified according to:
- Format. The technology determines whether a document is in PDF, TIFF, PNG, JPG, or other format.
- Structure. A document is identified as unstructured (no structure but can contain important data that should be extracted using key identifiers like “email” or “date”), semi-structured (some elements can be located at different places; for example, invoice), or structured (standard template and layout).
- Document type. All documents are sorted into invoices, applications, bank statements, or others given the company’s profile.
- Data extraction. Data extracted via:
- OCR [key-value (based on key identifiers) and table (line items are extracted from tables and charts)],
- Data validation. The technology uses certain rules to detect inaccuracies. When inaccuracies are detected, the document will be marked for correction.
- Manual revision. All documents flagged for correction should pass human review. When self-learning is implemented, the accuracy of data extraction will improve in due course.
As a result, organizations streamline their workflow, cut costs, improve accuracy, accelerate end-to-end processes, and enhance productivity.
Advantages of IDP Implementation
- Document classification. AI-based software is capable of sorting out documents, such as invoices, forms, bills, or purchase orders, based on the content.
- Accurate and fast data extraction. … higher accuracy and human error elimination, enhanced efficiency and reduced processing costs, scalability (higher volume of data can be processed in shorter time), improved decision-making (real-time analytics and reporting)
- Information validation for both unstructured and structured data is provided in a variety of formats, including Excel, PDF, CSV, etc. Detection of duplicated or missing data. IDP can detect inconsistencies pointing to possible fraud.
- Real-time analytics and reporting. AI-based predictive analysis helps to determine patterns and trends (valuable for volatile niches, such as the real estate market), and create customizable reports (you can choose the data you want to see in reports).
- Data visualization. Insights from a large volume of data; graphical representation
- Customizable functionality. Given the specifics of your business, a provider can adjust the set of features, adding the required elements (keys) and deactivating unnecessary ones.
- Data integration. IDP can be integrated into various IT landscapes. Integration with CRM and ERP for seamless data flow and cross-functional performance. Besides, customized solutions can be configured in compliance with security and data privacy regulations (SOC2, HIPAA, or GDPR).
- Enhanced security. IDP ensures a high-security level via access controls and audit trails. The technology can identify compliance issues, so humans can check and mitigate risks to ensure full compliance with existing regulations.
- Reduced costs. Manual document processing is error-prone and time-consuming. When automated, document handling costs less as human resources can be redirected to value-added and strategic tasks. Hence, operational costs are reduced.
- Enhanced productivity and efficiency. Automation of repetitive tasks accelerates the workflow significantly and results in faster turnaround.
How To Choose The Right IDP Solution?
Highly valued among businesses across various niches, IDP solutions have become a popular product in the portfolio of many software companies.
Look for a provider with excellent customer service and niche-specific experience. Don’t hesitate to ask questions; for example, Is a platform scalable? What file formats does it recognize? What are the limits for integration with other software? Besides, check if the platform is user-friendly.
Whether you consider essential IDP software or a customized solution to integrate into the existing infrastructure, look for reputable pros with expertise in IDP. For instance, Graip.ai specialists examine your business operations and tasks thoroughly before developing a technical solution that integrates seamlessly with the available IT ecosystem.
AI-based automation of various business operations and processes has been developing rapidly. Time is the greatest asset nowadays, so consider IDP to save time on document handling, eliminate errors, and optimize the operational productivity of your business. Custom-tailored to match the unique requirements of a company, IDP solutions are powerful tools that add competitive advantages to businesses.