Intelligent Document Processing or IDP is the use of Artificial Intelligence (AI) to automate the processing of documents. The processing of documents includes extracting relevant information as well as placing that data in the appropriate places. The benefits of intelligent document processing are many. First and foremost is increased efficiency. Process optimization is also a key benefit. IDP can reduce errors when processing documents versus human workers. It can also lead to faster processing times, enhanced compliance and overall increased productivity and reduced costs.
In this article we will cover intelligent document processing technology, document processing solutions, intelligent document processing solutions, document process automation, plus IDP services and document processing services.
Intelligent Document Processing Technology
Intelligent document solutions or intelligent documents processing technology includes applications such as NLP (natural language processing) and machine learning, or ML. It also relies heavily on optical character recognition or OCR for the extraction of data and information from documents. Machine learning technologies enable IDP systems to continually improve and become more accurate. IDP solutions utilize advanced algorithms to automatically identify and extract the right data from different fields and documents. Let’s take a moment and define some of these terms and definitions.
NLP is a subfield of artificial intelligence. It is focused on human language and computer or software interaction. NLP involves using algorithms and techniques to understand, interpret, and generate human language. The goal of NLP is always to facilitate human and computer communications in various languages.
OCR is a technology to convert scanned or printed text into computer or software readable text. It involves analyzing shapes, patterns, and the features of text characters to identify and convert them into something readable by computers and software. OCR can be applied to almost any type of document. OCR accuracy can vary based on factors such as image quality, font types, language, plus document layout.
ML is another subfield of Artificial Intelligence or AI. It is focused on the development of algorithms and models to enable computers and software to learn and make predictions and decisions without needing to be programmed. A big part of ML is setting up training models for various AI software tools. Adapting MLM models over time as new information becomes available is very important.
Intelligent Document Processing Technology
The goal of IDP or Intelligent Document processing solutions is to streamline document centric businesses. Many businesses today have a heavy reliance on information for their businesses to operate. We do, after all, operate in an information economy. It is often said that information and documents are the lifeblood of many of today’s businesses. IDP can handle various types of documents that today’s companies use. Some of these documents include invoices, purchase orders, contracts, bank statements, financial and accounting records, employment applications, emails and much more.
Intelligent document processing solutions can have many benefits for businesses. Streamlining the processing of documents can lead to increased productivity and allow workers within a business to focus on higher priority tasks. Many businesses have to deal with compliance issues. Doing something the same way every time, as it is done in IDP, can help compliance requirements be met. IDP can handle large volumes of documents. When or if there is a big influence influx of documents, an IDP solution can help a business better cope.
Document Processing Services
IDP can be applied across many different industries. Document processing services are extremely valuable to a variety of companies. Some industries that benefit the most include finance, healthcare, legal and insurance firms. We have also found manufacturing, telecommunications, real estate, retail, and other types of companies have also benefited from intelligent document processing automation. Data and information they are commonly interacting with includes customers names, addresses, contact information, invoice numbers, payment amounts, banking accounts, etc.
It can be extremely beneficial to bring in a service provider who can offer IDP as a managed service. Managed services can be flexible and have a low monthly cost. Working with MSP’s or managed service providers can also bring specialized skills and knowledge into businesses that do not have expertise with IDP. Managed service providers also will eliminate the need for companies to stand up and run their own IDP platforms. There will be no need for expensive enterprise site licensing or seat licenses. There will also be no need to hire people who have specific knowledge and skills with IDP. Managed services are flexible and scalable and can be ramped up and scaled down as needed. MSPs for IDP can help make launching intelligent document processing projects easy and affordable.
Launching Intelligent Document Automation Solutions
Companies wanting to launch intelligent document processing solutions should first define their business goals and objectives. Assessing document centric processes to identify potential pain points is a good first step. At Valenta, we often encourage our clients to think about what is the most painful or laborious task when it comes to documents and then determine how we can best help them. IDP solutions should be integrated well with existing systems such as ERP and CRM. Working with a vendor who understands IDP as well as other back office tools like CRM and ERP is essential. Standing up an IDP solution can often be a challenging task and companies are well served to bring in experts who understand these solutions. Once a solution for IDP is deployed, monitoring it to ensure there is continuous improvement is essential. Having an outside set of eyes to help with this monitoring of an IDP platform can be useful. Requirements for document processing will change over time. Document processing solutions should be flexible and scalable. Document process automation can be a big benefit for many companies. Streamlining in this area can have an exponential efficiency effect for other parts of the business.
Valenta and Intelligent Document Processing Solutions
Valenta offers an excellent choice for Intelligent Document Processing (IDP) solutions. While larger companies have been quick to adopt IDP, midsized companies and small businesses have been slower in their deployment. This delay is often due to the challenge of accessing the necessary skill sets. With IDP being a relatively new technology, finding skilled developers and staff can be difficult and costly. Valenta specifically focuses on serving midsized companies and small businesses.
We have local Managing Partners located in various cities and countries worldwide. Our Managing Partners are experts in digital transformation and work alongside local partners, subject matter experts, as well as nearshore and offshore developers to deliver top-notch IDP solutions. Our mission is to provide sensible digital transformation for midsized companies. At Valenta, our IDP consulting follows project management best practices garnered from numerous deployments. We adhere to the Valenta Way process in every IDP engagement. Our Managing Partners and their assembled IDP teams execute projects according to a structured plan. Implementing IDP with Valenta is a seamless and straightforward experience.
To read more about Intelligent Document Processing please visit the highlighted webpage. Please feel free to find a local Managing Partner using this link.