Intelligent Document Processing (IDP) is a system that extracts, classifies, and validates data from different kinds of documents, such as bills, receipts, contracts, and other business papers, using Artificial Intelligence (AI) and Machine Learning (ML) algorithms. IDP may be connected with business processes to automate the extraction and processing of data from these documents, making business activities simpler and quicker to handle. In this post, we will look at the best practices and solutions for using IDP to automate business processes.
Best Practises for Implementing IDPs
Here are some recommended practices for using Intelligent Document Processing to automate business processes:
Understand your company’s procedures:
Understanding your business processes is the first step in adopting IDP. Determine the areas where IDP may be most useful, such as document classification, data extraction, and data validation. Understanding your business processes can assist you in identifying the documents and data that must be handled, as well as the needs for processing them and the possible advantages of automation.
Select the best IDP solution:
The selection of the appropriate IDP solution is critical to the success of your automation project. When choosing an IDP solution, keep the following aspects in mind:
Accuracy: Select a system that can recognize and extract data from your papers correctly.
Check if the solution can be integrated with your current systems and processes.
Flexibility: Select a system that can handle a variety of document kinds and formats.
Security: Ensure that the solution fulfills the security and compliance needs of your organization.
Prepare your paperwork
Preparing your papers before processing may enhance IDP accuracy greatly. Here are some pointers to help you prepare your documents:
- Check that the papers are clean and free of any stains or blemishes.
- Maintain consistency in your document format, such as font, size, and layout.
- Ensure that the papers are of excellent resolution and quality.
- Remove any extraneous or sensitive information that may have an impact on the processing’s correctness.
Educate your IDP solution
It is critical to train your IDP solution to ensure its correctness and efficacy. Ascertain that your IDP solution has been trained with a sufficient number of high-quality documents representing the various kinds and formats of documents you will be processing. The more you train your IDP solution, the more accurate it will become.
Validate and test your IDP solution
It is critical to test and validate your IDP solution to verify its correctness and efficacy. Test the solution with a range of documents before deploying it to confirm that it can properly recognize and extract the relevant data. Once the solution is in place, test the correctness of the extracted data regularly to ensure that it fulfills your organization’s needs.
Keep an eye on and develop your IDP solution
It is critical to monitor and improve your IDP solution to guarantee its continued efficacy. Monitor the accuracy and efficiency of your IDP solution on a regular basis and find areas for improvement. Train your solution on fresh documents and data on a regular basis to enhance its accuracy and guarantee that it can handle new document kinds and formats.
Make provisions for scalability
When deploying IDP, consider scalability. As your company expands, be sure your solution can manage rising amounts of documents. Consider establishing a cloud-based IDP solution that can be scaled up or down to meet the demands of your organization.
IDP Business Process Solutions
Automation of Accounts Payable (AP):
Accounts payable (AP) is a vital business process that includes the management of invoices, payments, and vendor relationships. IDP may be used to extract information from invoices, verify it, and automate the payment process. This may minimize the time and effort necessary for AP processing while also improving accuracy.
Customer Orientation:
Customer onboarding is a time-consuming process that entails gathering and confirming customer information, such as identification verification, background checks, and credit evaluations. IDP may be used to extract information from client papers, verify it, and automate the onboarding process.
Contract Administration:
Contract administration involves the creation, evaluation, and management of contracts between parties. IDP may be used to extract critical data from contracts like as terms, obligations, and deadlines, as well as to automate the contract management process. This may aid in the reduction of mistakes and the improvement of compliance.
Processing of Loans:
Loan processing includes gathering and validating consumer information, analyzing credit ratings, and determining risk. IDP may be used to extract information from loan applications, verify it, and automate the loan processing process. This may assist to minimize the amount of time and effort necessary for loan processing while also improving accuracy.
Processing of Claims:
Claims processing includes gathering and confirming claims data, such as insurance details, loss assessments, and payouts. IDP may be used to extract information from claims documents, verify it, and automate the claims processing process. This may assist minimize the amount of time and effort necessary for claim processing while also improving accuracy.
We will look at how IDP solutions might assist organizations and some of the market’s top IDP suppliers.
Advantages of IDP Solutions:
Enhanced Efficiency:
IDP solutions automate time-consuming manual procedures like data input and sorting, giving staff more time to concentrate on more critical activities. This results in shorter response times, more productivity, and higher customer satisfaction.
Increased Precision:
Businesses may drastically minimise mistakes in manual data processing by using IDP. IDP extracts and analyses data using clever algorithms, assuring accuracy and consistency across all documents.
Savings on costs:
IDP may save firms time and money by decreasing the need for human labour and avoiding mistakes that might result in expensive rework.
Enhanced security:
IDP solutions may help firms improve their security and management over critical data. IDP has the ability to securely store and manage data, ensuring that only authorised employees have access to it.
Top IDP Suppliers:
Abbyy:
Abbyy is a prominent IDP solution supplier, providing a full portfolio of tools for data collection, document processing, and content intelligence. Artificial intelligence and machine learning are used in Abbyy’s products to automate document operations, increase data quality, and save expenses.
UiPath:
UiPath is a prominent supplier of Robotic Process Automation (RPA) and Intelligent Data Platform (IDP) technologies. UiPath’s IDP solutions automate document processing and increase data accuracy by using machine learning techniques and natural language processing.
Kofax:
Kofax is a worldwide supplier of IDP solutions, with a diverse product portfolio that includes data collection, content management, and process automation. Kofax’s products streamline document processing and increase data accuracy by using innovative technologies such as computer vision and machine learning.
IBM:
IBM provides IDP products like as Watson Discovery and Watson Natural Language Understanding. Artificial intelligence and machine learning are used in these systems to automate document processing and increase data accuracy.
Amazon Web Services (AWS):
Amazon Web Services (AWS) provides IDP solutions like as Amazon Textract and Amazon Comprehend. These systems collect and analyse data from documents using machine learning algorithms and natural language processing, enhancing accuracy and efficiency.
Conclusion
IDP solutions are game changers for firms aiming to simplify processes, save costs, and increase accuracy. Businesses may choose the solution that best meets their unique needs and objectives from a broad choice of IDP suppliers on the market. Businesses can remain ahead of the competition by automating manual operations using IDP and focusing on what matters most: expanding their company.
