What Is Intelligent Document Processing?
Intelligent document processing (IDP) is defined by Amazon Web Services as “automating the process of manual data entry from incoming paper-based or email attachment-based documents to integrate with other digital business processes.” IDP eliminates manual steps in certain workflows that take time and are error-prone like the data entry required for invoice processing.
IDP uses machine learning (ML) and artificial intelligence (AI) for data extraction across all document types to ready that data for business use and analysis. It also augments robotic process automation (RPA) by introducing decision-making capabilities into workflows like mortgage or claims processing.
IDP processes nearly any type of incoming transaction including emails, PDFs, images, XML, EDI and unstructured data.
How Does Intelligent Document Processing Work?
IDP involves these steps:
- Document and transaction capture: IDP provides multiple capture options like scan, email import, fax import, EDI and web services.
- Data classification and categorization: IDP classifies documents based on the graphical layout or the textual content.. AI is at the core of this classification using past results, algorithms and contextual instructions to classify documents.
- Data extraction: IDP uses AI and ML to find data on/in the transactions and ensures templates per customer/vendor don’t have to be used. Expressions, formats, keywords and locations are all part of the logic to find the data elements needed to create an accurate and complete transaction.
- Data validation and enrichment: Fields that may not have been extracted properly based on the confidence of the extraction is typically what people think about. However, calculations, validations against your core applications and business rules also help ensure clean data s being captured before it enters your line of business applications.
- Data integration and storage: IDP securely stores your data and integrates it throughout your business systems so you have visibility and access to it.
Why Use IDP Software?
IDP offers several benefits:
Improved accuracy and reduced errors
IDP ensures your documents get captured, classified, and validated properly so you stay rest assured of the accuracy of your content’s data. With fewer manual tasks, you reduce the risk of error and needing to backtrack to fix mistakes.
Enhanced productivity and efficiency
More accurate data means higher levels of productivity and efficiency across your organization. IDP allows human workers to spend more time on valuable tasks that contribute to broader strategic goals.
Cost savings and ROI
IDP introduces cost savings by slashing the time humans need to spend on repetitive work and saving time associated with errors and drawn-out processes. Organizations see rapid ROI from IDP as they speed up invoice approvals and other workflows that generate business.
Better compliance and risk management
IDP helps organizations meet evolving regulatory requirements by streamlining document management. Maintaining data transparency and document control is easy, and you can provide clear audit trails.
How to Choose Intelligent Document Processing Software
Keep these features in mind when shopping for the right IDP software for your organization:
- A user-friendly interface that enables navigation and quick onboarding without tons of training time or a big learning curve.
- Scalability and flexibility so you know your solution can process fluctuating volumes of documents as your business grows in addition to being able to process any type of transaction beyond the typical AP Invoice (usually the first use case for IDP).
- Integration capabilities with existing systems so you don’t just add new software to your technology stack. It should seamlessly work with your other tools.
- Robust security measures the software vendor makes clear.
- AI and Quick Apps for simpler configuration allowing administrators and business analysts to easily create solutions.
- Support and training options so you know you’ll get the right help with troubleshooting and the ability to start seeing ROI immediately.
Get in Touch With All Star Software Systems to Learn More About IDP
All Star has extensive experience helping organizations across industries leverage IDP to speed up and secure document capture and analysis. Contact us today to discover how this software can transform your productivity, efficiency, profitability, and more.
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