The traditional Optical Character Recognition (OCR) technology had left a lot desired to make it ideal for large-scale implementation. In recent years, IDP has managed to fill the void left by traditional OCR software by offering artificial intelligence (AI) and machine learning (ML)-driven solutions that are gaining popularity with every passing day.
With IDP, you can convert physical documents into editable digital formats within no time and with high accuracy levels. Whether the physical documents are digitally typed and printed or handwritten, IDP offers the expertise to convert them all. Today, let us look at some of the Intelligent Document Processing benefits and offer some tips to help you choose the right solution for your business.
There are numerous service providers offering IDP solutions today. While the core concept is leveraging AI and ML technologies to make physical document processing simpler, the service is known by different names. The essence is using modern technologies to achieve a high level of accuracy while converting physical documents to editable digital versions.
An Intelligent Document Processing software extracts data from documents and feeds it in a structured and simple manner into an online system that helps process the data. One of the primary Intelligent Document Processing benefits is the ability to automate the entire process and minimize human intervention and errors. There are various types of IDP solutions available today. Here is a quick look at them.
Types Of Intelligent Document Processing Solutions
IDP software uses innovative technology to solve data extraction challenges. These applications can have different approaches that lead to different types of intelligent document processing applications. Here are some common types of solutions available in the market:
Let’s take a quick look at each of them:
Innovative Intelligent Document Processing Solutions
AI and ML technologies provide an endless enigma of possibilities. While automation has made life easier, it has its own set of challenges. While some challenges are managed by tweaking the existing systems, the demanding ones require innovation and the use of the latest technologies. This can be applied to document processing too. Most organizations have simple requirements from the solution that manages its document processing needs. However, there are some complex requirements that need an innovative approach and the power of AI, ML, NLP, and other newer technologies.
Innovative IDP solution providers approach document processing with a keen eye on the future and allow you to build processes and systems that are sustainable and efficient. If innovation is your need, then choose an innovative partner and use the intelligent document processing benefits to your advantage.
Some examples of leading Innovative IDP vendors include:
Legacy Intelligent Document Processing Solutions
Some legacy OCR or RPA (Robotic Process Automation) providers may add AI or ML into their legacy platforms to offer IDP solutions. Hence,, the focus of these legacy platforms is not IDP but a gamut of automation services. Many organizations opt for Legacy IDP solutions to either save costs or have a comprehensive tool for their automation needs. These solutions usually work well for organizations that have large volumes of easy-to-convert documents without variations. However, it is important to remember that these solutions can have limitations. Hence, it is important to assess if the solutions offered by the existing vendor meet your requirements. If your document automation challenges are not met, then you might want to consider moving to a different type of intelligent data processing tool.
Some examples of leading Innovative IDP vendors include:
3 Automation Anywhere
4 UI Path
Niche Intelligent Document Processing Solutions
‘Niche’ is a specialized segment of the market. In the age of super-specialization, every product and service is available in generic as well as niche variants. For example, shirt manufacturers would make average-sized shirts in the past but now there are different fits for different body-types. In fact, many of us are accustomed to using tailored products/services. IDP is no different. There are many companies that offer intelligent document processing solutions targeted towards a specific market or a specific use case. If your organization has bespoke document processing requirements, then look for such niche IDP solutions
Some examples of leading Niche IDP vendors include:
2 Evolution AI
System Integrators with IDP
System Integration companies like Accenture, Deloitte, KPMG, etc. work towards integrating all the processes, applications, and software into a single consolidated environment. In recent years, with an increase in demand for AI-driven OCR or IDP solutions, many system integrators have started offering IDP services as a part of the set of solutions offered. Some system integrators develop IDP solutions in-house while most others have an intelligent document processing partner. Most companies in the system integration space are large and responsible companies that endeavour to offer efficient solutions to organizations. However, since IDP is only a part of the package, it might lack the specificity required by your documents. Ensure that you understand the features and benefits of intelligent document processing offered by such providers carefully.
Some examples of system integrators that provide IDP capabilities include:
IDP Technology Providers
If you are technologically savvy or run an organization that has technical experts, then you can use third party technology software components like computer vision, OCR, etc., and develop IDP capabilities in-house. These are not full fledged IDP solutions, however, organisations having fairly simple document processes may prefer to develop these capabilities internally using third party software. However, it can be a time and cost consuming process and would require a dedicated team of IT professionals managing it at all times, besides spending a lot of time, resources and cost in developing an in depth know how. If you are an organisation that requires quick and accurate implementation, it might be a good idea to turn to dedicated IDP players that have gained in depth knowledge and experience with several implementations in their basket.
Examples of third party technology providers include:
1 Amazon Textract
2 Google Cloud Vision
3 Microsoft Azure Computer Vision
How to Choose the Best Intelligent Document Processing Software and Platform?
Before you start looking for an IDP solution, remember that it is much more than a modern version of an OCR. It is a tool driven by artificial intelligence, machine learning, and neuro-linguistic programming (NLP) that can transform your business and boost the efficiency of processes.
You can use the following steps to find a document processing solution that is best-suitable for your organisation.
The best way to find the ideal IDP solution is to select the type of document which comprises more than 50% volume of your raw data.
Identify the document types that comprise more than 50% of your monthly volume.
Then look for vendors whose solutions can effectively process your high volume.
You might want to take into consideration quality variances in documents, and the contribution of poor quality, illegible documents to your database before finalising an IDP solution. A good IDP vendor should be able to process documents of varied quality, unless illegible even to the human eye.
You could check for customisation options that could further improve results. This might require the expertise of a niche, innovation based IDP vendor.
A solution that can manage these cases with ease will be able to manage most of your document processing requirements too. Once you know the type of IDP solution you need, select the best vendor based on the following four pillars:
1 The core capabilities of the solution offered by the vendor. While it is relatively simpler to measure the success of an IDP solution on the basis of accuracy, it is equally important to choose a solution that is able to effectively flag a document or field that it cannot read, and pass it for human intervention. This substantially reduces the load for the human quality check process, and allows humans to intervene only when and where required.
2 The vendor must have a technology ecosystem to allow you to realize the full potential of intelligent automation.
3 The intelligent document processing market is in its nascent stages. Hence, look for a vendor that offers training courses that are ideally self-paced with sufficient material allowing your employees to get a grip over the technology. Also, make sure that the vendor has a good track record of offering robust product support and maintenance for a smooth experience.
4 The fourth and essential aspect is the price. There are different pricing models available. The pricing models can be as follows:
Some vendors offer a fixed-price solution where you can process as many documents you like from one machine for a fixed fee.
You can also find a pricing model based on the volume and complexity of documents.
Some vendors offer pricing plans that are based on the accuracy of the output.
Before you start looking, ensure that you assess the document processing requirements of your business and research the market thoroughly. The factors mentioned above can help you narrow down to the best IDP solution for your business.
Remember, the future belongs to businesses that can leverage artificial intelligence, machine learning, NLP, etc. to make processes more efficient and error-free. When you are looking for an Intelligent Document Processing Solution, ensure that you consider your current and future requirements.However, it is also important to note that there is no magic when it comes to AI based automation software. For better results and to achieve best in class accuracy, it is important to understand that even the best Machine Learning algorithms require training specific to your data and business requirements. Intelligent Automation is effective if understood and used wisely. Get a grip over this new technology and use it to your benefit.
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