In the past, businesses had to rely on manual data entry to process documents. This was a time-consuming and error-prone process that often resulted in lost or misplaced documents. Thanks to advances in technology, businesses can now take advantage of intelligent document processing (IDP).
IDP is a type of intelligent software that can be used to automatically read, classify, and extract data from documents. This can dramatically speed up the document processing time and improve accuracy.
In addition, IDP can be used to track documents throughout the organization and ensure that they are properly routed. As businesses increasingly move to digital workflows, IDP will become an essential tool for managing documents.
Intelligent document processing is already being used by a growing number of businesses, and this trend is expected to continue in the coming years. Thanks to its many advantages, intelligent document processing is poised to become the new standard for document management in the business world.
Here we will discuss what it is, how it works, and the benefits of using intelligent document processing software. We will also provide a guide on how to choose the right intelligent document processing software for your business needs. Finally, we will look into the future of intelligent document processing and what changes we can expect to see in the coming years.
What is Intelligent Document Processing (IDP)?
Intelligent document processing is a technology that uses artificial intelligence (AI) to process and manage documents. This type of software can be used for a variety of tasks, such as scanning and sorting documents, extracting data from forms, and creating PDFs.
IDP has already become a mainstream technology used by enterprises across the globe to manage their ever-increasing volumes of documents more efficiently.
The History of Intelligent Document Processing
Intelligent document processing (IDP) is a type of computer processing that uses artificial intelligence (AI) technologies to interpret and act on data in documents.
IDP was first developed in the 1950s, with early systems designed to process forms and extract information from handwritten text. These early systems were limited in their ability to understand complex data, and as a result, they were not widely adopted.
In the 1980s, IDP systems began to use optical character recognition (OCR) to interpret scanned images of text. This made it possible for IDP systems to read and edit digital documents, as well as printed ones.
Today, IDP systems are used in a variety of applications, such as data entry, intelligent search, and automated customer service. As IDP technology continues to evolve, it is likely that these systems will become even more ubiquitous in both the business and consumer worlds.
How is IDP different from Traditional OCR?
IDP (Intelligent Document Processing) is a newer technology that is different from traditional OCR (Optical Character Recognition). IDP uses advanced pattern recognition and machine learning algorithms to process documents.
This means that IDP can not only recognize characters, but it can also learn the context of the document and identify the different types of data within it.
As a result, IDP is much more accurate than traditional OCR, and it can be used to extract data from a variety of document types, including scanned documents, PDFs, and images.
IDP is also faster than traditional OCR, making it ideal for processing large volumes of documents.
How does IDP work?
IDP solutions use artificial intelligence (AI) and machine learning (ML) to extract information from documents. This can include extracting text from images, identifying key data points, and even understanding the meaning of documents.
IDP solutions are trained using a set of sample documents. This training data is used to create an algorithm that can then be applied to new documents.
As IDP solutions continue to process more documents, they will get better at extracting data with greater accuracy and speed.
In 2022, What sort of features are available in IDP?
Here are a few common features that you can find across most IDP softwares.
Workflows: IDP software is designed to streamline the document processing workflow by automating many of the manual tasks typically associated with this type of work.
Data Extraction: IDP software can be configured to extract data from various types of input documents, including scanned paper documents, PDF files, and images. This data can then be used to populate fields in a database or other system.
Data Validation: IDP can also be used to validate the accuracy of data extracted from documents, and to generate reports or other output based on this data.
Security & Compliance: IDP typically includes tools for managing document security and compliance. As a result, IDP software can provide significant benefits for organizations that rely heavily on document processing.
How to Choose the Right Intelligent Document Processing Software for your Business?
Running a business is a lot of work. There are so many moving parts and details to keep track of, and it can be tough to stay on top of everything. That's why automated invoice processing can be such a valuable tool for business owners. But with so many different invoice processing automation tools on the market, how do you know which one is right for your business?
There are a few things to consider when choosing an invoice processing automation tool.
First, think about what features are most important to you. Do you need an automated system that can generate invoices based on customer purchase data? Or do you need something simpler, like a tool that can help you keep track of outstanding invoices? Once you've identified your needs, you can start narrowing down your options.
Another important consideration is price. There are both free and paid invoice processing automation tools available, so be sure to compare pricing before making your final decision. If cost is a major factor for you, there are some high-quality free options available that could meet your needs. But if you're willing to pay for a premium product, you'll likely get access to more features (discussed above) and timely customer support.
Finally, take the time to read online reviews of the different invoice processing automation tools you're considering. This can give you a better idea of what other business owners think of the products, and help you make a more informed decision.
About Us: We are an Automation solution company. We offer our own Intelligent Document Processing Platform VisionERA. With VisionERA, any organization from any industry can automate their document processing use cases. It provides data extraction and verification for unstructured documents in bulk and offers a series of compelling features such as custom DIY workflow, downstream apps integration, cloud infrastructure, etc. It is the latest IDP platform in the market and is developed using deep learning to provide a more cognitive and intuitive experience.
Want to learn more about VisionERA, click on the CTA below to set up a demo with us. You can also send us a query using the contact us page!