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Xerox reports that 46% of employees in SMEs waste time on paper-related workflows daily. Many businesses depend largely on paper documents and thus find themselves utilizing a lot of time and resources to process data manually from those documents.
The COVID-19 pandemic highlighted the necessity of digital data to perform necessary business functions and tasks on time. Many enterprises are moving towards digital transformation since then and there have been many companies who did it before the pandemic.
In the case of document processing, a significant solution to manual work is partial or semi-automated processing. Many organizations have adopted partial automated solutions and many are planning to do the same soon. The partially automated document processing is usually Optical Character Recognition (OCR) based processing.
The OCR engine would pick up relevant data from specific fields and feed it to the existing BPM. For example, in a form, the OCR engine would capture data from fields, such as name, address, date of birth, and so on. This type of processing definitely works better than manual processing, saving time and resources in the process.
But, when the document format changes, the software is not able to capture relevant data. If it is a scanned handwritten form, the software cannot capture the correct details based on the handwriting. If the copy is tilted, the software cannot identify the relevant fields. A human or humans are required to process data from such forms, which means back to square one.
ReportLinker states that 80% of enterprise data is unstructured and locked in images, emails, scanned files, and PDF documents.
To process these large volumes of data, enterprises need something beyond OCR. That something is Intelligent Document Processing (IDP).
IDP uses advanced Artificial Intelligence (AI) technologies, such as Machine Learning (ML), Natural Language Processing (NLP), Deep Learning (DL) with OCR, and Intelligent Character Recognition (ICR), to extract, process, and integrate unstructured data from documents. This process involves Human-in-the-Loop (HIL) validation for final approval.
All enterprises across various industries can utilize IDP to securely digitize data and process it quickly, reducing time, resources, and costs. The whole process is automated to ensure efficiency and accuracy with less risk of human-based errors.
Check out a comparison table that graphically depicts the differences between intelligent document automation and partially automated document processing.
Neutrinos IDP enables a fully automated document processing workflow with intelligent and integration capabilities. IDP capabilities are in-built into the Neutrinos Low-Code Platform, empowering enterprises to create custom-built apps and solutions as per their business needs. Neutrinos Intelligent Document Processing Solution gives businesses exactly what they need to process data from documents faster.
A free trial helps to understand the features and capabilities of Neutrinos IDP better.