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When it comes to organizations, big or small, domestic or international, one of the major hurdles is processing data. With most companies in the world generating and gathering data on products, services, customers, employees, and various other things, data mining and data processing indeed plays a crucial role in every organization. Businesses all over the world are facing multiple challenges around data processing. A few of those challenges are:
Industry research on data and documentation states that in any organization, more than 80% of the data is unstructured and locked in documents. This is true of companies across various industries worldwide. There is a valid reason for this situation as most companies did rely heavily on paper documents and manual data entry work. But with dynamic changes in the market, circumstances and the pandemic in 2020, it seems the traditional methods to collect, process, maintain, and store data is no longer reliable.
With customers expecting faster services and solutions and leaning more on digital services, it becomes important to adopt advanced technology to start and maintain business in the market. Technology has certainly progressed well enough to now provide new-age solutions and tools to meet various challenges including the one of maintaining and processing large volumes of data accurately and effectively, especially Intelligent Document Processing.
As per the Everest Group, the Intelligent Document Processing (IDP) market would hit the USD 1.1 billion mark by the end of 2021. This research shows the extent of companies and businesses globally embracing advanced technology to maintain and process large volumes of data. Let’s see how exactly intelligent document processing can help businesses all over the world.
What can IDP Achieve?
IDP can accurately capture, extract, and process data gathered from a wide range of document sources, such as paper forms, scanned forms, emails, text messages, images, and PDF forms. The technologies used to power IDP are Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), Robotic Process Automation (RPA), Optical Character Recognition (OCR), Computer Vision, and Fuzzy Logic. These technologies work together in an intelligent automation platform to process different types of data, such as structured, unstructured, long-form, processed, electronic, and others.
With the whole process divided into three stages, pre-extraction, extraction, and post-extraction, IDP can quickly process data, automate processes, enhance operations, increase quality, maintain accuracy, and reduce the turnaround time, helping businesses deliver high levels of customer-centric experience. IDP is easy to set up and deploy and can easily integrate with existing applications. Industries, such as Banking and Financial Services, Insurance, Government, Human Resources, Telecom, Healthcare, Manufacturing, Supply Chains, Legal, Retail, and Logistics, can reap the most advantages with IDP as they process large volumes of data on a daily basis.
Neutrinos’ Intelligent Document Processing Solution
Neutrinos’ data processing solution is the AI-powered IDP that extends Neutrinos’ low code development platform’s capabilities to automatically classify and extract data from multiple sources enabling businesses to transform digitally. Neutrinos’ AI-powered IDP extracts unstructured data found in business documents and transforms it to usable structured data that can be used to gain insight and drive business value rapidly. Neutrinos’ IDP uses advanced technologies, such as AI, ML, OCR, and NLP to extract data.
Neutrinos – Features of AI-powered IDP
The key features of Neutrinos’ AI-powered IDP are:
It extends the capability of the low-code platform to capture images and documents.
It automatically converts PDF documents and images into text using OCR capabilities.
It automatically classifies documents into various categories using ML and NLP techniques.
It accurately extracts data from multiple document sources using Neutrinos’ artificial intelligence engine.
It integrates with enterprise applications using built-in connectors.
Neutrinos – Offering in IDP
Intelligent document processing solutions offered by different vendors differ in their scope and utility as the IDP in its complete form is quite complex and is not fully encompassed in one solution. The extent of what each solution achieves is not the same and varies with different vendors. Neutrinos offers all the capabilities Multi-channel document capture, Image pre-processing, OCR engine, Intelligent document extraction and Data/Application Integration
Neutrinos – IDP Solution for Insurance
Insurance companies deal with lots of data and documents as a part of their products and services. Manual data processing leads to longer processing time, inaccurate information, discrepancies, and losses. Intelligent process automation in insurance is an ideal solution for insurers to automate their business process, deal with claims quickly, and prevent fraudulent claims. IDP also helps insurers easily extract and process data from thousands of documents in digital form, and gain insight to better their performance and customer experience.
An intelligent document processing platform helps insurers address their common challenges effectively and improve customer service. Some of the challenges that are resolved in IDP are:
Data Entry: IDP can extract information from scanned documents and load it into a CRM system.
KYC Verification: IDP can digitize, verify, and store customers’ details from identity cards and other personal information documents.
Policy Issuance: IDP can process large volumes of signed documents and forms (printed and hand-written) to issue an insurance policy quickly.
Claims Management: IDP can extract data and classify relevant data from claims documents, such as claim forms, claim intakes, loss notifications, and loss estimates.
Fraud Detection: IDP can pass extracted relevant information to trained artificial intelligence models to help in fraud detection.
Neutrinos – Benefits of AI-powered IDP
Neutrinos’ AI-powered IDP tool helps businesses across multiple industries to easily extract meaningful data and transform unstructured data into useful and usable data. Integrating an intelligent document processing application in business will streamline all business workflows and enable better productivity and customer experience. Get more information on Neutrinos’ AI-powered IDP or request a free trial here.