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Intelligent Document Processing (IDP) is rapidly gaining traction as many companies are embracing this new-age solution to automate business processes, increase productivity, and reduce time, costs, and resources. Though called by different names, such as Cognitive Document Processing, Intelligent Document Capture, or Machine Learning OCR, Intelligent Document Processing is the ideal name as it clearly describes exactly what this solution means.
IDP is not just allowing a machine to read and understand a document, it involves taking a document, extracting the relevant data from that document, and using the extracted data to do something useful. IDP is much more than OCR or ICR (Intelligent Character Recognition). OCR is a part of the IDP process that involves more functions. In simple terms, the whole IDP process can be categorized into three phases.
Intelligent Document Processing – Phases
Phase 1: Preparation and Classification
The first phase includes gathering documents and classifying them. Documents come in different formats, such as PDF, Word, Excel, jpeg, scanned copies, and they come from different sources, such as scanned folders, FTP, or email attachments. The layouts of each document may be different depending on the vendor’s layouts. Then documents are classified based on their content, such as insurance policy documents, banking documents, billing and payment documents, and so forth.
Phase 2: Extraction and Formatting
The second phase includes extracting relevant information from classified documents to deliver the required results. Few documents, such as scanned documents or paper documents, may be of low-quality, titled, or skewed. IDP helps in enhancing the quality of such documents by changing brightness, contrast, removing background lines, and tries to eliminate things that interfere in capturing the required information. Next OCR and ICR play a role by extracting the desired data. IDP also takes care of auto-correction and auto-validation to ensure the accuracy of the extracted information. After extraction, IDP formats the data automatically for the output.
Phase 3: Input to Downstream Applications
The final phase results in extracted data fed to downstream applications, such as an ERP, a CRM, a core banking system, a proprietary application, or a web application to fulfill the purpose of the process.
Top IDP Vendors in 2021
IDP in its complete form is not an easy process. Many vendors offer intelligent document processing solutions, but the extent of what their solution can achieve is not the same. Here is a list of top IDP Solution Providers in 2021 and what they can offer in terms of IDP.
Kofax offers an Intelligent Automation Platform to automate business processes, reduce manual work, and improve customer engagement. Their solutions are delivered to more than 25,000 companies in more than 60 countries. Kofax automation mobilizes artificial intelligence, cognitive capture, task automation, integrations, ecosystems, and workflows to deliver end-to-end digital workflow transformation.
Technology Used: RPA (Robotic Process Automation), Process Orchestration, Cognitive Capture, & Advanced Analytics
Solutions Provided: Kofax TotalAgility, Kofax RPA, Kofax SignDoc, & Kofax Mobile Capture
Industries Covered: Financial Services, Government, Healthcare, Insurance, Supply Chains, & Business Process Outsourcing
Infrrd offers an end-to-end automated data extraction solution for companies and enterprises. Their solution extracts data from complex and unstructured documents, such as handwritten documents, complex tables, insurance documents, graphs, stamps, invoices, and even other languages. Infrrd removes manual processing bottlenecks and drives innovation with automation, lower process costs, improved scalability, and reduced process cycle times.
Technology Used: Optical Character Recognition, NLP (Natural Language Processing), Machine Learning, Computer Vision, & Neural Networks
Solutions Provided: Intelligent Data Processing
Industries Covered: Insurance, Retail, Industrial Manufacturers, & Enterprises
ABBYY is a leader in IDP, Process Discovery & Mining and a major player in the RPA and Intelligent Automation market. ABBYY offers digital solutions to more than 5,000 customers, including many Fortune 500 companies. With over 30 years of market expertise and more than 400 patents and patent applications, ABBYY helps companies to use their digital experience platform to advance their business.
Technology Used: Artificial Intelligence, Optical Character Recognition, NeoML, Cloud Computing, & Computer Vision
Solutions Provided: ABBYY FlexiCapture, ABBYY FlexiCapture for Invoices, ABBYY FineReader Server, ABBYY FineReader PDF, ABBYY FineReader Pro for Mac, ABBYY Screenshot Reader, & ABBYY Mobile Apps
Industries Covered: Financial Services, Healthcare, Insurance, Government, Legal, Transportation and Logistics, & Business Process Outsourcing
Automation Anywhere offers an automation platform for businesses to automate their processes, maximize ROI, and discover innovative automation ideas. Their Bot solutions, delivered in more than 90 countries to customers who are automation pioneers, are leading the intelligent automation industry and transforming global companies digitally. Their ‘Bot Store’ which is the world’s first and largest automation marketplace provides more than 1,200 pre-built, automation solutions.
Technology Used: Machine Learning, RPA, Computer Vision, NLP, & Fuzzy Logic
Solutions Provided: IQ Bot
Industries Covered: Insurance, Healthcare, & Life Sciences
Appian is a global leader in Digital Process Automation (DPA), Low-code Application Development, Dynamic Case Management (DCM), and Intelligent Business Process Management Systems (iBPMS). Appian provides solutions for companies on a global scale to maximize resources, enhance customer experience, improve business results, and achieve excellence in the market.
Technology Used: Appian AI, Machine Learning, & Google Cloud (Storage, Translate, Vision, Auto ML, Document AI, Natural Language)
Solutions Provided: Appian Intelligent Document Processing
Industries Covered: Financial Services, Insurance, Government, Healthcare, Retail, & Life Sciences
AntWorks is a global, intelligent automation and artificial intelligence company that is an expert in data solutions, such as enterprise intelligence, digitization, and automation. They offer the world’s first Integrated Automation Platform (IAP) that uses pattern recognition and fractal science principles to digitize all types of data for global companies. This solution helps companies build and deploy automation via a low-code user interface.
Technology Used: RPA, Machine Learning, AI, & Fractal Science
Solutions Provided: ANTstein SQUARE
Industries Covered: Banking and Financial Services, Insurance, Retail, Telecom, Government, Manufacturing, Healthcare, Transportation, & Business Process Outsourcing
HCL Technologies is a global tech company that is known for its innovative tech products and services. They provide IT and Business Services (ITBS), Engineering and Research & Development Services (ERS), and Products and Platforms (P&P) to more than 1, 59,000 customers in 50 countries.
Technology Used: AI, Machine Learning, RPA, NLP, & Computer Vision
Solutions Provided: EXACTO (KYC, Invoice, Trade, RX, Contract, & Cheque)
Industries Covered: Banking, Insurance, Healthcare, Retail, Capital Market, Telecom, Utilities, Hi-Tech and Manufacturing, & Life Sciences
WorkFusion is a recognized global leader in intelligent automation and robotic process automation. They offer intelligent automation services, such as pre-trained bots, advanced analytics, and AI tools for business automation. With more than 1,200 automation apps into production, WorkFusion has customers that are the leading banks and insurers in North America and Europe.
Technology Used: AI, Machine Learning, OCR, RPA, Workflow, & Analytics
Solutions Provided: Document Intelligence Bots
Industries Covered: Banking and Financial Services, Insurance, Healthcare, Transport and Logistics, & Other Industries
Neutrinos is a low-code development platform company with technical expertise in advanced AI and IDP that builds interactive design models and user-driven experiences using advanced software and integration capabilities. Offering a range of pre-built digital solutions, Neutrinos creates multi-experience DX and delivers integration, analytics, data collection protocols, and visualization support for all their customers in multiple countries.
Technology Used: AI, Machine Learning, OCR, & NLP
Solutions Provided: AI-powered IDP
Industries Covered: Insurance
Intelligent Document Processing Provides Value to Industries
IDP provides significant value for industries, such as Banking, Financial Services, Insurance, Government, and Healthcare. Industries that involve a lot of document processing result in a lot of manual work and investment of time, money, and resources. Major enterprises have at least 40 different document classes and over 200 document types to manage while running their business.
IDP provides an efficient solution to this challenge. It offers end-to-end automation that was not possible before. It frees resources to be used to work on value-added tasks. IDP eliminates rework, reduces costs, increases speed, minimizes errors, and saves time. IDP also provides service 24/7 due to less dependence on humans for manual work.
Intelligent Document Processing Makes Processes Effective
Banking and Insurance
IDP makes business processes effective. The Banking and Insurance industries depend on data on documents to provide most of their products and services. Their reputation also depends on how quickly and easily those products and services are available to the customers. Intelligent Document Processing reduces the time taken to gather relevant data and provide support. Banks and insurers can focus on delivering personalized customer experience while IDP takes care of data gathering, classification, and extraction. This leads to a large loyal existing customer base as well as potential new customers due to the provided customer-centric support. IDP helps banks and insurers to manage, grow, and expand.
Hospitals need to maintain records of several thousands of patients and have them easily accessible to provide various services. Most hospitals still maintain paper records that are corruptible and can be misplaced. Data digitization and Intelligent Document Processing can help hospitals to easily manage a patient’s medical record and history, and store it in one place without the risk of damage. IDP will help hospitals reduce the time and costs involved in manually checking patient records, thereby using vital resources to provide medical attention to patients. IDP will help hospitals provide quick assistance and better patient care.
HR is another industry that tackles large volumes of data regularly. It not only stores and monitors employee data, but also data on recruitment, training, personal progress, reviews, financial records, payroll, and career statistics. HR collects lots of data on a daily basis in terms of recruitment, employee surveys, onboarding, and termination where manual work involved in processing this data is exhausting and even prone to errors. IDP simplifies this data processing work and offers easy access to required data. IDP will not only automate HR services to save valuable time, employees, information, and costs but also can provide insights to HR to better manage and tackle any challenges they face.
Governments all around the world work with large volumes of data and documents each day. Even though many government entities are embracing data digitization, they are not able to completely eliminate paper-based forms that make processing and archiving a great challenge. Some documents, such as tax forms, social security documents, and employee applications, can run from several thousand to millions that need processing each day. IDP can extract data from paper-based forms and digitize it enabling a simpler, easy, and accurate process. An intelligent document processing application can help governments all around the world to manage data efficiently to deliver governance-related benefits to citizens quickly without errors.
Legal firms face multiple challenges every day with respect to data in the form of archiving documents, auditing documents, maintaining mergers, creating acquisition documents, filing property documents, and following compliance regulations. This list is not exhaustive, and each process involves preparing, collecting, or maintaining multiple complex documents in each stage. Apart from that, lawyers need to go through multiple documents while working on each case. Usually handled by an associate, this process is not accurate and prone to discrepancies that can cost valuable time, resources, and even clients. IDP can help legal firms manage data and documentation accurately and securely given their importance and sensitive nature. Automated document processing improves the quality of legal services and further aids in the detection and prevention of fraud.
Intelligent Document Processing – The Future
With more and more companies embracing IDP in their processes on a global scale, Intelligent Document Processing is the smart data processing future for all industries. Each company, big or small, can utilize the features of IDP in delivering the best products and services. Not only does IDP digitize and secure data, but it also saves valuable time and operation costs. IDP reduces errors related to manual data entry and increases productivity where employees can be used in other significant tasks that can improve customer experience and generate revenue. Adopting IDP now can help businesses and companies reduce data extraction inaccuracies and start growing. For more information on how Neutrinos can help you in intelligently processing documents using AI-powered IDP, please visit https://www.goneutrinos.com/intelligent-document-processing-idp/