Intelligent Document Processing (IDP) is a valuable technology that allows accurate and efficient data processing, facilitating operational efficiency in businesses. So what industries can implement IDP to obtain the maximum benefits? Find out more details in the article below.
Table of Contents
Potential of IDP
IDP is a technology that automatically collects and extracts data from semi-structured or unstructured data and converts them into usable structured data.
IDP leverages the power of Artificial Intelligence (AI) technology, including Natural Language Processing (NLP), Computer Vision, Machine Learning (ML) ), and Optical Character Recognition (OCR), to classify, analyze, and extract relevant data and evaluate data for optimal accuracy. It’s considered an important step to hyperautomation.
IDP takes data processing to a new level. Source: emagia.com
Data plays a pivotal role in every business. This massive data volumes do not only include structured data but are also encoded in semi-structured or unstructured formats, which requires enormous processing demands. Compared with the traditional OCR tool, IDP is an improvement with high sophistication and maturity, developing the ability to process data at maximum speed and helping solve complex data problems in all businesses.
Learn more about how IDP works and its remarkable benefits here.
Top use cases of IDP
IDP can be applied in several industries, but some areas can fully take advantage of the IDP’s benefits to process and manage large volumes of data accurately and efficiently.
Businesses leverage the power of IDP and Artificial Intelligence to enhance data management and processing. Source: wikimedia.org
Finance and banking
Finance – Banking requires a large amount of manual paperwork, from customer documents, input information, withdrawals, money transfers, loans, or account opening and loan registration. IDP solutions can:
- Help businesses create customer profiles, extract and process customer information, evaluate information, and send it to the competent department for effective loan monitoring.
- Allow an efficient process of creating loans and mortgages, opening and closing accounts, and processing checks.
- Help reconcile and confirm account statements and cash books, combining AI technology and algorithms to detect potential fraud for timely handling.
Also read: Automated Data Collection: 3 Outstanding Case Studies Across Industries
Logistics
Logistics is a complex industry that includes a lot of paperwork such as invoices, inventory lists, fuel bills, insurance documents, etc. Therefore, the application of IDP can help businesses achieve maximum efficiency in their operations. Below are some specific use cases of IDP.
- Automatically process, analyze, and extract large volumes of shipping documents, thus shortening operating times.
- Automatically extract customs documents and distribute that data to specific customers.
- Extract data from packaging lists, compare them with order record data and integrate it into a centralized database.
- Automatically extract data from invoices and save them as Excel sheets or upload them to a centralized database to generate tailored forecasts or business plans.
IDP brings many practical benefits to Logistics businesses. Source: nexocode.com
Manufacturing
The manufacturing sector often encounters many problems in order management and manual invoice processing, leading to costly but low efficiency. Thanks to the application of IDP, productivity is improved, operating efficiency is maximized, and costs are saved.
- IDP automatically extracts invoices, organizes them into digitized documents, and transfers them to relevant departments for processing, facilitating inter-departmental coordination.
- Automatically collect data from purchase orders in multiple formats – fax, email, then integrate this data into Enterprise Resource Planning (ERP) systems according to set rules by the administrator.
Government
The government agencies often have to deal with extensive paperwork such as job applications, tax forms, social security documents, etc. However, these documents require maximum accuracy and no errors in the implementation process to make them usable. Therefore, IDP acts as a practical assistant to solve the urgent needs of the government.
- IDP automatically extracts, analyzes, and processes documents, correspondence, complaints, court records, legal documents, etc., and transfers them to appropriate departments for further review and evaluation or approval.
- Extract the necessary information from the annual report or referendum survey results to create a consolidated report and store it in a centralized database.
According to a report from Market Research Engine, the global IDP market is expected to reach $3.7 billion by 2027, with a compound annual growth rate (CAGR) of 35.2%. This emphasizes a strong development potential of IDP in the future, prompting businesses to apply this technology to improve value and competitiveness in the market. Not only do the financial – banking, logistics, manufacturing, and government agencies need to implement IDP, but IDP solutions can be effectively applied in many processes, tasks, and different industries.
References
Intelligent Document Processing Market Size, Share, Analysis Report
Top Use Cases of Intelligent Document Processing
akaBot (FPT) is the operation optimization solution for enterprises based on RPA (Robotic Process Automation) platform combined with Process Mining, OCR, Intelligent Document Processing, Machine Learning, Conversational AI, etc. Serving clients in 20+ countries, across 08 domains such as Banking & Finances, Retails, IT Services, Manufacturing, Logistics…, akaBot is featured by Gartner Peer Insights, G2, and ranked as Top 6 Global RPA Platform by Software Reviews. akaBot also won the prestigious Stevie Award, The Asian Banker Award 2021, etc.
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