According to Grand View Research, the global market of Intelligent Document Processing (IDP) is predicted to reach USD 11.6 billion by 2030. This technology has emerged as a powerful tool for businesses to digitalize business processes and deliver considerable returns on investment in a short time.
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Challenges of traditional document processing
Initially, businesses often have to deal with an overwhelming amount of data, which often comes from unstructured formats such as images, emails, PDFs, etc. However, despite the ongoing digital transformation, many organizations still process and manage their data with traditional systems and a classic mixture of paper and file storage.
As organizations grapple with growing volumes of paperwork and documents, traditional document processing quickly reaches its limits.
Time and cost
Traditional document processing often requires employees to manually read and extract data from documents, which eats up a lot of time and energy, leading to unwanted errors and reduced employee efficiency. Smartsheet’s report reveals that over 40% of employees spend at least a quarter of their work on simple, manual tasks, with data collection and data entry taking a major time.
Besides, in manual processes, up to 30% of document accesses fail due to misfiled or disappearing documents. This can cause considerable costs and make data storage and retrieval more challenging.
Security
Many business documents contain confidential and sensitive information that must be handled properly. However, manual processes often pose greater risks since paper documents can be easily lost, causing detrimental effects to the business.
Accuracy
Often, manual data processing is prone to errors. Throughout the input process, there can be spelling mistakes or information misreading. These data inaccuracies can lead to wrong business strategies and negatively harm businesses.
The advent of digitization: Transforming to Intelligent Document Processing
Intelligent Document Processing takes advantage of advanced technologies such as Artificial Intelligence (AI) and Machine Learning to automate the process of classifying, categorizing, extracting relevant information, and validating structured, semi-structured, and unstructured data.
IDP brings about several opportunities for businesses, including:
- Process unstructured documents: Unlike traditional document processing, IDP can transform semi-structured and unstructured data from a variety of documents into usable formats that can be integrated into day-to-day business processes.
- Process data faster: By automatically handling manual processes, IDP provides faster processing time. The solution can reduce processing time by up to 85% and increase data extraction speed by up to 10 times.
- Improve efficiency: By eliminating the need for human intervention, IDP creates a seamless workflow and significantly improves productivity.
- Enhance data accuracy: Using IDP can boost data accuracy without human intervention, achieving up to 99.9% accuracy compared to traditionally manual processes.
- Increase security: IDP enables greater security by reducing the chances of human errors and allowing documents to be stored in a secure digital location.
- Save costs: By minimizing the costs associated with manual processes, human intervention, and error elimination, along with fast and accurate data processing, IDP enables businesses to optimize operational costs.
- Boost customer experience: With improved processing time, IDP allows organizations to provide faster response times, and enhanced accuracy, which leads to better customer service.
- Ensure better compliance: IDP helps organizations comply with regulations and standards by ensuring data is accurate, consistent, and up-to-date. It also helps to identify and flag potential compliance issues.
Read more: How Businesses Are Winning With IDP and RPA Integration
The future of Intelligent Document Processing
Businesses worldwide are turning to Intelligent Document Processing (IDP) as an effective solution to extend the scope of automation to even more sophisticated processes, enabling businesses to optimize operations more effectively.
The future of IDP is exciting and full of endless possibilities. With advancements in Machine Learning, NLP, and user experience, we can expect to see tremendous innovation in IDP, making it easier and more efficient than ever to process large volumes of data.
Advanced Machine Learning
As IDP continues to thrive at an unprecedented rate, Machine Learning integrated into the technology will become increasingly sophisticated, ensuring accurate and efficient data extracting, even with complex formats and structures. This can remarkably streamline workflows and increase productivity.
Enhanced Natural Language Processing (NLP)
NLP will be a game-changer for IDP, evolving to understand the meaning of text, interpreting complex language more accurately, and processing non-traditional media. This provides comprehensive approaches to processing unstructured data and handling new media formats.
Cloud-based solutions
Cloud-based IDP solutions will further enhance the scalability and accessibility of document processing. By leveraging the power of the cloud, businesses can quickly and easily scale up their IDP capabilities, without the need for complex and costly hardware and infrastructure.
Improved user experience
AI-based document processing and RPA represent a key trend in the future of IDP, seamlessly transforming the user experience by simplifying document retrieval, strengthening the ability to handle diverse data types, and powering up the personalized document processing experience.
Conclusion
The future of IDP opens up tremendous potential for businesses seeking to streamline their workflows and optimize processes. Advanced Machine Learning algorithms, NLP, and cloud-based solutions are poised to unlock the value of IDP in the future, facilitating businesses to reap all the benefits that these technologies offer.
In Vietnam, akaBot is a trusted IDP solution companion for businesses, creating a premise for businesses’ digital transformation journey.
akaBot’s IDP solution is the ultimate choice for businesses aiming to automate data processing.
- The IDP solutions provided by akaBot allow seamless end-to-end document processing, eliminating the siloed systems with RPA, providing input data for IDP, and receiving output results to transfer to other systems.
- IDP technology developed by akaBot integrates smoothly and efficiently with the akaBot’s RPA core platform. As akaBot successfully develops IDP and RPA, businesses do not have to work with multiple vendors to implement a full automation process, thereby saving significant costs and achieving greater results.
- akaBot’s IDP solution ensures a high accuracy rate (up to 95%) and great capability (capable of extracting up to 50 fields in invoicing).
- Our experts with vast experience in automation implementation for businesses of various domains are capable of offering strategic recommendations to resolve different business problems.
- akaBot delivers world-class solutions at a reasonable cost.
To learn more about IDP technology solutions deployed by akaBot, contact us now to kick-start your automation goal and achieve operational excellence.
References
11 Top Benefits of Intelligent Document Processing
The Future Of Intelligent Document Processing
What are the problems & disadvantages of manual filing systems & document management?
How Transitioning To Intelligent Document Processing Could Transform Enterprise Processes
6 Biggest Document Management Obstacles & Their Solutions
History to Modern Era: The Evolution of Intelligent Document Processing
Intelligent Document Processing: Opportunities and Challenges
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, and 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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