Today, many organizations spend a considerable amount of money and workforce in processing documents. Such manual processes require huge investments and are time-consuming, error-prone, and non-scalable.
Thanks to Intelligent Document Processing Solutions (IDP) businesses no longer need to go through the pain of manual document processing. So, what is IDP and how can businesses leverage it for their advantage? Read on, as we give answers to these questions and much more on IDP.
What Can Intelligent Document Processing Solutions do?
Backed by Machine Learning (ML) and Artificial Intelligence (AI), IDP solutions can automate document processing. These solutions can transform unstructured or semi-structured business data into usable data. Not only do these solutions automate data processing, they also use AI technologies such as Natural Language Processing (NLP), Computer Vision, and Deep Learning to classify, validate and extract insights from the documents.
How Does IDP differ from OCR?
Before IDP, there was a technology that helped companies to extract data, called Optical Character Recognition (OCR). This technology transcribes one character at a time and converts a scanned image into text.
Using OCR businesses could convert images of a text into machine-readable text. However, OCR is template-based and can process documents only when they are in a certain format. Also, OCR cannot extract insights from the data.
Next, we will tell you about the IDP solutions provided by Amazon Web Services (AWS).
Intelligent Document Processing Solutions By AWS
AWS offers IDP solutions that can extract text from millions of documents and understand the relationship between the documents. You can also include a step for human intervention to validate, correct the results from the solution.
IDP solutions from AWS take scanned images of physical documents as inputs. Amazon Textract then extracts the text. The text is then analyzed by a custom entity organizer trained in Amazon Comprehend. You can even use human reviewers at this step to review and validate the text analyzed text from the IDP solution.
Another amazing thing about the AWS IDP solution is that you can automate the process of sending the analyzed text for human reviews. The solution also uses human inputs to train the underlying machine learning models.
Why Businesses Need Intelligent Document Processing?
Businesses can reap many benefits by implementing IDP solutions.
- IDP solution uses AI document processing which can process documents faster and with accuracy.
- You can introduce a human step in the process at any time and attain 100% accuracy.
- With IDP, businesses can accomplish tasks within days which might take months.
- IDP solutions remove manual data processing which increases employee productivity. It also gives them more time to perform other value- adding business tasks.
- Using IDP solutions businesses can save money on data extraction and analysis.
- Because IDP solutions are independent, it can operate with different documents and formats.
- IDP solutions are easy to scale, so businesses can also address heavier workloads without any significant impact on the process.
Business Areas Where IDP Can Make a Difference
Businesses of any size can save time and money by implementing IDP solutions. Be it invoices, patient forms, or loan applications, businesses dealing with healthcare and financial services can save time and money with IDP solutions.
Here are a few business areas where IDP can bring a difference.
- Process barcodes, invoices, for smoother operation of the supply chain management.
- Convert paper-based documents into machine-readable documents with a searchable text feature.
- Automate document creation and producing in-depth reports from complex legal documents.
- Seamlessly capture vital information from millions of patient forms for further processing and storage.
- Process service requests for loans and insurance quickly and accurately.
In this fast-paced business world where time is money, cutting down manual processes has become a necessity for businesses. IDP solutions are easy to implement and can bring an enormous difference in your productivity.
i2e Consulting is an IT (Information Technology) service provider which has expertise in implementing IDP solutions for medium and large-scale industries. Being AWS network partner, we leverage Amazon web services to deliver solutions that fit your needs.
If you want to know more about AWS or any other IDP solution, then contact us today.