How AI Spurs Intelligent Document Processing and its Applications?
Intelligent Document Processing is not just an intelligent sounding name. it is legit and the best of brands worldwide are praising it. According to a paper Intelligent Document Processing published by Deloitte,
"Success by forward-looking organisations is driving confidence in a market expected to grow 70-80% over the next two years to US$1.1 billion."
IDP is a network of automation technologies used to automate data processing in document. These technologies are Optical Character Recognition (OCR), and Artificial Intelligence (AI). Intelligent Document Processing takes unstructured data from physical or soft docs, and organizes and simplifies it to ease the tasks of data entry. And that is done through efficient capture, extraction, as well as transfer of data. With all that, AI development companies in India and the world over are helping businesses that need such document processing.
As technical as it may seem to the eyes of entrepreneurs and organizations who have been processing documents the rudimentary way, it can be understood in an easier way. Let's see how.
How does AI Spur Intelligent Data Processing?
So, traditionally, the task of document processing is done by OCR systems, which require substantial manual efforts. Relevant information needs to be extracted manually first to structure the data from the unstructured documents.
AI, on the other hand, can offer tools that can without any manual labor, identify, capture, and even extract the required data from scanned files of physical documents, emails, PDFs, scanned files, and any such unstructured documents.
A good AI development company helps you add RPA to this and take it a step ahead. With that, you can further this captured data to be processed by existing applications. RPA will help automate the data capturing (rule-based) and further reduce the effort.
Thus, it ensures:
• Convenient integration into existing IT infra and apps
• Precise identification of different fields in the documents
• Quick transfer of data to existing applications
• Multiple input/output formats (XML, PDF, HTML, TSV, etc.)
• Automatic identification and fixing of unclear, blurred, faulty contrast, and uneven text automatically
What Sort of Applications can Use IDP?
Looking at a macro level there are a number of kinds of applications that involve data capture and extraction can be powered by Intelligent Document Processing.
Here are some of the macro application areas when IDP works wonders.
1. KYC:
While KYC has long been a part of financial and banking industries, the recent lockdown made it even more important in the light of the challenges that need everything to be remote. As customer interaction turned to video KYC, there is a lot that AI consulting company in India helped these institutions with. Capturing and extracting data from different formats and even different formats and even languages of data available, sorting erroneous data, and so much more saved substantial costs and losses.
2. Healthcare Records:
With an enormous load on the healthcare providers, which still continues, managing healthcare records of millions of patients at a time was a real task. IDP, nevertheless, came in pretty handy with its ability to digitize this data. Capture data from Aadhar cards, ECHS, ESI, health insurances and sharing it with hospitals state wide was all made possible through IDP. With features like page layout analysis and character enhancing IDP helps enhance data extraction from medical documents.
While these are not the only applications that Intelligent Document Processing can help with, the point is that it has immense potential in easing document processing for businesses.
If you feel that IDP can help your business but are struggling with identifying a proper business case for it, we can help you. Simply get in touch with us and we will guide you from there.