Businesses are inundated with various digitally typed, printed, or handwritten documents. To effectively manage this, businesses need efficient and adaptable automated document processing solutions that deliver precise outcomes. This is where Intelligent Document Processing (IDP) comes in to support your business. An IDP solution integrates the advanced capabilities of Artificial Intelligence and Machine Learning technologies to automate tasks that previously required human involvement. This transition makes document processing more scalable, resilient, and reliable.

Explore IDP solutions through this blog to understand their application in streamlining document processing within your business operations.

Let’s delve into the topic: What exactly is Intelligent Document Processing?

Intelligent Document Processing represents an Artificial Intelligence-powered technology that processes documents independently of templates. It excels in extracting data from structured, semi-structured, and unstructured documents. Its functions include converting various document types into digital formats for easy access and archiving within the company’s database.

What is an Intelligent Document Processing solution?

Intelligent Document Processing (IDP) technology governs document processing. At the same time, an IDP solution is a business-ready tool equipped with an interactive user interface and tailored features to meet industry-specific needs.

IDP solutions leverage Artificial Intelligence and Machine Learning to automate document processing. The primary objective of utilizing IDP solutions is to convert your business documents into actionable digital records that uphold top-notch quality and precision while offering valuable insights into your business that were previously unseen.

IDP utilizes Artificial Intelligence, transfer learning, and Machine Learning to transform structured, unstructured, and semi-structured documents into valuable insights that enhance company operations.

How IDP Solutions Enhance Business Processes Across Industries

Within the Banking and Finance Sector

Imagine a scenario in which a bank staff member mistakenly records a client’s income as $50,000 annually instead of $5,000. This error could lead to the client receiving a higher credit limit than intended, resulting in long-term financial strain for the client and posing a risk to the bank’s reputation. By implementing IDP solutions for automated application processing, the accuracy of data output is significantly improved, leading to enhanced efficiency in processing financial instruments.

IDP solutions can enhance customer experience in lending operations by reducing turnaround time for loan applications through touchless automation. Furthermore, processes such as mortgage applications, account openings, tax forms, KYC, etc., can be transformed with IDP solutions.

‍2. Insurance

Insurance claims present a mountain of data that companies struggle to handle manually. These paper documents, signed by claimants, serve as crucial data sources for insurance officers to validate claims against policy documents. Additionally, documents like receipts and invoices require verification. Intelligent Document Processing (IDP) solutions offer automated document processing and enhanced accuracy, benefiting insurance companies. These solutions find applications in processing accident claims, beneficiary forms, life insurance applications, disability forms, annuity account forms, and more.

3. Healthcare

Patient onboarding, test reports, and medical results necessitate handling a vast amount of data. Intelligent document processing automates data extraction from unstructured paper documents and seamlessly integrates it with core systems. Hospital information systems, such as customer record management, medical record management, financial systems, personal management, and support systems, can benefit from automation through IDP solutions. By converting healthcare documents into a structured format, IDP solutions facilitate their integration into the enterprise ERP system.

4. Government

Many legal forms and government documents still rely on paper. Despite digital advancements in various industries, government entities struggle to fully transition due to the crucial role of paper-based signed documents in preventing fraud. However, archiving these documents presents a significant challenge. Intelligent Document Processing (IDP) solutions offer assistance in processing Tax forms, Employment applications, and Social Security documentation.

‍Advantages of Intelligent Document Processing (IDP) Solutions

IDP solutions drive significant improvements in business operations. Explore the benefits that IDP solutions can deliver.

1. Streamlining Process Cycle Time

IDP solutions play a crucial role in reducing process cycle times, thereby improving customer satisfaction through faster time-to-market understanding.

1. Enhanced Process Capacity

Boost critical business processes without inflating costs by integrating back-office functions seamlessly.

1. Minimized Human Errors

Leverage IDP solutions to reduce human errors, freeing up human resources for high-value, strategic projects.

1. User-Friendly

No data science expertise is required, making it simple to streamline business processes and automate document processing efficiently.

1. Tailored for Unstructured Data

Automate document-specific workflows to process unstructured or semi-structured data, transforming them into insightful documents for informed business decisions.

How to choose the best document-processing solutions for businesses?

Docsumo provides flexible Intelligent Document Processing (IDP) solutions that seamlessly integrate with business operations and document workflows across all industries. The IDP solution is capable of handling a wide range of tasks, including processing invoices, IRS forms, licenses, bank statements, personal records, and various other document types using pre-trained APIs.

Furthermore, pre-trained APIs streamline operations by swiftly detecting redundancies, missing values, duplicate entries, and incomplete fields. Once data extraction is finalized, users can review and authorize changes. Documents can be uploaded collectively for batch processing and future reference.