Data is one of the most crucial elements in today's fast-paced, competitive world. It contributes to organizational growth, tracks business performance, makes informed decisions, and finds solutions to problems. For business, this data is essential for growth, transaction tracking, orders, and more. They need to extract these data from different documents, including delivery notes, invoices, receipts, bills, packing lists, etc.
Intelligent document processing (IDP) technology automates manual data extraction techniques from paper-based documents, images or PDFs. IDP extracts the data from different papers and organizes them for seamless access and process, benefitting the business.
Benefits of Intelligent Document Processing
Intelligent document processing combines optical character recognition (OCR) with artificial intelligence (AI) and machine learning (ML) to automate document processing. It processes complex documents in variable formats and extracts valuable information by understanding their concept and format, saving time, operational cost, and more.
Save Cost
In manual document processing, to process a good volume of documents, you must install several machines and employ human resources. Hiring human resources, and installing various systems, requires a lot of investment. However, IDP processes large amounts of data efficiently at the same cost, saving time.
Increases Operational Efficiency
Intelligent document processing takes much less time than manual processing. It automatically extracts the data using tools and technology, increasing operational efficiency and eliminating the delays associated with document processing.
Reduces Error
Another benefit of automating document processing with IDP is reducing errors. Where manual processing is prone to human error, intelligent processing eliminates the same.
Boost Effectiveness
Document processing with IDP boosts effectiveness by reducing the need for human intervention in the repetitive process and helps to employ important human resources in a more effective workflow. In IDP, human intervention is required only when there is some issue or confusion, and it can only be solved by the human mind.
Allows Scalability
Intelligent document processing supports scalability, which means no matter how fast the number of documents for your business increases, it will process all of them without any hassle. You must know IDP is software that needs to be installed and, with one subscription, can be used for multiple users, depending on the plan.
Integrate with Different Software
Intelligent document processing is compatible with different software and allows you to integrate it with various applications. Integration of other existing software and IDP makes the use of data easily accessible and usable.
Provides Data Security
Diversified data in paper, large document bundles, and others are prone to data theft, loss and damage. Integrated and organised data on software is safe, easy to use, and secure. With intelligent document processing, you can arrange the data in one place, lock it with virtual security like a password and pin, and give its access to limited and responsible individuals.
Use Cases of Intelligent Document Processing
Businesses operating in different fields, relying on data daily, must process several documents and can use intelligent document processing. IDP processes various document types, including invoices, receipts, air waybills, packing lists, OMR sheets, ID cards, passports, purchase orders, transport bills and other documents. Individuals can also train the model to process any new kind of document. The AI-based software processes learn the importance of specific data and ensure accuracy.
KlearStack is a pioneer in intelligent document processing software that processes documents with 99.9% accuracy and increases operational efficiency by 500%. The software is compatible with all document types and pretrained for various document models, including:
Invoice
Receipt
Airway bill
Packing list
US passport
Indian Passport
ID Card
OMR sheet
Purchase Order
You can create one or more custom models with this intelligent document processing software for any specific document type and leverage its benefits for your business.
Some of the business that uses intelligent document processing are:
Banking institution
Fintech business
Colleges and universities
Supply Chain Management
Operations
Freight exporter
Importer and exporter
Law Firm
Insurance Company, etc.
How Does Intelligent Document Processing Work?
Intelligent document processing for documents works in different steps.
Step 1: Pre-processing
This is the first step of document processing, in which the software evaluates the document's quality, and if it finds it to be of poor quality, IDP enhances it. However, if the document is not up to the mark, the software eliminates it before processing.
Step 2: Document Classification
In this step, Intelligent document processing software identifies the document type and categorises it accordingly. The document classification ensures you find similar kinds of documents in the same place.
Step 3: Data Extraction
It's the crucial step in which the intelligent software extracts valuable information from your documents using optical character recognition, machine learning, artificial intelligence, and natural language processing and organises them in an understandable order.
Step 4: Data Validation
Once the data is processed, it's time to validate the information. Here, you can check whether the IDP has extracted the right information.
In KlearStack, an intelligent document processing solution, the screen is split into two parts where you can compare the extracted information with the original document. If there is any wrong information, you can edit it and simultaneously train the model for future documents.
Step 5: Approve the Extraction
Once you have checked the data, you can approve it. You can track all the approved documents in a single place.
With RestfulAPIs, you can also integrate intelligent document processing software with other existing applications for seamless data management.
Conclusion
Intelligent document processing is software equipped with machine learning, artificial intelligence, optical character recognition, and natural language processing to ease the document processing task. It benefits the business by saving time and money and boosting operational efficiency. Moreover, the software offers scalability, data security, and integration to support the growth of the business and organisation.
Adapting, AI-driven IDP helps the company with document management, makes informed decisions, and increases the productivity of human resources. For an organisation that deals with documents daily, the innovation of Intelligent document software is a boon.
Want to know how intelligent document processing can work for your business growth? Schedule a demo!
Disclaimer: The above is a contributor post, the views expressed are those of the contributor and do not represent the stand and views of Outlook Editorial.
