Intelligent Document Processing- Helping Organizations become Intelligent
Documentation has been parallel to human civilization. From cave paintings to hieroglyphs, and from bookkeeping to Optical Character Recognition (OCR), everything is an example of documentation.
With Electronic Document Management or EDM, the time taking documentation process moved on the computers. Although the technology had its own limitations, it was easier to store files into it. However, it was not an easy task to find the required information when needed. This was particularly the case with heavy-document-driven organizations.
Later on, organizations started uploading everything onto their cloud repository. While this saved room and space in the organization, it also helped them in searching documents faster for big firms.
Fast Forward to the World of IDP.
Before we dwell deeper on what problems does IDP solve, let’s have a birds eye view of what it is. For the uninitiated, an IDP platform can help organizations categorize and verify their business critical data while helping them extract relevant information. It literally takes data at one end, processes it, and gives out sorted information within no time. With an IDP platform in place, businesses are able to automate their entire data extraction and validation feat.
In a nutshell, IDP is the pinnacle of document processing today. With that being said, let’s move on to understand the challenges in document processing.
Some Key Challenges in Document Processing
Every industry today practically runs on documentation. However, they identify with different use cases and complicated document structures.
Below are the most common challenges that scream for an IDP platform, regardless of the industry an organization belongs to.
- Large volumes of documents produced & processed daily.
- Incoherence in uploaded documents due to lack of standardized norms.
- Multiple fonts, structures, and formats for similar types of documents.
- Global clients and different documentation for customer onboarding.
- Digital Invoices and receipts production at every spectrum of the trade.
- Unreliable and erroneous data entry by human operators.
All this is just the tip of the iceberg. There are ample other challenges that call for a smart document processing solution.
Peeping into Traditional Document Extraction Systems
It is impossible to talk about modern-day intelligent document processing without taking the traditional systems into account.
Manual extraction of data has been the first in the pipeline. It involved humans going through a piece of document. These human operators would scan the entire document to find relevant information. While the system carried on for decades, it always came with its limitations.
For instance, manual entry consumes time and money and requires a dedicated staff for the task. Apart from this, there are chances of human-induced errors while processing documents in bulk.
Optical Character Recognition (OCR)
OCR technology recognizes characters on a source document using the optical properties of the equipment and media. While it is a good choice for high-speed data entry, it has its own limitations. For instance, an OCR can only work with structured data. The quality of the document uploaded has to be good. Also, it requires an operator for the extraction and storage of data.
To learn about what Intelligent Document Processing can do for your organization, click on the original article link below.