Intelligent Document Processing: A Game-Changer for Businesses

Intelligent Document Processing (IDP) is a revolutionary technology that has the potential to transform the way businesses handle their documents. IDP uses artificial intelligence (AI) and machine learning algorithms to extract and process information from various documents, such as contracts, invoices, and reports. 

 

This article discusses how this technology could significantly reduce the time and effort required to process documents while improving accuracy and efficiency. We will also dive deeper into the benefits of IDP for businesses and provide examples of its use by big companies.

 

What is Intelligent Document Processing?

Intelligent document processing is a subset of the broader field of document automation, which involves using technology to streamline document creation, management, and distribution. Intelligent Document Processing refers explicitly to the use of AI and machine learning algorithms to extract and process information from unstructured or semi-structured documents. This can involve tasks such as data extraction, classification, and validation.

 

Intelligent Document Processing can be used to process a wide range of document types, including contracts, invoices, reports, and more. The technology can recognize and extract specific pieces of information from these documents, such as names, dates, and monetary values. It can then validate the extracted information against predetermined rules or criteria to ensure accuracy.

 

Benefits of Intelligent Document Processing for Businesses

 

Intelligent document processing offers several benefits for businesses including:

 

1. Increased efficiency: IDP can significantly reduce the time and effort required to process documents. For example, a company that traditionally processes invoices manually might spend hours or even days reviewing and entering data from each invoice. With IDP, this process can be automated, allowing the company to process invoices more quickly and efficiently.

 

2. Improved accuracy: IDP can also improve the accuracy of document processing. Using AI and machine learning algorithms to extract and validate information, IDP can reduce the risk of errors and ensure that data is entered correctly.

 

3. Reduced costs: The increased efficiency and accuracy of Intelligent Document Processing can lead to cost savings for businesses. For example, a company that reduces the time spent on manual document processing can save on labor costs. In contrast, a company that improves the accuracy of its data entry can avoid costly errors.

 

4. Enhanced compliance: IDP can also help businesses improve compliance by automating the process of checking documents for compliance with regulations and standards. For example, a company might use IDP to verify that contracts meet specific legal requirements or that invoices include all necessary information.

 

Examples of Intelligent Document Processing in Use by Big Companies

A growing number of businesses across various industries are using intelligent document processing. Here are a few examples of big companies using Intelligent Document Processing:

 

1. JPMorgan Chase: JPMorgan Chase uses IDP to automate reviewing commercial loan documents. The company’s AI platform, COiN, uses natural language processing (NLP) to extract information from loan documents and make recommendations to legal teams. This has allowed the company to significantly reduce the time spent on document review, freeing lawyers to focus on more complex tasks.

 

2. eBay is using IDP to automate reviewing and approving product listings. The company uses computer vision and NLP to extract information from product listings and check for compliance with eBay’s policies. This has allowed eBay to scale its operations and process a larger volume of product listings more efficiently.

 

3. Goldman Sachs: Goldman Sachs is using IDP to automate the legal review process.

 

Use a Proven Intelligent Document Processing Platform

With the OpenBots Platform, you can extract and process data accurately.

OpenBots Documents utility is a SaaS-based Intelligent Document Processing Solution that combines artificial intelligence (AI), optical character recognition (OCR) and machine learning (ML) to solve the challenge of capturing data from structured and unstructured documents.

OpenBots IDP utility was selected as the top IDP tool among the new aspirants in 2022, Intelligent Document Processing (IDP) Technology Provider Landscape with Products PEAK Matrix® Assessment 2022.

 

In conclusion, by automating document processing, companies can reduce time spent on document review, and improve accuracy and compliance while freeing up employees to focus on more complex and value-added tasks.