Using Next-Generation IDP Technology to Achieve Autonomous Data Extraction in a Remote Working Model

For better or for worse, remote working has become the new working model for many businesses. Much office staff has returned to offices. Yet, permanent remote roles will increase by two folds till next year. Even the workforce that cannot go remote, 70% of them will have at least five days a month to work from home.

During this transition, companies are beginning to rely on Intelligent Document Processing (IDP). IDP has maximized document processing and transparency. It is becoming an essential part of the hybrid working model. This model comprises tools like video conferencing tools, secure and high-speed internet, etc. 

What is Intelligent Document Processing (IDP)?

Organizations have been focusing on their automated documentation processing for decades. Massive document processing entails a considerable processing cost. This is due to legacy systems' rule-based approach.

IDP uses AI-enabled tools to classify, categorize, and extract relevant information from documents. It also validates the extracted data. It is then converted into usable business formats. It uses natural language processing (NLP), computer vision, deep learning, and machine learning (ML). 

In other words, it converts unstructured and semi-structured data into meaningful information. IDP extracts data from PDFs, emails, and scanned images and processes it into usable data. Using IDP, employees can access relevant document analytics and process and manage documents. They can access this information from any location with a secure internet connection.

IDP improves speed and lowers document processing costs. It liberates valuable insights hidden in structured, semi-structured, and unstructured documents. It collects information from a variety of sources.

Why Do Businesses Need IDP?

Paper-based document management is not an option in today's hybrid work environment. It is often tempting to use emails to share and manage documents. In the longer run, this will only result in inefficient processes and confusion.

Over time, it becomes difficult to keep track of emailed documents. It's also one of the least secure ways to share documents. This is where IDP comes into play. It enables a secure method of sharing critical business information.

IDP benefits include increased visibility and thus accountability and reduce compliance-related risks. It also enhances the ability to put an automated workforce to place. 

Users all over the world can use IDP to track document-intensive processes. This includes real-time invoice processing or contract validation. It notifies us in case any issue or bottleneck arises.

Over the next year, IDP will become an investment priority for several companies. According to an estimate, over the next year, more than a fifth of all companies will invest in IDP. It is becoming a critical tool for businesses navigating a completely remote workforce. 

IDP makes the automation of document-intensive processes, such as insurance claims, easier. Such businesses need a reliable and fast internet connection that is also secure. 

How Does Document Processing Work?

In simple terms, IDP has AI that can "read" documents the same way as humans. It uses OCR to capture the data locked away inside regular workflow documents. As a next-gen technology, IDP consists of fundamental elements (classification, extraction, and validation).

Not all IDP vendors approach these elements in the same way or solve the same problems. Some IDP solutions, for example, include automation to manage output into a workflow. While others only focus on intelligent data extraction. It requires the user to configure or manage the output. IDP deployment needs a high-speed internet connection to work.

What Are the Benefits of Combining IDP With Traditional RPA?

IDP is a necessary component of intelligent automation. Automation can only go so far as there is data to work with. 

Setting up data extraction to run automation is often a 3rd party project. These parties have standard RPA systems. It further adds ongoing costs as well as fragile integration points.

Effective data extraction and information structuring are the first steps toward automating. Businesses that rely on manual inputs and intervention can make the most out of this tool. The two vital pieces of the automation puzzle, IDP and RPA, coexist to sync together on the same platform. 

Practical Implementation of IDP?

Using IDP, any industry that relies on document processes can achieve digital transformation. Industries that handle thousands of structured or unstructured forms will benefit the most. The ones, such as finance, healthcare, and insurance are a part of this list. These sectors receive data from a wide range of institutions. 

For example, insurance companies deal with lots of paperwork. It receives data and forms from various institutions to support an insurance claim. These could be any documents from businesses that do business with their clients. Because these industries are not direct customers of those companies. They lack the authority to standardize those documents.

Here is a short list of top industry use cases for intelligent document processing.

• Insurance 
• Healthcare
• Banking
• Legal
• Logistics
• Retail & e-commerce
• Government & Public Sector

Bottom Line

Increased efficiency isn’t the only reason to install intelligent document processing. Any business that needs to process a heap of documents will immediately see the benefits of IDP. Next-gen IDP will make autonomous data extraction possible. 

Organizations can ensure that their data is well-structured and accessible. It will enable them to make informed decisions when all the relevant data is present. It allows the business to focus on its core tasks, removing the need for manual data extraction. Next-generation IDP technology will help businesses save time, cut costs, and improve accuracy.