IDP is a set of business solutions that automates the processing of documents with specific deep learning tools. The acronym of IDP is Intelligent Document Processing. IDP converts unstructured data and documents like email, text, PDF, and scanned documents to structured data. This is done with the help of Artificial Intelligence, computer vision, and robotic process automation bots.
Additionally, IDP can be utilized with Artificial Intelligence to capture data from documents, extract, categorize, and export relevant information. IDP is a hassle-free way of integrating data or information into existing systems and business applications. Read further to know the stages and benefits of IDP.
IDP stages and components
Let's look at the stages and components of IDP one by one.
- Pre-processing: With techniques like de-skewing, binarization, and noise reduction, IDP processes the documents to increase the quality in different conditions.
- Image processing: IDP utilizes old technologies to extract text from documents. They are optical character recognition (OCR) and intelligent character recognition (ICR) processes. With the help of these processes, a digital version of the document is created for machine-reading by IDP.
- Classification and data extraction: As mentioned earlier, optical character recognition or OCR extracts the text during the process. After that, Natural Language Processing comes into the picture and makes sense of it. But what is this natural language processing? Natural Language Processing or NLP is a part of Artificial Intelligence or AI that allows machines to contextualize human language, understand and analyze them as it is spoken or written. IDP can classify the components of the document after the process of identification and separation with the help of Natural Language Processing. For instance, you can take the example of a person who has applied for a loan. The person will provide his bank documents, driver's license, and tax forms. Then, IDP parses and categorizes all the various components and routes them to the next destination.
- Data validation: IDP utilizes external databases for the validation of data that was extracted from the documents. This process helps in ensuring the quality, integrity, and accuracy of the data.
- Integration: This is the last process of IDP, which allows the integration of the data into large enterprise systems.
What are the benefits of IDP?
IDP has several benefits like increased effectiveness, improved compliance, enhanced data quality, and so forth.
- Increased effectiveness and efficiency: Many organizations have stuck to expensive, slow and manual document processes, which can be time-consuming and costly. Manual work can also increase errors in the documents. That's when you require Intelligent Document Processing. IDP reduces the risk of errors, processing time, costs, and the manual process's overall time. Furthermore, the accuracy rate of IDP is 99 percent, and it takes only a matter of seconds for the process to be complete.
- Improved compliance and security: The 99 percent accuracy rate makes IDP a perfect solution to handle sensitive data like personally identifiable information or health records. The IDP process doesn't require humans for data handling and processing. Hence, it eliminates the exposure of sensitive information.
- Enhanced data quality and usability: Many organizations have dark data like emails, text, PDFs, and scanned documents. Well, the percentage of dark data in organizations is almost 80 percent. But IDP can unlock this dark data and convert it into high-quality and structured data.
- IDP promotes and helps scale automation: IDP attains hyper-automation by connecting different systems of automating complex business processes. Hence, it enables end-to-end process automation.