How can you guide your organization through digital transformation when approximately 80% of business data still exists in unstructured forms such as emails, images, and PDFs?
Yes, you need a tool to quickly digitize all these documents with minimal manual effort. Intelligent document processing enables this and helps you automate document-related business processes at scale. Here’s how.
Intelligent document processing (IDP) is defined as a set of tools powered by Artificial Intelligence (AI), Machine Learning (ML), Optical Character Reading (OCR) and other technologies that can convert unstructured, semi-structured, and structured documents into machine-readable data, which is the foundation of business process automation.
Industries and enterprise functions that rely heavily on documents, such as banks, schools, healthcare institutions, HR and Finance & Accounting can save tremendous amounts of time, effort, and investment using IDP.
IDP’s key benefits include:
- Thousands of work hours saved per employee per year
- Reduced error rates
- Reduced operational and human resources costs
- Faster document processing at scale
- Standardization of processes over time
- Happier employees, as they focus more on value-generating tasks
For instance, one of our clients, a leading automobile manufacturer, was able to achieve 85% straight through processing over a 12-week period across a volume of 150,000 invoices per month for 5,000 suppliers using our invoice processing HyperApp. The HyperApp that has built-in intelligent document processing capabilities helped their AP team to cut the time needed to process one invoice from 24 hours to just 3 minutes. The solution helped automate 90% of their invoice processing.
IDP can drive these outsized benefits due to its key advantages over traditional document processing automation solutions.
Intelligent Document Processing vs. Automated Document Processing
IDP improves upon pure ML-based document processing solutions in four ways.
|Automated Document Processing
|Intelligent Document Processing
|The ML component predicts the data from most of the fields, but some extractions still have to be done manually. (Eg: Data from tables inside tables)
|IDP learns all the data extraction rules based on human inputs, and then makes automatic corrections over time.
|OCR accuracy is low, as the system can convert domain-specific labels like “street”, but falters on dynamic values.
|IDP uses both standard OCR and visual attention-based OCR to recognize all values in a document and extract data accurately.
|Data science team might have to pitch in to train the ML model for new document formats.
|IDP typically has a GUI that allows business users to set up new document formats, templates, and workflows. No IT involvement.
|A new ML model resets all earlier formats.
|IDP framework ensures that each new model only improves the document extraction accuracy.
What is Document Processing Software? IDP Software Explained, with an Example
An IDP software is an application that packages all the capabilities mentioned above (low-touch, GUI-based, AI-powered, and adaptive), into a single, business-user-friendly platform. For example, JIFFY.ai offers a hybrid IDP software that can handle heterogeneous documents and data formats using both ML and rules-based processing, along with sophisticated OCR. Using our intelligent document processing software, you can:
- Process a variety of documents, involving complex tables, tables with/without lines, multi-page documents, etc.
- Extract data from various ID card formats, receipts, driver’s licenses, and other similar documents
- Automatically extract and feed data to the destination applications, such as CRM, ERP, etc.
- Easily define and train new ML models for unfamiliar document formats
- Handle exceptions and automate document processing-related activities at scale, even when there are thousands of types of documents involved
The JIFFY.ai Approach to Document Processing: Efficient and Future-Ready
As companies continue to embrace and progress digital transformation rapidly, the efficiency gains offered by IDP will make it an enterprise staple and elevate employee experiences by eliminating tedious repetitive work.
JIFFY.ai adopts a hybrid approach to IDP so you can gain from AI’s predictive capabilities while learning from human inputs when exceptions arise. This places our document processing software ahead of most industry peers in terms of accuracy, scope, and user support. For example, JIFFY.ai extracts text inside complex tables with 15-20% more accuracy compared to competitors.
With true touchless processing and usage-based SaaS pricing (you pay only for the volume of documents processed), JIFFY.ai’s Intelligent Document Processing solution helps to defragment data extraction from myriad documents spread across the enterprise, and thus changes the paradigm of enterprise automation, thereby accelerating innovation.
Learn more about the IDP core that powers our Invoice Processing HyperApp.