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Having delivered 100% document accuracy to major players in the fintech industry, we’re so confident about our platform’s extraction capabilities that we offer performance-based pricing. If the desired accuracy is not delivered, you don’t pay us. How’s that for assurance.
IDP is used in many different types of businesses & industries where it is necessary to automate the extraction of data & information from complicated and varied documents. Sectors like finance, insurance, healthcare, law, logistics, and many more may fall under this category. IDP is used to automate document-based processes, enhance data quality, and minimize manual processing requirements.
The main distinction between Intelligent Document Processing (IDP) and Optical Character Recognition (OCR) is that OCR's primary goal is to turn text that has been scanned or taken from the image into text that can be read by machines. IDP goes beyond the scope of OCR. IDP’s smart machine learning algorithms extract text while also comprehending the context, organization, and meaning of the content. It categorizes documents, extracts particular data fields, validates data, and even learns from errors to get better over time.
A processing in which Artificial intelligence (AI) and machine learning techniques are combined to understand data in an automated manner. Now, in the context of AI document intelligence processing — it is the ability of the system to comprehend the information contained in documents, form conclusions based on that information, and carry out operations like extraction, validation, and categorization with AI without the need for humans.
Intelligent Document Processing platform works by following a series of steps:
Document Preprocessing
Document Classification
Data Extraction
Data Correction
Feedback Loop
Data Validation
SLA Management
Reporting & Analytics
Review & Audit
Invoices, purchase orders, contracts, insurance claims, financial statements, medical data, shipping documents, and other documents can all be analyzed by solutions for AI document processing. These solutions are designed to handle the intricacies of many document formats & structures, resulting in useful tools for companies looking to optimize the processes that rely on documents.
In intelligent document processing solutions, unstructured data and data extraction are fundamental. IDP systems use advanced algorithms and machine learning to extract crucial information from unstructured data sources that include contracts, invoices, and audits. Natural language processing allows the system to process unstructured text and structure it such that it is usable. This ensures that organizations may process, analyze, and make educated decisions based on formerly unexplored data sources with more efficiency and accuracy.
Digitizing paper documents entails using an automated document processing platform to speed up the conversion of paper documents to digital format. Automated systems extract data from paper documents, removing the need for manual data entry. The extracted data can then be effortlessly incorporated into numerous business processes, improving access, searchability, and overall efficiency in managing and utilizing the digitized data. This method not only saves time but also lowers the possibility of errors connected with data that humans enter.
8.Does your solution work with handwriting?
Our solution excels at data extraction from handwriting. We've got proprietary methods and techniques that do the trick. It's pretty cool. See for yourself.
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