Every day, employees in companies across all industries spend countless hours reading, interpreting, and extracting relevant information from documents. Over the course of a year, a single company may pay millions of dollars in wages to support employees whose main goal is to manually process incoming documents. Any errors that lead to lost hours, deals falling through, or even legal trouble could cost the company even more.
You might have heard of Optical Character Recognition (OCR), which allows a computer to scan and use data it recognizes. This can certainly save some time by automating at least a portion of the process. But OCR falls short when documents contain characters or images the computer can’t interpret, and OCR programs often encounter numerous cases where human intervention is required.
Intelligent Document Processing (IDP) changes all that. Using a mix of Artificial Intelligence (AI) technologies such as Machine learning (ML), Natural Language Processing (NLP), and Computer Vision (CV), in combination with OCR, IDP makes it possible for a computer to read documents, understand their contents, and make informed decisions about how to structure and organize the data for future use.
If the IDP program includes a sophisticated AI engine, it can often eliminate the need for humans to spend time on tedious document processing tasks, freeing employees up to do more valuable work.
If you’re considering adopting IDP in your own business, or you’re simply interested in learning more, the following intelligent document processing statistics should paint a picture of how the field is growing and the kinds of results companies are seeing.
|Results Of IDP Implementation|
|“Companies adopting IDP solutions for automating their workflow have not only reduced processing time but also lowered labor costs by as much as 30%.”||Top 5 Benefits Of Intelligent Document Processing||Nuummite|
|“IDP can reduce processing time by 50% or more, eradicating errors and having a radical effect on productivity and efficiency.”||Intelligent Document Processing||Roboyo|
|“Implementing automation in the office generates 30-200% ROI in the first year, mainly in labor savings. Since staff no longer have to work on time-consuming tasks, they can better utilize their creative time for the company.”||The Ultimate Guide To Intelligent Document Processing Automation In 2027||Parseur|
|“IDP saved a financial services company $2.9 million a year by helping the enterprise reduce its manual extraction staffing by 50%.”||Business Impact Of Intelligent Document Processing (IDP)||Infrrd|
|“An engineering firm was able to cut its RFP response time down to a week from three weeks with IDP, and process 400% more RFPs than it could with a staff of 80 people reading complex diagrams in documents.”||Business Impact Of Intelligent Document Processing (IDP)||Infrrd|
|“IDP reduced the processing time by 50% for an insurance processing firm with a complicated process for understanding and extracting data from documents.”||Business Impact Of Intelligent Document Processing (IDP)||Infrrd|
|“An industrial manufacturer increased proposal win rates by 40% with IDP.”||Business Impact Of Intelligent Document Processing (IDP)||Infrrd|
|“IDP can reduce the risk of errors by 52% or more.”||Advantages Of Using An Intelligent Document Processing Tool||Datasemantics|
|“IDP can achieve a 99% accuracy rate.”||Advantages Of Using An Intelligent Document Processing Tool||Datasemantics|
|“An AI-native IDP solution can accelerate data extraction by up to ten times while keeping data extraction accuracy of up to 99.9% for various document formats.”||What Is Intelligent Document Processing (IDP)||Turbotic|
|“Apart from improving productivity of people (and their happiness) it is not uncommon to see cost savings of up to 70%.”||What Is Intelligent Document Processing (IDP)||Turbotic|
|“IDP can reduce the expense of manual document processing by 35%.”||Advantages Of Using An Intelligent Document Processing Tool||Datasemantics|
|“IDP can reduce time spent on document-related tasks by 17%.”||Advantages Of Using An Intelligent Document Processing Tool||Datasemantics|
|“IDP can reduce document processing times by 50-70%.”||Advantages Of Using An Intelligent Document Processing Tool||Datasemantics|
|“IDP can reduce operating costs by 30% YOY.”||Advantages Of Using An Intelligent Document Processing Tool||Datasemantics|
|“IDP can reduce document verification time by 85%.”||Advantages Of Using An Intelligent Document Processing Tool||Datasemantics|
|“IDP can reduce the entire financial aid application process down from six weeks to just a couple of days.”||Advantages Of Using An Intelligent Document Processing Tool||Datasemantics|
|One of the major enterprise advantages of deploying Intelligent Document Processing is “better employee productivity, as 70% of data entry tasks can be automated through IDP.”||How Ai Streamlines Intelligent Document Processing For Businesses||Artificialintelligence|
|State Of The IDP Market|
|“The global intelligent document processing (IDP) market is expected to grow from USD $860 million in 2021 to USD $4.15 billion in 2026 at a CAGR of 37%.”||Valuates Reports||Prnewswire|
|“The core of the digital transformation is the business data, in which approximately 80% of the business data is present in unstructured forms like emails, images, business documents, and PDF documents.”||Globe Newswire||Globenewswire|
|“Major enterprises have at least 40 different document classes and over 200 document types to manage while running their business.”||Top Intelligent Document Processing (IDP) Solution Providers In 2026||Neutrinos|
|“Very few enterprises have industrialized their automation initiatives. Nearly 90% of these organizations want to get there in the next two to three years.”||Five Case Studies To Inspire Your Intelligent Automation Strategy||Kofax|
|“Integrated, RPA-native IDP tools are easy to set up, often 5-10x faster than other approaches.”||Automation Anywhere||Automationanywhere|
|“One of the most herculean tasks of accounting functions is the processing of invoices and purchase orders. It is estimated that on average, a typical accounts payable executive can process only 20 invoices a day. With AI capabilities, organizations can increase their efficiency by as much as 60%.”||How AI Streamlines Intelligent Document Processing For Businesses||Artificialintelligence|
|“By 2025, 50% of business-to-business invoices worldwide will be processed and paid without manual intervention.”||Using AI To Automate Enterprise Document Processing Workflows||Forbes|
|“Among different technologies, Intelligent Document Processing (IDP) has seen widespread adoption within the [healthcare] industry, with 190-200% YoY growth in 2020.”||How Intelligent Document Processing Helps Improve The Healthcare Industry||Klippa|
|“The IDP market size was estimated to be ~US $770 million in 2021 and is expected to grow at a rate of 30-35% over the next year, based on the signs of market recovery after the impact of the COVID-19 pandemic.”||Intelligent Document Processing (IDP) State Of The Market 2022—Let AI Do The Reading|
|“Banking and insurance continue to be the largest adopters of IDP solutions and account for ~34% and ~13% of the IDP market, respectively.”||Intelligent Document Processing (IDP) State Of The Market 2022— Let AI Do The Reading|
|“North America continues to be the largest adopters for IDP software solutions, with over 55% market share, while the APAC, MEA, and LATAM markets are growing rapidly.”||Intelligent Document Processing (IDP) State Of The Market 2022—Let AI Do The Reading|
|What Industry Leaders Are Saying|
|“According to KBV research, the market for IDP solutions could reach $4.1 billion by 2027, rising at a compound annual growth rate of 29.2% from 2021.”||What Is Intelligent Document Processing? Why IDP Matters In The Enterprise||Venturebeat|
|“According to the Everest Group IDP Peak Matrix Survey 2019, banking, financial services and insurance (BFSI) and healthcare industries made up more than 50% of the entire IDP customer base.”||What Is Intelligent Document Processing? A Primer||Automationanywhere|
|“According to a McKinsey Global Executives Survey, 70% of respondents say their organizations are at least piloting the automation of business processes in one or more business units or functions.”||Fueling Digital Operations With Analog Data||Mckinsey|
|“By adopting intelligent document processing solutions, finance departments alone can save 25,000 hours of rework caused by human errors at a cost of $878,000 per year for an organization with 40 full-time accounting staff, according to a Gartner press release.”||Advantages Of Using An Intelligent Document Processing Tool||Datasemantics|
|“According to a Gartner press release, implementing intelligent document processing systems may save finance departments alone 25,000 hours of rework caused by human error at $878,000 per year for a company with 40 full-time accounting personnel.”||What Is Intelligent Document Processing (IDP)||Turbotic|
|“According to a report from Statista, physicians in Europe spend 50% of their time on administrative tasks and the other 50% on treating patients. The same report suggested that with AI, time spent on administrative tasks was reduced to 33%.”||How Intelligent Document Processing Helps Improve The Healthcare Industry||Klippa|
|“Intelligent Document Processing (IDP), in particular, will emerge as a major tool for businesses to successfully navigate a completely remote workforce. Every organization will need to be able to process structured and unstructured data autonomously to work efficiently. IDP allows bots to process emails, signatures, and PDFs—enabling document-intensive processes such as insurance claims, loan applications, and invoices to be automated.”||Jon Knisley, The Principal Of Automation And Process Excellence At FortressIQ||Forbes|
The Nividous platform is designed to be an accessible entry point to the most powerful automation technologies you can harness for your business, including IDP.