- Understanding intelligent document processing and its business benefits
- How to leverage IDP to address today’s document processing challenges
- Real-world IDP use cases of companies across different verticals
According to Everest Group, the Intelligent Document Processing (IDP) market is expected to grow at a compound annual growth rate of 70-80% over the next two years, approaching US$1.1 billion by 2020.
Documents are still a reality in almost every business and exist in large volumes, differing languages, and in varying formats and quality. Processing varied documents particularly those in semi-structured or unstructured formats can often be complicated, fragmented, error-prone, and require frequent human interventions.
Intelligent Document Processing (IDP) solves these problems by blending the power of Artificial Intelligence (AI) technologies—such as Computer Vision (CV) based Optical Character Recognition (OCR), Natural Language Processing (NLP), and Machine Learning (ML)—to efficiently capture data from documents, and categorize and extract relevant information for further processing.
The most common intelligent document processing use cases include invoice and purchase order processing, know your customer (KYC) verification, proof of delivery, loan applications, customer onboarding, insurance claims, patient records, and many more.