Intelligent Document Processing (IDP) for Software Vendors: Accelerate enterprises digitization
It is becoming increasingly important for enterprises to be digitally equipped, but which technologies and solutions are really relevant for a successful digital transformation? Document processing is one of these elements. The problem: While processing data in structured and semi-structured formats makes up a percentage, over 80% of data is in unstructured formats. Intelligent Document Processing (IDP) is the technology to make the unstructured data available to organizations in structured form.
Although dealing with unstructured data is fundamental to any organization, few software vendors see this as their primary mission. The good news is that as an Independent Software Vendor (ISV), you have the opportunity to integrate a powerful turnkey IDP solution into your own software, differentiate yourself from the competition, and accelerate enterprise digitization.
- What is Intelligent Document Processing?
- 3 Advantages for Software Vendors (ISVs)
- A- You gain competitive advantage
- B- You solve your customers’ problems
- C- You seize new revenue streams
- Parashift IDP is superior: 3 reasons why
- A- Next Level AI: Document Swarm Learning
- B- Cloud-first approach
- C- GDPR compliant platform
- 3 key points of the Parashift API
- A- Scale Deep OCR APIs yourself and enjoy maximum flexibility
- B- Cover hundreds of use cases with a single API
- C- Improve data capture accuracy continuously
- Real Estate DMS with integrated Parashift IDP platform
- Parashift IDP for everything related to document extraction
1. What is Intelligent Document Processing?
Intelligent Document Processing (IDP), sometimes called AI OCR, is a powerful processing solution for the forward-thinking enterprise.
Brief overview of the intelligent technology:
- is based on artificial intelligence (AI) and combines advanced technologies such as machine learning, deep learning, natural language processing, and optical character recognition (OCR) together in a comprehensive solution.
- has the power to automatically process all relevant data from complex documents and a wide variety.
- understands the context of unstructured data as well as handwritten content from documents.
- eliminates the need for manual typing of data, minimizing the risk of errors.
- unlocks new data sources and makes end-to-end automation possible in an enterprise.
Intelligent Document Processing is the key to transforming unstructured data into structured business value.
2. 3 Advantages for Software Vendors (ISVs)
Document processing remains a key issue for companies. The demand for a comprehensive solution is great so that not another niche solution has to be used.
This puts you in an excellent position as a software developer. By integrating IDP into your existing solution, you optimize your product offering.
These are 3 advantages that IDP offers you as an ISV:
A- You gain competitive advantage
IDP technology gives you as an ISV the opportunity to build new features. This clearly differentiates you because very few of your competitors have a sophisticated data extraction solution integrated in their product.
The technology processes the unstructured data and returns it to the software in a structured form via the API. Moreover, Intelligent Document Processing is integrated into your own application in such a way that it feels native.
B- You solve your customers’ problems
Manual data entry from invoices and other business documents always carries risks due to error-proneness and significantly slows down all processes. With AI OCR, you solve these problems and risks. Moreover, manual and tedious data entry is finally a thing of the past.
C- You seize new revenue streams
As a software vendor, you can easily integrate AI OCR technology into your own application. This extends your existing solution, allowing you to commercialize a new module with powerful data extraction. Seize new revenue streams with the AI-based cloud OCR solution.
3. Parashift IDP is superior: 3 reasons why
IDP is not just IDP. The Parashift Intelligent Document Processing solution takes its capabilities a step further.
The following 3 reasons make the Parashift platform superior:
A- Next Level AI: Document Swarm Learning
With the proprietary Document Swarm Learning technology underlying the Parashift IDP platform, you get next-generation AI in your own solution. The machine learning algorithms train on billions of data points and across all customers. The result is 50% better results and 15x faster automations than other traditional solutions. The innovative method of global and shared data network also enables fast time-to-solution.
B- Cloud-first approach
Parashift AI OCR’s cloud-first approach with Document Swarm Learning technology enables the scaling of AI training efforts to all customers. This ensures the highest flexibility, best extraction performance and continuous software improvements. Moreover, with the cloud, a global service with the highest level of security is guaranteed.
C- GDPR compliant platform
Compliance and GDPR are integral to everything we do at Parashift. The modern cloud infrastructure is fully GDPR compliant. That makes it secure no matter where you are in the world. ISO27001 and HIPAA compliant data center make Parashift a trusted provider for your software solution. More information regarding security and compliance can be found here.
4. 3 key points of the Parashift API
Don’t waste your resources on hard-to-solve OCR problems and better leave it to us. We’ll take care of the data extraction problem for your benefit: Parashift is built to automatically capture and process organizations’ unstructured data. Integrate the versatile Parashift OCR API into your solution.
Three key points of the Parashift API:
A- Scale Deep OCR APIs yourself and enjoy maximum flexibility
Instead of integrating traditional OCR APIs into your software that are difficult to customize and require endless training, Parashift’s Deep OCR APIs let you easily create new use cases based on continuous learning. Customize Deep OCR APIs to meet your needs. This provides you with maximum flexibility.
B- Cover hundreds of use cases with a single API
IDP is your one-stop store for all document types: Streamline use case integration by using just one API for everything. It could hardly be simpler. Also, use webhooks to keep track of processes and interactions.
C- Improve data capture accuracy continuously
You send back the learning data generated in your application via the Parashift feedback API. This way, you continuously improve data capture accuracy.
5. Real Estate DMS with integrated Parashift IDP platform
See what ISVs can achieve with IDP integration, using real estate DMS provider Architrave as an example. Register for the webinar to see how you too can benefit from the next generation technology.
In the webinar, you will get hands-on information on topics including:
- How Architrave uses IDP to accelerate and optimize document processing.
- How you can combine your software with Intelligent Document Processing and use it to achieve optimal results, including cost reduction, process efficiency, and improved customer experience.
- How to build a business case for Intelligent Document Processing and how to measure success after implementation.
- How to use AI for unstructured data and in various use cases to your advantage.
6. Parashift IDP for everything related to document extraction
Make the Parashift IDP platform in your software the hub for everything related to document extraction. We’ll be happy to show you how the platform works and how you can use it to further optimize your product.