What is Intelligent Document Processing (IDP)?
- 5 quick facts about IDP
- 4 good reasons why you want IDP in your company
- 3 key differences between IDP and OCR
- 2 common questions about IDP
- 1 concluding benefit of IDP
Every company relies on relevant data from a variation of documents for virtually all of their processes. IDP automates the data extraction from all documents
5 quick facts about IDP
1. IDP stands for Intelligent Document Processing, and it does exactly that: IDP intelligently processes your documents, from simple to complex.
2. IDP builds on various advanced technologies and understands the context of the data from the documents.
3. IDP’s advanced technologies are based on artificial intelligence (AI) and combine machine learning, deep learning, optical character recognition (OCR) and natural language processing (NLP).
4. IDP has the power to automatically capture, classify, and extract relevant data in a structured manner from complex and unstructured documents.
5. IDP not only eliminates manual and tedious work, but also opens up new data sources and enables end-to-end automation in an enterprise.
4 good reasons why you want IDP in your company
1. IDP frees your employees from tedious data typing, reduces errors and frees up new time resources.
2. IDP creates structure and order with accurate data and enables automated workflows.
3. IDP brings high flexibility to your business, with the ability to scale quickly and easily.
4. IDP optimizes process cycle times while reducing costs.
3 key differences between IDP and OCR
1. IDP effortlessly processes complex, unstructured and also handwritten documents. IDP is the key to variation in documents. Traditional OCR fails miserably at the smallest variation.
2. IDP does not need templates, learns with more data and improves continuously. Traditional OCR depends on templates and is unable to learn on its own.
3. IDP relies on humans for verification only very specifically and below defined confidence thresholds. With traditional OCR, there is a constant need for improvement.
2 common questions about IDP
1. Why is IDP intelligent?
Thanks to advanced AI technologies, IDP understands the context from the data in the documents, similar to what our human brain does.
2. Do we need specialists, e.g. Data Scientists, for IDP in our company?
No, you focus on your business, Parashift takes care of the Data Science and everything else behind it.
1 concluding benefit of IDP
With Parashift’s powerful IDP and zero post-processing option, you’ll save yourself any future contact with all documents and data – let Parashift handle document processing from A to Z.