A key aspect of digital transformation is that companies need to process business-relevant information from a multitude of documents. Executives are now well aware that this should no longer be done manually. It is therefore hardly surprising that the demand for Intelligent Document Processing (IDP) solutions is higher than ever before. The question this raises for you is: how do you choose the right IDP solution for your organization?
Because it’s a fact: the differences in the performance of IDP solutions vary greatly depending on the vendor. To ensure that your company can really benefit from the advantages of Intelligent Document Processing, choosing the right solution is crucial.
After reading this article, you will:
- Have a better overview of the IDP landscape,
- understand the limitations of “one trick pony” IDP platforms,
- better understand Parashift’s Intelligent Document Processing platform,
- know why Document Swarm Learning brings a spark of magic into your organization,
- how you can perfectly tailor the IDP solution to your organization’s needs, and
- the potential you bring to your business with an accurate data extraction platform.
The IDP market: an overview
According to research firm MarketsandMarkets, the global Intelligent Document Processing (IDP) market is expected to account for $5.2 billion by 2027, with a compound annual growth rate of 37.5%. And that the IDP market has also grown tremendously over the past few years is confirmed by this list from Deep Analysis, in which the analyst firm currently documents a whopping 336 IDP vendors. A look at the world map based on the data from analyst Everest Group also shows how quickly the number of IDP providers has grown over the last four years.
Recent advances around Large Language Models (LLMs) have likely contributed to the rapid growth. Established vendors are adding the capabilities of LLMs to their IDP solutions, while new vendors are using them to try to establish themselves in the market. At the same time, the sheer size of the market sometimes creates the misconception that all vendors offer the same functionality across the board with their IDP platforms. Before choosing a solution, it is important to evaluate your organization’s requirements with an in-depth comparison of different Intelligent Document Processing solutions. Based on your requirements, you can usually rule out “one trick pony” platforms directly.
Clear limitations with “one trick pony” platforms
Even though the term “one trick pony” is mainly used in the context of a person, it can fit just as well to a product such as an Intelligent Document Processing platform if the scope of services is limited and the benefits rather small. This is exactly the case with IDP solutions that focus exclusively on single document types such as invoices or single industries such as banking: Such an IDP solution will most likely not meet your organization’s document extraction and processing needs.
An alternative for multiple use cases would theoretically be to integrate multiple solutions, but this hardly makes sense. Not only in terms of cost, but also the additional complexity that is inevitably created with multiple integrations. The pure opposite is offered to you with the integration of a versatile, industry-agnostic IDP platform.
What makes Parashift’s IDP platform unique
But what exactly makes an Intelligent Document Processing platform unique? In terms of the information you need to run your business efficiently, unique capabilities certainly include the ability to automatically capture, classify and process all of the relevant data from all document types. With the Parashift Intelligent Document Processing platform, you integrate a document extraction solution that is second to none. The following factors make it unique:
Fast integration, instead of complex and tedious: You integrate the Parashift IDP platform quickly into your ERP, DMS, RPA and workflow solutions thanks to pre-built integrations. This means that you can say goodbye to complex, lengthy and expensive integrations. Alternatively, you can also integrate the data extraction solution directly into your own application via a REST API. For example, even as an independent software vendor to the healthcare industry.
Out-of-the-box solutions, instead of tedious setup: After the rapid integration of the Parashift Intelligent Document Processing platform into your system landscape, you continue at the same pace: instead of tedious template setup (Parashift IDP is not a template-based extraction platform) and costly training (Parashift comes with hundreds of pre-trained out-of-the-box solutions), you kick off automating your data extraction from day one. Ever-changing document layouts and formats are not an obstacle; in fact, dealing with them is at the heart of the solution.
For all document types, instead of just a few: With the Parashift IDP platform, you can use just one solution for all of your document extraction and processing needs in the future. It also means you can gradually phase out integrated and expensive vertical solutions. This is because Parashift IDP acts indsutrieagnostically and is suitable for all document types and use cases. The clear focus on the four core functionalities – document separation, classification, extraction and validation – makes this possible.
Parashift helps companies like yours minimize the time spent manually processing all documents across all use cases by continuously learning from all documents processed.
A touch of magic: Document Swarm Learning
Underlying the Parashift IDP platform is a proprietary, powerful, unique, even revolutionary core technology. What’s revolutionary about this technology, you ask? The following factors play their part in making this claim:
Leverage global data network, instead of limited utility: The revolutionary technology is called Document Swarm Learning. The global “document swarm” is driven by algorithms based on Artificial Intelligence (AI) and Machine Learning (ML). This allows the algorithms to train on billions of data points (document types are separated into individual fields) from every customer, from every document processed, and across every industry.
Continuous improvement, not stagnation: Thanks to the unique approach of Document Swarm Learning, learning processes from all documents, customers and industries are shared at the field level (of course in a fully GDPR compliant way). This continuously improves performance during normal operations. In addition, AI-based continuous learning exponentially accelerates the accuracy and efficiency of the IDP solution, ensuring maximum document processing efficiency for your business.
How to choose the best Intelligent Document Processing platform? 5 questions that you can ask yourself in addition.
Customize the IDP platform to your needs – without developers
The crucial thing for you, then, is to implement an IDP solution that is tailored to your specific business requirements. However, flexibility is at least as important. You don’t want another solution that is so inflexible that if you need more document types, you immediately need a new project with expensive experts. Parashift solves this problem with its no-code approach.
Thanks to the IDP platform, which is built on the no-code principle, you and your teams have everything in hand by activating pre-built document types with just one click. Alternatively, you can also configure your own use cases using the no-code principle directly via the modern user interface without experts or developers. You either create them from scratch or modify them based on standard document types. This means that you can configure standard data points such as a sender, a recipient or a date to a new document type simply by drag & drop. With this approach, you can significantly reduce time-to-value.
With just a few clicks and without specific IT knowledge: How to easily customize standard document types as needed.
The positive impact of accurate data extraction
In order for your organization to realize the full potential of data extraction, choosing the right IDP solution, like Parashift’s, is crucial. The impact you get by integrating this powerful document processing platform into your business is entirely positive: you automatically separate, classify, extract and validate all your complex business documents. This not only minimizes manual effort and reduces costs, but also speeds up your essential business processes and improves customer satisfaction.
Talk to one of our consultants about your requirements and desires, we are happy to help you! Or book a demo and get a first-hand impression of the versatile Parashift Intelligent Document Processing platform.