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Intelligent Document Processing (IDP) offers businesses an effective alternative. IDP allows businesses to convert and classify unstructured information files into pre-selected digital formats while extracting valuable and actionable insights for further action.
Document Intelligence is an indispensable feature of salesforce servicenow that gives organizations powerful ways to optimize workflows, streamline document processing and enhance data extraction.
In this blog post, we explore its capabilities for revolutionizing how businesses manage documents and manage them.
Understanding Document Intelligence
Document Intelligence uses artificial intelligence and machine learning techniques to extract insights from unstructured documents like resumes, invoices, contracts or forms.
Traditional methods for handling these types of files may take too much time and resources while being susceptible to errors; with Document Intelligence's automation feature and increased performance enhancement potential, this process becomes significantly faster and error-free.
What is the IDP?
Intelligent document processing (IDP) refers to a suite of tools and solutions that use technologies like Machine Learning (ML), computer vision, cognitive automation, Robotic Process Automation (RPA) and Natural Language Processing (NLP) to automate document processing more quickly and reliably.
IPD goes beyond simply processing data; its automation tools must understand both document content as well as relevance when processing documents intelligently.
What Are The Stages Of IDP?
Five phases make up the enterprise IDP.
Collection
The initial step of IDP involves gathering paper and digital content from multiple sources. Utilizing sophisticated tools that integrate hardware and software integrations, collection processes can take place on an unprecedented scale, with IDP tools completing large-scale processes with great success.
Preprocessing
Before documents can be fully analyzed, they must meet certain quality standards. Document preprocessing utilizes various automatic techniques for document pre-treatment - cropping, binarization and deskewing are just three such practices used automatically by document preprocessing services to increase document quality.
Classification
After digitizing documents, the IDP tool examines them closely for beginning and end points before classifying information according to type, content and structure.
At this step, it uses computer vision algorithms for visually distinguishing patterns. At the same time, NLP techniques help group the data according to subject matters.
Extraction
Textual data extracted from documents must be digitized using OCR, ICR and ML technologies to ensure accuracy and consistency.
Validation
Once data have been extracted, they are authenticated using RPA-enhanced AI techniques and validation rules to verify their accuracy and reliability.
Some organizations include human authentication as an additional step for faster learning AI systems.
What Is The Difference Between IDP and RPA?
Organizations looking into intelligent document handling often confuse it with related technologies like document capture or robotic process automation.
Document Capture Vs. IDP
OCR and ICR technology are used to convert paper documents to digital format; while an integral component of intelligent document processing, they cannot perform all analytical work themselves.
IDP vs. RPA
Robotic Process Automation, RPA for short, is another technology applicable to intelligent document processing that may support it.
RPA works like any rule-based automation platform by performing repetitive and simple tasks normally handled manually by workers. However, RPA cannot understand content in its context within documents as effectively as intelligent document processors such as IDP can.
Why Is Intelligent Data Handling Important?
Reliable and actionable data is key to modern business success. Unstructured forms such as images, PDFs, paper documents and emails make up most business data; organizations in all industries could miss valuable insights by failing to format and analyze this unstructured material correctly.
IDP allows organizations to turn unstructured data into structured ones without incurring significant time and cost investments from manual data transfer.
By integrating advanced AI solutions into their business processes, organizations can automate classification and analysis - creating a better understanding of themselves, their industry and customers through raw data analysis.
The following are the main benefits of intelligent data handling:
Faster Processing
According to estimates, 80% of business data currently lies unstructured - representing an enormous volume. If left manually reformatted by employees and teams alike, processing time could become prohibitively long and ineffective for productivity.
IDP provides businesses with an efficient method for digitizing, classifying and extracting large volumes of information quickly without tiring out employees - giving businesses more time and flexibility to convert unstructured data quickly into useful formats and freeing them up for more strategic tasks.
Cost savings
Savings associated with IDP go hand-in-hand with faster document processing. Businesses can access newly structured data almost immediately due to faster document processing time; this allows them to make better decisions and increase returns faster.
IDP tools also assist organizations in cutting operational costs by helping them do more without hiring more, which results in higher returns on investments than traditional document processing tools.
Improved Data Quality
Humans pose one of the greatest obstacles to digitizing data. Not only are their hours limited by schedule constraints and errors such as miskeyed keystrokes, a major source of confusion in any process involving human input - keystroke errors could render otherwise useful data unusable or misleading altogether.
IDP eliminates the need for manual data input by virtually eliminating data errors; only anomalies or issues within the data require human review for action to take place based on insights gained through increased quality data.
Organizations can act confidently upon insights provided through improved quality of their insights with IDPs assistance.
Security and Compliance Simplified
Modern businesses, their customers and regulatory bodies share an acute concern with data protection compliance and security.
IDP streamlines this process to help businesses comply with data protection laws correctly.
Auditing compliance associated with IDPs is made much simpler when digital records are kept associated with them, creating a clear "trail" that auditors can follow to validate whether or not their digital system meets regulatory standards.
Integration Optimization
Successful IDP tools and solutions integrate easily with existing hardware and software. Companies can utilize IDP without making expensive or time-consuming modifications to their tech stack.
servicenow azure ad integration solutions and tools can be utilized immediately without incurring significant additional expenses and changes to their tech stack.
Integrating IDPs seamlessly is now one of the biggest obstacles to adoption, making it simpler than ever before to enjoy all of the advantages offered by intelligent document digitization.
Scalability Increased
IDP provides organizations with an affordable means of operating at scale while meeting vital processes with automation while still showing value no matter how much data is received.
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What Industries Benefit From IDP?
Intelligent document processing solutions offer many businesses that work regularly with unstructured data a competitive edge.
IDP solutions should bring benefits across industries; some industries that could see real gains include:
Government
Worldwide, many government organizations rely heavily on manual documentation and legacy systems for operations and compliance purposes.
IDP offers solutions to assist these government organizations with digital transformation by helping them quickly extract key data from analog documents for classification for later review and future use.
Healthcare
Healthcare organizations need help maintaining accurate patient records. IDP technology makes this easier by automatically collecting and exporting records from unstructured sources like medical databases.
Financial services
Financial services rely heavily on paperwork for proper handling, from mortgage lending institutions and banks through account opening and servicing arrangements to preprocessing mortgage documents and processing account documents for servicing agreements and more.
At IDP, we can assist in this area, too. We assist financial service institutions as they use IDPs document scanning capabilities for preprocessing mortgage documents and opening accounts with us - IDP offers full document scanning services with one convenient stop-shop.
IDP in Insurance
Intelligent Document Processing in Insurance can serve many different functions. From "hands-free" claims processing and smart digital self-service capabilities that replace call centers to providing smart digital self-service platforms that help solve claims issues more quickly.
IDP can extract key data such as case numbers or license plate details from scanned documents that are then automatically routed to claims managers via customer databases.
IDP in Customer Lending Processing
Mortgage loan applications involve extensive documentation, with typical files comprising 100-200 pages. Information required might include a driver's license, birth certificate, proof of residence documents like utility bills and pay slips, and utility bill statements or pay slips.
Intelligent document processing (IDP) can help streamline this process by reading, understanding and validating each document to expedite loan approval faster - improving and streamlining customer service in general. Online and mobile management will further expedite customer care.
IDP can easily scale its loan request service during periods of economic distress. Banks were required to process twenty million pages of documentation daily from customers seeking loans during Spain's pandemic; peak daily loan requests reached over 100,000 daily.
Utilizing IDP for Customer Onboarding/KYC
Utilizing IDP can significantly enhance customer onboarding processes such as KYC compliance or financial service delivery - leading to enhanced customer experiences while driving revenue growth or cost reductions.
IDP industry-leading technology into their Intelligent Document Processing (IDP) for banks in Spain to manage complex supporting documents during loan application and reduce COVID-19's impact on loan applications, using IDP capabilities that delivered positive outcomes despite challenging circumstances; over 75% of this process was automated using its capabilities.
Intelligent Document Processing in Logistics
Paperwork mistakes can halt shipping operations and delay important goods reaching their destinations. Intelligent document processing improves accuracy and efficiency by efficiently processing shipping documents such as customs declaration forms, delivery receipts and bills of lading - saving time and resources.
Deutsche Post DHL Group provides express mail and parcel deliveries across international borders with exceptional results after automating its finance division.
A company that earned $100 billion by 2022 used an extremely manual accounting system that manually processed hundreds of thousands of invoices annually.
Intelligent document processing helped reduce errors while increasing efficiency significantly by automating invoice processing for vendors in all 124 different languages; eventually, they expanded it across other departments with IDP automation, resulting in 70% improved efficiency gains.
Transportation
Transporting goods creates vast amounts of unstructured documentation with diverse formats often inconsistent across companies.
With IDP solutions, Transportation and Logistics providers can increase operational agility while saving costs simultaneously.
Read More: The Most Popular Automation Tool Used to Automate Insurance Is RPA
What Is The Best Intelligent Document Processing Software?
With artificial intelligence becoming ever more accessible and the technology landscape evolving at lightning speed, selecting intelligent document software to support your business processes can be essential.
Keep these key points in mind to make a sound decision.
Assess Your Company's Exact Requirements
Be clear on your needs. What goals are you trying to meet with investing in IDP? To realize a satisfactory return, set out exactly why and when investing.
For maximum impact from potential vendor discussions regarding project results, productivity gains, scalability issues, security, compliance requirements and employee training considerations.
Which Data Must You Process?
Your documents and data processing requirements depend upon your industry of work. Claims processors in insurance may need to process claims quickly.
At the same time, lawyers require legal documents, loan applicants require loan applications from bankers, or commercial real estate agents require contracts processed quickly for contracts to close quickly. Intelligent document processing platforms offer customizable features so users can tailor them specifically to each document type for processing; data may be structured using standard tables or forms in software platforms or company databases, while unstructured material such as text graphics emails may need processing - some data could be confidential.
Before selecting an IDP platform, users must understand precisely which data type and location they will work on.
Locate An Option That Meets Your Requirements
Once your needs have been determined, finding an ideal solution should become much simpler. Perhaps your data consists of multiple languages which must first be translated before analysis or submission to another system; features like authentication and validation should also be prioritized when looking for IDP solutions; classification into predetermined categories also helps prioritize workload; for instance, sorting emails by date order or content may help prioritize workload management efforts more easily than with manual methods alone.
ServiceNow Intelligent Document Processing
Unstructured data has long been an issue within organizations as modern businesses rely on data insights for decision-making.
IDP provides companies of all industries the power to transform untapped information into actionable insight without needing user code expertise - ServiceNow is just such an option. ServiceNow Document Intelligence can speed up document processing in any ServiceNow workflow, regardless of organization or industry.
Easily accelerate IDP processes while extracting information from unstructured data sources with varied text, templates, and formats using Document Intelligence's AI-first design that reduces processing times while minimizing errors as documents change over time.
Built on Now Platform(r), Document Intelligence's intuitive user experience enables quick document processing through automated workflows; users without programming knowledge can manage documents efficiently using Document Intelligence's AI design that also reduces processing times while minimizing errors while remaining resilient over time to changes that affect documents changes over time as documents change over time with built-in flexibility built right in automatic workflows which allows efficient document handling by users with all levels of coding skills being incorporated seamlessly into automated workflows in no time at all coding skills can integrate automated workflows efficiently by document processing documents efficiently processing documents efficiently with Document Intelligence built onto Now Platform(r), making use simple for users at all levels of experience level; it can easily integrated into automated workflows which allows efficient document handling by automating document handling processes efficiently by document processing documents efficiently by processing them efficiently using automated workflows integrated into automated workflows as it.
Provide your organization with all of the insight and resources it requires. ServiceNow's Document Intelligence will enable your unstructured or semistructured data to deliver maximum returns.
ServiceNow's Role
ServiceNow, the premier platform for digital workflows, has unveiled Document Intelligence as part of their suite of products.
Businesses using AI/ML for daily operations will find Data Intelligence more accurate and efficient - improving data extraction and document management operations reliably. What are its specific benefits?
Enhanced Data Extraction
Document Intelligence by ServiceNow uses advanced Natural Language Processing algorithms and machine learning to interpret unstructured documents and detect and extract specific pieces of data such as invoice numbers and dates, vendor names and amounts with unparalleled precision - saving time and maintaining data integrity simultaneously.
Document Classification Significantly Enhances
Document classification is key to effective document management. ServiceNow Document Intelligence can classify documents while understanding context; for instance, distinguishing between purchase and sales contracts while assigning appropriate workflow or categorization rules that streamline document organization and retrieval processes.
Streamlined Workflows
Document Intelligence's integration into ServiceNow workflow automation is transformative for organizations. You can configure workflows to trigger when documents arrive based on their contents automatically; for example, purchase orders can go directly to purchasing for approval while invoices get to accounts payable automatically, reducing bottlenecks and delays while improving efficiency in processes.
Compliance and Security
Privacy and security have never been of such paramount importance as they are today in an information-driven world.
Document Intelligence helps organizations identify sensitive data with precision. It identifies documents containing personal or confidential data for additional protection while adhering to regulations like GDPR, HIPAA compliance, or industry-specific guidelines.
Cost Savings
ServiceNow Document Intelligence can cut operational costs by up to 50 % for businesses by automating data extraction and processing, reallocating resources more effectively, and decreasing manual data entry time while cutting expenses simultaneously.
Better Decision Making
Document Intelligence can assist in better decision-making: it extracts structured data, which yields insight, providing businesses with a greater understanding of operations, customers' behavior and trends; this allows decision-makers to make faster data-driven business decisions with convenient access.
Scalability
ServiceNow Document Intelligence offers unparalleled scalability. Adapt to meet the changing needs of both small businesses and larger enterprises alike with customizable implementation; the system adapts as your documents grow larger and adds complex workflows.
Integration Capabilities
Document Intelligence by ServiceNow integrates seamlessly with other ServiceNow modules and applications, enabling document processing to fit seamlessly within other business processes.
With this integration feature, you can connect Document Intelligence document processing to other processes within ServiceNow.
Real-Time Insights
Document Intelligence gives you real-time visibility into your document processing pipeline. With real-time transparency, you can track document progress and processing times while pinpointing bottlenecks, providing opportunities for proactive decision-making and continuous process improvements.
User-Friendly Interface
ServiceNow offers an intuitive user experience when configuring Document Intelligence workflow, making the task of document processing less demanding for business analysts and administrators without needing technical expertise or extensive coding knowledge.
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IDP Vendors Types
As part of our effort to understand this industry, we've broken IDP providers into four distinct groups.
Innovative IDP Vendors
These IDP vendors have recently developed AI-native platforms for automating document processing. These vendors can efficiently handle documents of various complexity levels with high precision, offering solutions with no human interaction necessary and positively affecting business operations.
Some examples are:
- Hyperscience
- Rossum
- Infrastructure
Legacy IDP Vendors
Vendors that do not adopt AI native solutions instead build IDP solutions using legacy OCR/RPA products as IDP solutions, often to process documents with simple layouts that do not vary too frequently; IDP often gets put aside since these vendors tend to offer other automation products alongside it (instance: IBM Watson/Cognitect and RPA are two such products); such vendors could include:
- Kofax
- AntWorks
- Automation Anywhere
Niche IDP Vendors
These vendors fall under several categories yet differ by providing tailored solutions and catering to specific industries.
Their focus lies on solving specific problems quickly, reliably, and efficiently. Some examples:
- EvolutionAI
- Instabase
- Ocrolus
- ClickAI
IDP Component Technology Providers
These vendors don't provide comprehensive IDPs; rather, they specialize in technologies like OCR or computer vision that businesses can utilize to craft customized solutions tailored specifically for them.
When opting for such vendors, businesses should make sure their IT specialists and data scientists work in concert in designing solutions tailored specifically for use cases such as those described below:
- Google cloud vision
- Amazon Textract
- Microsoft Azure computer vision
Conclusion
ServiceNow's Document Intelligence can transform document management into an efficient process that improves data accuracy while cutting costs and making better decisions.
Integrating Document Intelligence in your ServiceNow platform with serviceNow implementation partner could prove pivotal for becoming more productive and compliant - and making your company even more cost-efficient overall.
