Intelligent Document Processing and Its Use Cases
The goal of intelligent document processing (IDP) is quite simple. Still, the road to getting there takes the power of a brilliant solution embedded with top-of-the-line AI technology.
Intelligent Document Processing aims to extract information from any type of document – Microsoft Word Documents, PDF files, Videos, Images, Audio Files, Excel Spreadsheets, and more! Extracting information is not all innovative solutions can do. They are masters at organizing information from complex content.
Top use cases for Intelligent Document Processing, also known as IDP, include:
- Understanding the context and purpose of all types of documents
- Extracting relevant facts from unstructured data such as documents
- Helping companies understand the correlation between context and the extracted information
As an emerging technology solution, many business areas are calling on RPA to automate the processing of company documents. In the insurance industry, this could be in the form of automating claim processing or policy updates, while in financial services, this could be in the form of automating invoices, reporting, and credit scoring.
However, finance and insurance are not the only industries benefiting from IDP solutions. Your favorite companies are too. Use cases exist across the board, from food chains to manufacturers to clothing brands. Retail and E-commerce companies frequently use this technology to track shipments and notify buyers of shipment status. Governments even used IDP for monitoring and reporting COVID cases.
Much of the information we look at daily and tend to care about uses a combination of IDP and Robotic Process Automation (RPA) behind the scenes, making insight engines an extremely valuable solution among businesses worldwide.
Intelligent Document Processing makes unstructured or semi-structured information usable for enterprises. Did you know close to 80% of business data exists in unstructured formats?
With data often being called the goldmine of any company, isn’t it time to make it work for you?
The Mindbreeze Team is filled with experts who can convert your unstructured information into relevant knowledge for your company to capitalize on. We can assist no matter the use case, so contact us today.