Intelligent Document Processing (IDP) is widely known to combine technologies like AI and Optical Character Recognition (OCR) with the intention of streamlining the management of documents. Think of yourself having a pile of physical receipts, digital reports, PDFs, and scanned imaged containing vital information.
Going through them one by one to organize the info or simply find what you need to take a significant chunk of your time. This is where intelligent document retrieval comes into the fray- a smart assistant that handles these tasks in mere seconds.
There’s no denying that content remains to be the lifeblood of decision-making and work processes in the business landscape. Overdependence on manual tasks to use and manage content can result in costly mistakes and slowdowns, something intelligent document retrieval helps do away with through automation.
As mentioned above, IDP solutions integrate different techs to allow for reliable and efficient document processing, which can sometimes create confusion regarding their roles. In a nutshell, optical character recognition helps convert scanned or image-based documents into machine-readable text, making printed or handwritten content accessible for further processing.
Robotic process automation (RPA) automates repetitive tasks, such as transferring extracted data into other systems, reducing the risk of human error. Things tend to be a bit different with computer vision since it analyzes data from image or videos, collecting information that’s difficult for OCR alone to process, such as handwritten characters, logos, and signatures.
The good thing about adopting intelligent document retrieval is that it allows for faster document processing. With IDP, you get to save time by searching terms and phrases across multiple documents and getting instant, precise results. In most instances, this is even without the need to open your files.
If this is not enough, advanced intelligent document retrieval solutions extract data and metadata from contracts, policies, and other documents. This sheer capability allows you to search, organize, and analyze vital information faster as opposed to traditional methods, in turn, saving time on manual data entry and content review.
And with advanced AI models, intelligent document retrieval verifies the precision of the data you collect from documents like reports or forms, reducing human errors such as typing numbers incorrectly, misclassifying data, and duplicating information.
Of course, you should always factor in the pros and cons of intelligent document retrieval solutions to your business before making the bold decision of investing in them.
