Digitalization is inevitable and you realize that staying competitive in the market requires innovative solutions – you might feel lost among the immense variety of offers. The same applies to document flow automation, in particular, Intelligent Document Processing.
The recent Market Analysis Report from Grand View Research states that the international IDP market reached around $1.45 billion in 2022. And it is expected to grow annually (CAGR) by 30% from 2023 to 2030 and reach $17 billion by 2032. The small and medium enterprise sector is predicted to grow at faster rates as businesses consider digital transformation, including automation of the routine workflow, as a crucial factor in gaining competitive advantage.
What Is IDP?
Intelligent Document Processing, commonly referred to as IDP, represents an advanced technology for automation of extraction, processing, analysis, and classification of data from diverse document types, including forms, invoices, contracts, receipts, etc.
Unprecedented efficiency in time-consuming repetitive tasks, acceleration of workflows, and reduced costs are achieved through the implementation of AI-based algorithms. Intelligent self-learning capabilities of the software are enhanced by the deployment of machine learning. Hence, the technology can retrieve relevant data from multiple formats of documentation. Additionally, it can adapt to changes in input and generate the best result.
The comparison chart summarizes the key advantages of IDP over traditional document handling:
Manual document processing
(processing a large volume of documentation requires a good deal of time)
Time-saving enhanced data analysis
(faster data extraction and processing provide valuable business insights)
(a single typo can lead to inaccurate data and complicate further information handling)
(AI and ML help to eliminate human errors)
(delays in processing result in lower overall efficiency)
(automation shortens processing time while delivering better results)
(increased volumes result in inefficiency)
(can adapt to the increasing volumes)
(processing higher volumes requires additional resources; hiring new personnel is costly)
(requires much less time and no additional employees to manage the work)
How to Select the Ultimate IDP Solution?
A streamlined workflow, shorter document flow processing time, and efficient data management are by no means all of the advantages of IDP. As technology advances, solutions evolve and enhance their intelligent capabilities:
- Enhanced cognitive functions. The software can recognize the context of documents, improving the accuracy of text extraction and higher quality analysis and insights.
- End-to-end automation of complex processes and integration with other systems.
- Niche-tailored solutions. Providers adjust the technology to meet industry-specific requirements.
For optimized performance, look for a solution tailored to the needs of your industry to minimize human intervention. Reporting features allow monitoring of the performance indicators for continuous improvement in document management.
Experts recommend focusing on security, scalability, language support, and integration with other systems while deciding on the best option for your company.
Once you’ve selected several options, check if providers offer free demos or testing — this is an important stage before purchasing a solution. Try to verify how the solution performs and whether it meets your needs. Reliable providers offer free testing in true-to-life conditions, so that you can see the accuracy level, compliance with document types and overall volume of documentation, extraction speed, language compliance, and so on.
What Factors to Consider While Choosing an IDP Solution?
- Document type. While there are broad-spectrum IDP solutions applicable to multiple document types, you might need a variety that is best suited for specific documents used in your company (for instance, invoices and contracts or application forms and bills).
- Document flow volume. Think of the expected volume of documentation to be processed and consider business growth potential. If you plan to handle a large volume of documents, opt for a solution that can scale up.
- Data Extraction accuracy. Ensure that a selected solution provides the required precision and is fully compatible with the available IT infrastructure.
- Hassle-free usability. The solution you select should be user-friendly. Reputable IDP providers will guide and train your employees on how to use the software and how to get the maximum value of the available functionality. It is crucial to ensure that the solution is easy-to-use for non-IT users.
- Costs. Prices can range widely due to significant variations in functionality and additional services a provider offers. For example, a scalable custom-tailored IDP solution with 24/7 customer support and training courses for employees will cost more than a standard option with limited support.
How to Find The Ultimate Intelligent Document Processing Software Provider?
Searching for an Intelligent Document Processing Solution provider, do thorough research about companies and their offers. Provider’s individual approach based on the specific needs of your business can open new horizons in business process optimization.
Graip.AI, an IDP provider, offers fully customizable solutions for fintech & banking, high-tech, logistics, construction, BPO, retail & CPG, healthcare, real estate, and insurance sectors. Increased ROI and cost-efficiency of industry-tailored solutions are confirmed by case studies showing remarkable results achieved due to the implementation of the best intelligent document processing solutions across various industries.
To stay competitive in the market, enhance customer experience, and streamline workflow and business procedures, do not shelf digital transformation. Make the most of technologies for your business success.