Intelligent Document Processing (IDP) automates data extraction from complex, unstructured documents, helping enterprises create a new value proposition for their organizations and customers. IDP can be applied to a wide variety of business use cases across all industries where knowledge workers continue to manually process documents.
Until now, only humans could process these kinds of documents, costing companies time and money. Removing manual data processing bottlenecks with IDP, enterprises can drive new, transformative business outcomes.
So, what are the key drivers behind the growth of IDP? We cite:
- The rising need for enterprises to process large volumes of semi-structured and unstructured documents with greater accuracy and speed.
- Increased adoption of complementary technology solutions, such as RPA (Robotic Process Automation).
- Demand among enterprises to enable end-to-end process automation with integrated RPA and IDP.
- Improved sophistication of AI (Artificial Intelligence) technologies powering IDP solutions, which significantly increases the accuracy rates in processing documents compared to traditional OCR (Optical Character Recognition).
There’s no doubt that we’re seeing rapid growth in the adoption of Intelligent Document Processing (IDP) solutions. Intelligent document processing is adopted by many organizations receiving huge data in the form of semi-structured and unstructured data such as sales orders, invoices, and customer correspondence which are difficult to be organized by rule-based automation software to perform the document related analysis process daily. Companies are adopting the intelligent document processing solution to manage large data and for data mining to improve the data quality for analysis. Adoption of IDP solutions helps businesses streamline their operations, achieve cost savings, and improve workforce productivity.
Industries who have implemented IDP
- Energy/utility companies are one of the earliest and largest adopters of Intelligent Document Processing Solution to manage complex regulatory mandates, and identify, control, and mitigate risks by achieving transparency across their documents, data, and systems while gaining efficiency by automating business processes.
- BFSI (Banking, Financial Services and Insurance) is driven mainly by the need to process huge volumes of semi-structured and unstructured documents, such as KYC (Know Your Customer) documents and invoices.
- IDP solutions are also highly prevalent in the healthcare industry, where they are deployed across use cases such as patient onboarding, support of electronic medical records, and processing physician referrals.
- CPG & retail, travel and logistics, manufacturing, and telecom are also increasingly deploying IDP solutions to process documents in proof of delivery, custom declarations, driver logs, maintenance logs, etc.
IDP implementation across different business functions
- Industry-specific processes such as utility bills payment, customer onboarding, mortgage processing, trade finance, legal documents, claims, and patient registration have seen high adoption of IDP solutions to date.
- Within Finance and Accounting, accounts payable and accounts receivable are the most common use cases for IDP solutions, driven by the high volume and error-prone nature of these processes
- Increased adoption is also being seen among procurement and HR functions owing to enhanced focus on reducing operational costs and increasing workforce productivity within these functions.
Organizations of all sizes are adopting IDP
- The adoption of IDP solutions seems to be distributed almost equally among small-, mid-, and large-sized buyers. The volume of documents and time spent on processing appears to be the key criteria for applicability.
- A significant chunk of adoption among large-sized buyers is being driven by RPA partners and system integrators. Point solutions, that are typically focused on a specific business function or industry, are increasingly being adopted by mid-sized and small-sized buyers.
- But regardless of industry or organization size, there’s no doubt that IDP is forging ahead rapidly.
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