Intelligent Document Processing (IDP) is an automated process that allows organizations to extract, classify, and understand structured and unstructured data from various types of documents, such as invoices, contracts, and forms. Let's take a look at how IDP fits within an RPA workflow.
IDP at a Glance
Intelligent Document Processing (IDP) is an automated process that allows organizations to extract, classify, and understand structured and unstructured data from various types of documents, such as invoices, contracts, and forms. With IDP, organizations can process large volumes of documents quickly and accurately, which can greatly improve efficiency and reduce manual labor.
IDP uses a combination of technologies such as optical character recognition (OCR), natural language processing (NLP), and machine learning (ML) to understand the content and structure of a document. OCR technology is used to convert images of text into machine-readable text, while NLP and ML are used to understand and extract relevant data from the document.
Applications for IDP
IDP has a wide range of applications, such as automating invoice processing, contract management, and form processing. In the case of invoice processing, IDP can be used to extract important information such as vendor information, invoice number, and total amount due. This information can then be automatically entered into the organization's accounting system, reducing the need for manual data entry and minimizing the risk of errors.
IDP can also be used to automate contract management by extracting important information such as contract duration, renewal date, and parties involved. This information can be used to create a searchable database of contracts, making it easier for organizations to track and manage their agreements.
Another application of IDP is form processing, where IDP can be used to extract data from forms such as job applications, mortgage applications, and surveys. This data can be used to create a searchable database, allowing organizations to easily analyze and make sense of the information.
IDP Improves Compliance
In addition to these applications, IDP technology can also be used to improve compliance and security. The extraction and categorization of sensitive information such as personal data, contracts and invoices can be configured to comply with regulations such as GDPR and HIPAA. And also, IDP can also be used to detect fraudulent activities such as fake invoices and duplicate payments.
In conclusion, Intelligent Document Processing (IDP) is an automated process that allows organizations to extract, classify, and understand structured and unstructured data from various types of documents. By using a combination of technologies such as OCR, NLP, and ML, IDP can process large volumes of documents quickly and accurately, greatly improving efficiency and reducing manual labor.
IDP has a wide range of applications, including invoice processing, contract management, form processing, improving compliance and security. As a result, IDP can help organizations to streamline their processes, improve accuracy and gain a competitive advantage.
About Forward Vision Technology
The FVTech leadership group has deep roots within the RPA and process automation space. With over 20 years of combined RPA SaaS development experience, and over 100+ RPA development and deployment projects under our belts, we can ensure our clients experience an optimized delivery service and achieve maximum ROI on automation projects. Because automation is in our DNA, we provide expert process guidance when designing digital workers for our clients. We've deployed digital workers within healthcare, real estate, insurance, banking / financial services, and dozens of other industries so we know what works, and what really works. Our motto is, "let's get it done", and we exist to help align your processes with forward vision.