Data extraction software has increased in popularity over the past few years, helping companies become more efficient with their daily activities. Some industries use data extraction software when validating and verifying data while others use it to simplify complex processes. No matter the end goal, data extraction software can prevent the big mistakes that manual extraction presents.
Although data extraction software can help many companies as a tool for digitizing data, it is now nearly obsolete due to emerging technologies entering the market. Some of these emerging technologies are attempting to solve the complexities associated with straight-through document processing, and out of these efforts, the industry of Intelligent Document Processing (IDP) was born. IDP is a process that uses Optical Character Recognition (OCR) and oftentimes Artificial Intelligence capabilities to classify documents and extract and verify data. Plus, self-learning features help to increase efficiency and accuracy each time it is deployed. This formula acts as the most comprehensive extraction tool out there, and it can greatly exceed what humans can do by hand. Due to its ability to achieve straight-through processing without human intervention, many companies are incorporating Intelligent Document Processing as a complete form of data extraction into their processes, allowing them to process large quantities of structured, semi-structured, and unstructured documents in short periods of time. This automation technology is only becoming more popular, with a recent report estimating that the global market for IDP will climb to $4.1 billion by 2027.
The amount of information that companies must manage seems to be increasing exponentially, and this has driven companies to find better ways to manage large amounts of data as accurately as possible. Recent global events have created a greater demand for digital processes, and data needs to be extracted accurately and shared quickly like checks to banks, healthcare claims to insurance companies, and loan requests to mortgage and financial institutions. Technology allows us to shorten wait times, which is great when you’re the end user but difficult when you’re the provider, handling thousands or even millions of processes at once. With recent innovations in the IDP industry and no end to growth in sight, you can expect to see more organizations adopting Intelligent Document Processing technology over the coming years.
Parascript is an established innovator in the IDP industry with simple solutions for common document-based processes. For more information contact the Parascript team today.