The following are a few excerpts from the industry brief by Quadrant Knowledge Solutions.
Intelligent Document Processing (IDP) is a process of automatically capturing structured, semi-structured, and unstructured data from various types of documents, including word files, emails, PDFs, scanned documents, and such others to streamline document processing workflows within organizations. An IDP solution classifies the document type, extracts relevant information from the documents, and then exports this data to the business workflows that can be leveraged by teams to achieve their organizational goals. An IDP platform utilizes technologies, such as AI, deep learning, computer vision, and Natural Language Processing (NLP) for capturing, classifying, and extracting data. IDP solutions help organizations automate business processes and improve overall operational efficiency and productivity.
Organizations have been using traditional technologies, such as optical character recognition (OCR), for document processing. The OCR technology recognizes characters and symbols on various docs to interpret the data. However, driven by digital transformation trends, organization’s data assets and sources are growing in volume and complexities requiring the need for advanced document processing solutions. While OCR continues to be a part of the document processing ecosystem, IDP serves as an intelligent and advanced document processing solution for complex data formats, as it can deliver higher document processing accuracy for complex data formats.
Several emerging vendors offer key IDP capabilities, such as data capture, recognition, classification, validation, verification, and integration. However, the length and the breadth of the technologies vary by different vendors’ offerings. Users need to evaluate IDP solutions from their organization’s specific and use case-specific perspective. IDP solutions can be highly beneficial for organizations that want to automate the processing of paper documents. It can also cater to a wide range of industry-specific use cases that help organizations to streamline their operational processes and customer-centric workflows.
Quadrant Knowledge Solutions research “SPARK Matrix: Intelligent Document Processing (IDP), 2020” includes a detailed analysis of the global market regarding short-term and long-term growth opportunities, emerging technology trends, market trends, and future market outlook.
Parascript’s IDP platform helps organizations to reduce the complexity and costs involved with document classification and data extraction. The company offers a product FormXtra.AI Capture that automatically configures image perfection, classification, and data extraction rules. The platform leverages its smart learning capability for document classification, data location, extraction, and validation solution that help organizations to significantly reduce the time of the ongoing configurations. Smart learning assists users to execute tasks such as image clean-up and pre-processing, often referred to as image perfection in documents when collecting data. The Parascript platform’s technological differentiators include smart learning capability, multiple data support, reliable confidence scores and automated optimization, automated data curation and cascade classifier.