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Intelligent document processing – why companies need it

The modern world we live in presents us with a number of challenges but also provides us with the appropriate tools/resources to deal with the difficulties. Capabilities such as intelligent document processing fully prove the fact that today the work process can take place in a much easier and efficient way for everyone.

Thanks to software developments for automatically capturing data from different types of formulas (and not only), employees in the accounting or sales department have the opportunity to optimize the process of extracting and processing the information important for company activity. Speed and accuracy are increased and costs are reduced in parallel. Read more about it in the following lines.

Intelligent document processing – what it is and how it helps business?

For many people, intelligent document processing means nothing to them and they are not familiar with the essence of this convenience. However, there are many companies that have already integrated the software into their structures, and this in turn has brought them numerous dividends. Here’s more on the subject:

  • less time to process documents against the background of a good financial statement – we live in times where we receive and exchange a large volume of information with each other on a daily basis. This also applies to company activity where the focal points are correctness, accuracy and speed with which data is retrieved and processed. With the help of intelligent data processing, it all happens in the best possible way;
  • IDP is applicable to structured and unstructured documents, which broadens its scope – some types of forms, invoices, contracts, bills of lading, survey cards and insurance documents have a similar structure that is predictable for the software, but there are also documents where the program has difficulty extracting. However, she constantly “learns” and improves, which improves her work and makes her even more useful for companies;
  • IDP is different from OCR – it is good to distinguish between these two functionalities, as OCR is an innovative technology where character recognition is applicable when they are in text format. In IDP, the applied technique is aimed at machine learning so that the recognition of various patterns is done and then the data is also extracted.

Streamlining the process related to document processing is a major goal in intelligent data processing. The software can be used not only by companies but also by private individuals, as the idea is to improve accuracy and reduce labor costs.

What are the highlights of automatic document data extraction software?

It is important that everyone is familiar with what the steps are in smart document processing. When we are well informed about similar software solutions, working with them will be much more efficient and productive. Here are the stages:

  • capture data after scanning or uploading documents – this is the first step in the process of automatically processing forms of various kinds. Thanks to OCR, characters in text format present in the document are recognized, and then they are transformed into digital format;
  • extracting relevant information from the selected document – it is time to pay attention to the second stage of the intelligent document processing process. This task relies on machine learning and special algorithms to extract document-specific data. this step also applies object and sentiment recognition techniques like this – this feature extracts important information related to customer names, product descriptions and payments;
  • information processing – this is the “finishing touch” in the intelligent processing of documents of different types. After the first two steps are correctly implemented, it is the turn of the data processing, which is possible thanks to pre-established rules. After data processing, the system creates a fully automatic invoice that contains company details, and then the document is sent for approval and payment.

As it turned out, the intelligent document processing software is a “must have” for every modern company that cares about its corporate image, wants to facilitate its employees during the work process, but along with all this, strives to reduce labor costs. Smart Soft is a name which is synonymous with corporate comfort because the brand offers the audience innovative IT solutions with which the business can be significantly improved.

Top benefits and application

We’ve almost reached the end of today’s article where we’ve discussed what intelligent document processing is and how it helps businesses. We have also already mentioned what are the main advantages of the software for automatic data extraction from different types of forms, then follows their processing.

As a conclusion it is good to mention that along with all the dividends like improved accuracy and less costs, decision making is also something that is positively influenced. IDP is a great tool that can be used to analyze customer behavior and respectively rethink the marketing approach based on the data obtained.