A Complete Guide to Intelligent Document Processing: Benefits, Technologies, Use Cases & More
Did you know the global intelligent document processing (IDP) market is projected to scale from USD 7.89 billion in 2024 to USD 66.68 billion by 2032, growing at an impressive CAGR of 30.6%?
Why? Because businesses everywhere are realizing the challenges to keep up with the demands of efficiency and accuracy in traditional document management methods. Enterprise leaders are increasingly recognizing the need to modernize these old methods, turning to intelligent document processing solutions for a smarter, faster and more reliable approach to managing data.
In this comprehensive whitepaper, we will explore what intelligent document processing is, how it is transforming document workflows, and how it converts raw, unstructured data into actionable insights—faster and more accurately than before.
What’s Inside?
1. What Is Intelligent Document Processing (IDP)?
Learn how IDP leverages advanced technologies like AI and machine learning to process invoices, emails, contracts, and more.
2. The Evolution of Document Processing Automation
Trace the journey from manual data entry to automated document processing powered by innovative solutions.
3. Intelligent Document Processing vs. Other Solutions
Understand the key differences between OCR, automated document processing, and IDP to choose the best solution for your needs.
4. Benefits of Intelligent Document Processing Solutions
See how IDP eliminates tedious tasks, reduces human error, and enables smarter decision-making by structuring and validating data.
5. How Does Intelligent Document Understanding Work?
Explore the steps IDP uses to digitize, classify, extract, validate, and organize data from various types of documents.
6. Real-Life Intelligent Document Processing Use Cases
From banking and insurance to aviation, discover how industries are enabling efficiency and improving workflows with intelligent document understanding.
7. Finding the Right Intelligent Document Processing Solution
Learn what to look for in an IDP solution, including customization, scalability, and security features, to meet your organization’s unique requirements.
Ready to Optimize Your Document Management?
Download this whitepaper now to get access to everything you need to know to step up successful document management process by leveraging the power of intelligent document processing for your business.
Meet the Authors
Hemant Kaushik & Rhishikesh Sonawane
With years of expertise in intelligent document processing solutions, Hemant and Rhishikesh bring you actionable insights and guidance on implementing IDP effectively in your business.
Questions? We’re Here to Help!
Got inquiries about automated document processing or want to explore the best options for your organization? Reach out to us at info@accelirate.com. We’re here to listen and collaborate with you.
FAQs
Automated Document Processing (ADP) digitizes and stores documents for easy access and searching, typically using OCR and basic storage solutions. It focuses on making documents searchable but lacks the ability to interpret or analyze the data.
In contrast, Intelligent Document Processing (IDP) goes a step further by leveraging AI and ML to extract, organize, and analyze information from documents. IDP can understand the context and meaning of the data, enabling businesses to gain actionable insights and streamline complex workflows.
Optical Character Recognition (OCR) extracts text from scanned images or PDFs, converting them into a machine-readable format. However, OCR lacks the ability to understand or interpret the extracted text.
Intelligent Document Processing (IDP) combines OCR with advanced technologies like AI and ML to not only extract text but also comprehend, categorize, and validate the data. IDP automates end-to-end document workflows, providing structured, meaningful insights from unstructured data.
IDP solutions can process a wide variety of document types, including:
- Invoices: Extracts line items, dates, and amounts for accounts payable.
- Contracts: Identifies clauses, obligations, and deadlines.
- Purchase Orders: Processes item descriptions, quantities, and pricing.
- Resumes: Extracts candidate details for recruitment.
- Medical Records: Analyzes patient data for healthcare management.
- Insurance Claims: Automates claims extraction and verification.
- Tax Documents: Processes income, deductions, and credits.
- Bank Statements: Extracts transactions and balances for financial reporting.
- Meeting Minutes: Summarizes decisions and action items.
- Maintenance Logs: Monitors service history and compliance.
Organizations that handle large volumes of diverse documents and want to reduce manual effort while increasing accuracy should use IDP. It’s particularly useful for:
- Businesses in industries like banking, insurance, healthcare, and aviation.
- Companies seeking to enhance decision-making through data-driven insights.
- Teams aiming to streamline document-heavy workflows and reduce errors.
