Nearly every business has to deal with documents on a daily basis, whether it is a small business or a full-fledged enterprise. They need a solution to digitally manage their documents, and that too with a high level of accuracy. But what can be the solution for that?
The answer lies in intelligent document processing, which is a revolutionary approach backed up with the power of artificial intelligence. With AI, the document processing process not only automates but is also able to extract valuable insights in the form of chats, voices, and more. All of your documents are processed within seconds with top-level accuracy and productivity using the latest technologies.
But there is a lot more in the backend, right from the working to the technologies and more. Let us help you understand the power of AI in intelligent document processing solutions in detail.
Understanding Intelligent Document Processing
For business operations, intelligence document processing and management is one of the most beneficial advancements.
Multiple technologies like optical character recognition, natural language processing, and machine learning are combined to automate the extraction and validation process of data from a massive number of documents. And all of that takes place with no errors at the highest speeds.
Implementing intelligent document processing can reduce the processing time by as much as 50%, which is a very solid boost to the productivity and efficiency in any business.
How does AI-based intelligent document processing work?
The Artificial intelligence development solutions like IDP goes from multiple steps to ensure intelligent processing of documents. Here are the major 6 steps that take place behind the scenes.
Document Digestion
The process starts with the addition of documents, where the documents can be added from multiple sources like emails, scanners, or even digital uploads. The system is capable of taking different formats such as PDFs, images, Word docs, and more.
Preprocessing of Documents
Before fetching the data from documents, all the documents go through a process of pre-processing. Here the scanned documents are converted into machine-readable text using optical character recognition (OCR) technology. The system also cleans the text and formats it in a form that will help it to perform operations with high speed and accuracy.
Extraction of Data
To extract relevant data from the documents, the system makes use of natural language processing and other machine learning models. This can involve recognizing key fields such as names, dates, amounts, and other pertinent information.
Data Validation
The extracted data then goes through a validation process to meet the predefined rules of databases for consistency. For example, checking of dates and amounts in the invoices to be cross-verified with the existing and converted data.
Integrating Data in Apps
The validated data is then integrated into multiple apps that a business uses, which can be the ERP systems, content management systems, or any other databases. This integration is seamless so that the information is readily available for real-time processing and decision-making right from the business apps.
Post Processing and Analytics
Finally, the processed documents and extracted data are stored safely for the analytics tools to make necessary analyses for generating key insights for the business. Top-level authorities can identify the trends, check compliance metrics, and assess efficiency in the operations for making further decisions.
Importance of IDP in Business Operations
Businesses are switching from traditional document processing to intelligent document processing as they have realized its importance. Take a look at why IDP is important even for your business.
Better efficiency and accuracy
With Intelligent Document Processing, businesses achieve efficiency and accuracy in all of their operations. It is because the extraction and processing of data from documents reduces the manual effort and errors. As a result, there are faster processing times and increased productivity.
Compliance and Security
When you hire AI software development services, you can discuss that your document processing system should comply with specific industry standards. This will result in secure data handling and protecting all your sensitive information from possible data breaches.
Nearly no manual labor required
With an IDP, you are going to automate all your document-related tasks, which directly cuts down the operational costs. Existing employees in the business can focus on more value-added activities related to business growth.
Right Decision-Making
When data extraction takes place in real-time, top-level authorities can get anything from anywhere and in any context. This helps them make more informed decisions quickly.
Advanced AI Technologies that Work Behind the Scenes
We have seen the working, but there is quite a lot to understand in the specific technologies that come into action during the intelligent document processing. When you build your ai development solutions related to documents, below technologies will be working together.
Generative AI and OCR
Generative AI with Optical Character Recognition (OCR) is one of the main technologies that works behind the processing of documents and revolutionizes. Generative AI models have the potential to create human-like text, like summary creation, report creation, and other document tasks. OCR technology is used to convert scanned documents into editable and searchable text.
NLP for Context Understanding
Natural Language Processing is another underlying technology that plays a major part in understanding and processing human language. When processing documents, NLP algorithms work with text to find out its context and meaning for the extraction of relevant information.
ML and Deep Learning for Data Analysis
Machine learning and deep learning models are trained on huge amounts of data to recognize patterns and improve the accuracy of the data extraction process over time. These models are flexible to adapt to different document types and formats. Deep learning even works with complex patterns in data understanding forms and handwritten notes.
Robotic Process Automation for Automating Tasks
Robotic Process Automation is for repetitive tasks like data entry, validation, and filing to remove the manual effort and increase efficiency. RPA bots can work round the clock, 24/7, with large volumes of documents consistently with accuracy.
White Label Conversational AI for Customer Interaction
White Label Conversational AI solutions allow businesses to integrate a user interface in the form of chatbots for document processing workflows. These chatbots handle customer inquiries and assist customers in document-related tasks.
Cognitive Reasoning and Decision-Making
With the help of cognitive AI models, systems can do reasoning for the data. In document management, cognitive reasoning is applied to tasks like risk assessment, compliance checks, and workflow optimization for smart, ethical, and balanced decisions.
Practical Applications of AI-based Intelligent Document Processing
So, we have simplified the technologies that go into intelligent document processing solutions. Let us now picture the practical applications to give you a better understanding.
- Invoice Processing: Automatic extraction and validation of data from invoices.
- Report Generation: Generation of detailed reports from various sources for creating financial summaries, performance reports, and compliance documents.
- Document Classification: Intelligent models classify and organize documents on the basis of content for accessibility and searchability.
- Document Q&A: Answering questions related to documents, which is very useful for customer support and internal information retrieval.
- Contract Analysis and Management: Management of contracts by extracting key terms, dates, and clauses for identifying potential risks and opportunities.
How NetSet Software Can Help with Intelligent Document Processing Solutions?
NetSet Software can help you develop an intelligent document processing system that integrates flawlessly with your legacy systems. We have been helping businesses achieve digital transformation from the last decade.
Businesses from diverse industry have partnered with us for artificial intelligence development services, where document processing and chatbots were major queries. All our solutions seamlessly integrate with various business apps. Through continuous support and maintenance, we are able to function optimally and make necessary changes.
If you also want to boost your productivity and reduce costs with better document processing, contact us.
