5 Real-life examples of Intelligent Document Processing and why it is the key to Accuracy

Around 80% of the data across an organization is in an unstructured format which makes it difficult for the employees to manually capture the data from different formats. Documents are received in different forms such as emails, PDFs, image files, scanned documents, etc. which is sometimes non-readable, hence causes errors in data.

Some companies have adopted technologies like OCR to overcome such challenges, but even OCR has its limitations. An OCR tool is unable to read the unstructured documents or identify or read through from different languages. Intelligent Document Processing (IDP) is beyond OCR as IDP solutions have a blend of Artificial Intelligence (AI) which helps it in reading all kinds of documents while maintaining accuracy.

Intelligent Document processing solutions classify the data from the documents and automatically fills the data into the required format. It also extracts the relevant data required for further processing. With AI, IDP solution overcomes the challenges of OCR such as deskewing images, character repair, and speckled images with text.

IDP tools have shown to have over 99% accuracy which is far more than accuracy received in OCR. According to a recent report by Everest Group, the IDP market is expected to grow at a CAGR of 27-30% in 2021.

Below are 5 real-life case study examples of how companies successfully achieved accuracy and saved costs by investing in intelligent document processing tools:

1. A Large European Manufacturer automates the processing of 140,000 invoices annually to increase efficiency: One of Europe’s largest manufacturers of valves automated the entire accounts payable process and implemented an IDP solution to capture the data from more the 140,000 invoices that were received in different formats. The helped the manufacturer to improve its overall productivity by more than 25% and improve organization-wide cash flow management.
2. Automated Mortgage Applications Processing For A Leading US Bank: The bank wanted to automate the mortgage processing and was looking to digitize more than 1.4 million bank documents. It implemented an intelligent document processing tool for auto-classification and capturing of data from different unstructured formats of documents.
3. Streamlined Accounts Receivables Process For A Leading Publishing Giant: The publisher used an intelligent document processing solution to automate the entire order-to-cash cycle and capture the data from payment receipts to increase accuracy.
4. TruAI Helps In Media Tracking For A Large Advertising Company: Intelligent document processing helped one of the world’s largest advertising companies to capture data from different web sources in order to reduce time and increase efficiency.
5. Data Capture in Vendor Reconciliation Process for One of World's Largest Universities: One of the world’s most prestigious universities wanted to process the outstanding documents from the vendors. It implemented an intelligent document processing solution which helped them in automatically capturing data from statements in multiple formats which led to faster processing.