[vc_row pix_particles_check=””][vc_column][vc_column_text]Companies often look for the most optimal approach to reduce costs and increase overall productivity. When monotonous tasks like data extraction and entry end up consuming a lot of effort and capital, companies must lookout for a dynamic solution that solves multiple problems.
With stacks of paperwork piled up, processing and categorizing documents efficiently becomes a major hassle. This is where a sophisticated IDP solution comes into the limelight. Integrating the right IDP solution can work wonders for your document processing workflow.
In this blog, we will discuss what IDP is, its benefits, and the best IDP solutions in the market.
What is Intelligent Document Processing (IDP)?
IDP or Intelligent Document Processing is a software that automates data extraction, classification, and storage from semi-structured and unstructured documents. It gets rid of any inaccuracies and significantly saves time and manual intervention.
IDP uses AI-based technologies to automate this process. They are:
- Machine Learning (ML)
- Optical Character Recognition (OCR)
- Robotic Process Automation (RPA)
- Natural Language Processing (NLP)
- Data Extraction and Classification Algorithms
According to market reports, the Intelligent Document processing market is estimated to generate a revenue of about $5.2 Billion by the year 2027.
From cost-efficiency to data accuracy, businesses can leverage IDP to its full potential. IDP can read, sort, extract, verify, and organize information from images, digital, printed, and even handwritten documents. It takes over manual tasks, making document processing faster, more accurate, and reliable.
In fact, IDP solutions have already been seamlessly deployed and have become an integral part of operational workflow in various industries such as:
- Healthcare and Medicine
- Supply Chain and Logistics
- Accounting and Finance
- Law
- Trade Finance
- Insurance
- Employee Reimbursement, and Fraud Detection, etc.
Benefits of IDP Solutions
Integrating IDP solutions in your workforce will have a direct positive impact on overall employee productivity and financial savings.
Its benefits are as follows:
- Increased efficiency: IDP solutions can automate a majority of manual tasks over time, like sorting, extracting data, and categorizing documents. This boosts productivity by freeing up valuable human resources for more strategic activities.
- Cost-saving: By reducing manual work, IDP solutions lead to significant cost savings. You can allocate your workforce to more strategic roles, rather than spending their time and energy on mundane and repetitive document tasks.
- Reduces the risk of human errors: Intelligent document processing reduces the scope of manual work, thereby reducing the risk of any kind of human error.
- Accuracy: With AI-powered algorithms, IDP solutions minimize up to 90% of errors that can occur during manual data entry. This ensures that extracted information is highly accurate, reducing the risk of costly mistakes.
- Time Savings: IDP speeds up document processing significantly. What used to take hours or days can now be done in a fraction of the time, allowing employees to focus on higher-value tasks.
- Scalability: As your business grows, so does the volume of documents. IDP solutions can handle a high volume of documents without compromising accuracy, making them scalable to your business needs.
- Data Insights: IDP solutions not only process documents but also extract valuable insights from the data. This can improve decision-making and provide a better understanding of your business processes.
- Compliance and Security: IDP solutions can enforce compliance by accurately processing documents according to regulations. Additionally, these solutions often have security measures in place to protect any sensitive data.
Best IDP Solutions
Figuring out the best IDP solution for your business needs can be a bit overwhelming. Once you find the right solution for you, everything else becomes super easy.
Here are some of the best IDP solutions available on the market:
#1. KlearStack
KlearStack is a dynamic, robust, and highly sophisticated Intelligent Document Processing (IDP) solution. With the power of Artificial Intelligence (AI), it helps to accelerate business automation.
You can eliminate 98% of manual work with the integration of KlearStack’s IDP solution, and get 99% accuracy.
By leveraging OCR, KlearStack extracts data from unstructured documents, images, emails, etc. It helps to cut down costs by 70% and increase overall productivity by up to 20
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To get detailed pricing, you can request a demo and custom quote.
Request a KlearStack demo. It’s free of cost!
#2. Laserfiche
Laserfiche is an enterprise content management and business process automation provider. It helps businesses to digitize their process and effectively manage their information cycle.
With Intelligent Data Capture, it processes large volumes of content, extracts data, and organizes files automatically.
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#3. UiPath
UiPath Document Understanding delegates bots to extract and interpret data from PDFs, images, and handwritten notes. UiPath bots can work with semi-structured as well as unstructured data in many layouts and formats.
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#4. ABBYY FlexiCapture
ABBYY helps to transform enterprise processes and data with purpose-built AI solutions. They help organizations turn their data into actionable outcomes which aids in better decision-making.
Through Its IDP solution FlexiCapture, it transforms data using Artificial Intelligence (AI), Natural Language Processing (NLP), Machine Learning (ML), and advanced recognition capabilities from any document and format into insightful data that helps to make better decisions.
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| Pricing | Schedule a demo to learn more about pricing and other plans. |
#5. Docketry
Docketry’s IDP solution is designed using advanced AI and ML algorithms that handle complex documents easily and extract data accurately across various industries.
It simplifies document processing helping you save time and effort.
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| Pricing | Request for a demo and contact for pricing information |
#6. Automation Anywhere
Automation Anywhere’s IQ bot provides an IDP solution that helps to transform important but unstructured data into easily accessible data.
It uses RPA bots for end-to-end automation and leverages OCR technology.
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| Pricing | Request for a demo or contact the sales team for pricing information and plans |
#7. Infrrd
Infrrd’s IDP solution is an intuitive AI platform that automates the extraction of various types of documents with high-process intelligence.
It helps businesses by providing flexible solutions with a high level of reliability and accuracy.
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Request for pricing or contact the sales team for pricing details.
#8. Super.ai
Super.ai’s IDP solution enables you to extract data from any document with high quality.
It breaks down complicated tasks into simpler ones where each task is coupled with an AI, human, or software worker for optimal outcomes.
Its Data Processing Crowd is a workforce that is built for labeling data, post-processing, and handling exceptions.
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| Pricing | Request for a demo or contact to get pricing details. |
#9. Tungsten Automation
Tungsten Automation (Kofax) uses AI-powered software that helps businesses seamlessly automate their intensive workflows. It provides workflow solutions so that businesses can operate more intelligently and efficiently.
Through its IDP, it combines document capture and OCR technology to accurately process any type of document.
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#10. Datamatics
Datamatics is a Digital Technology, Operations, and Experiences company that helps enterprises boost their productivity and customer experience.
Its Intelligent Automation platform harnesses the potential of IDP and RPA in order to automate tasks, processes, and documents.
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#11. Rossum
Rossum is an end-to-end workflow automation platform. Its IDP solutions help to eliminate manual processes, improve data accuracy, and deploy workforce effectively.
Its cloud-native solution is template-less and low code.
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#12. Docsumo
Docsumo enables businesses to make fast and accurate decisions from unstructured data.
Through solutions such as data extraction, data classification, and AI models, it ensures high accuracy and automation.
It simplifies data extraction and sorting in order to save time and manual effort.
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Contact sales team to enquire about custom pricing of Business and Enterprise plans.
#13. Nanonets
Nanonets helps to automate complicated business processes through AI.
It is a no-code platform that provides your team with the tools needed to make faster and better decisions. Through Nanonets-AI, you can extract valuable data from documents and transform unstructured data into actionable insights.
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How to choose the best IDP solution for your business?
When it comes to choosing the right Intelligent Document Processing (IDP) solution provider, certain Key Performance Indicators (KPIs) are essential for evaluating their effectiveness and suitability for your business:
Selecting the right Intelligent Document Processing (IDP) provider hinges on key performance indicators (KPIs):
- Accuracy: Reliable data extraction to minimize errors. For instance, KlearStack offers 90% accuracy in just 90 days.
- Speed: Swift processing for enhanced efficiency. KlearStack eliminates 98% of manual work, with its accelerated processing.
- Adaptability: Handling various document types and volumes
- Integration: Seamless fit with existing systems.
- User-Friendly: Intuitive interface for smooth adoption.
- Security: Compliance with data protection regulations.
Why Choose KlearStack?
KlearStack is on the list of some of the best accounts payable software in the market. It is known for its features like 99% accuracy, budget-friendly, and 70% cost saving.
- High Accuracy: KlearStack boasts an impressive 99% accuracy rate with AI-driven OCR.
- Budget-Friendly: KlearStack offers flexible pricing to fit your budget.
- Effortless Setup: Its hassle-free setup saves time and resources.
- Versatile Data Extraction: Extracts data from a wide range of document formats with ease.
- Cost Savings: Can lead to significant cost savings, up to 70%, compared to manual entry.
- No Templates Required: Quick and hassle-free setup with no need for templates.
Conclusion
Stop wasting time on manual document processing!
Choose KlearStack, an AI-based OCR solution, that helps in processing documents without any human intervention.Request a FREE demo![/vc_column_text][vc_column_text][/vc_column_text][/vc_column][/vc_row]
