DOCUMENT Fall 2023

Page 24

documents can encompass a range of file formats, such as images, PDFs, emails and handwritten forms that do not adhere to a predetermined data model or standardized layout. IDP goes beyond the Optical Character Recognition (OCR) by using sophisticated machine learning algorithms to understand the content and meaning of documents. It combines AI methods, like natural language processing, computer vision and pattern recognition to accurately capture, categorize and extract relevant information from documents.



Revolutionizing data extraction and workflow automation


By Shalini Nagar

n this era of rapid digitalization, companies deal with large volumes of data on a daily basis. Traditionally, managing documents has been time-consuming and prone to mistakes resulting in delays, expenses and decreased efficiency. Fortunately, the rise of Artificial Intelligence (AI) and Machine Learning (ML) has brought about a solution called Intelligent Document Processing (IDP). IDP has transformed how organizations extract, understand and



leverage information from documents. It simplifies workflows and empowers businesses to operate smarter and faster.

WHAT IS INTELLIGENT DOCUMENT PROCESSING? Intelligent Document Processing involves utilizing artificial intelligence and machine learning technologies to automate the extraction and handling of information from unstructured documents. These unstructured

Intelligent Document Processing provides advantages that can enhance business operations and boost efficiency. By automating tasks like data entry, IDP minimizes the possibility of mistakes and allows employees to dedicate their efforts to more intricate responsibilities. This not only saves time but also enhances precision resulting in cost savings for the company in the long run. Furthermore, IDP offers data management and analysis capabilities in addition to its efficiency and accuracy. By extracting and examining data from sources, companies can acquire valuable insights into their operations.

WHAT IS CAUSING THE RAPID GROWTH OF IDP? According to a report published by Research Nester, there has been a significant increase in the growth of IDP. The report predicts that the global market size for document processing is expected to reach USD 122 Billion by the end of 2035 with a compound annual growth rate (CAGR) of 40.50% between 2023 and 2035. Additionally, in 2022 the market size for document processing was USD 2 Billion. IDP has become increasingly necessary due to factors highlighting the difficulties and possibilities that organizations encounter when dealing with the ever-growing amount of

Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.