Intelligent document processing tools have become increasingly important in helping companies manage data and streamline their workflows. These tools will continue to evolve and improve, offering even more advanced features and capabilities.
In this article, we will take a closer look at the best intelligent document processing tools available in 2023. Additionally, we will explore future trends and developments in intelligent document processing and discuss the importance of these tools for any business.
What is intelligent document processing (IDP)?
Power Automate defines IDP as “a workflow automation tool that can process different types of documents and extract them into an accessible format.”
In simple terms, intelligent document processing (also referred to as "intelligent data capture") is data extraction from documents using technologies such as artificial intelligence (AI) or machine learning (ML).
The intelligent document processing market for the US is estimated to reach $2,302.35 million by 2031, with a CAGR (compound annual growth rate) of 20.9%.
Read more about the 7 steps of document processing automation.
Why should businesses implement an IDP tool?
With the global data sphere growing to 175 zettabytes by 2025, investing in IDP solutions is the best way to manage that data efficiently. Adopting digitization is not enough; you need to have an automated workflow in place to scan, read, extract documents, and send them to other tools instantly.
IDP reduces manual labor and increases time efficiency
92% of employees claim that they waste 8 hours per week looking for specific information, according to a Sapio Research survey that ABBY sponsored.
IDP minimizes human errors and improves data accuracy
It goes beyond saying that manual data entry results in many errors and it takes more time to cross-check those mistakes. With a document processing system, you can rest assured that data will be captured accurately, reducing the risk of incorrect information being entered into the system.
How to choose an intelligent document processing software?
With the rise of OpenAI, there has been an increasing number of AI tools on the market recently.
It’s important to invest in the right software that fits your business requirements.
- Can it extract data from any type of document?
- Is it powerful enough to process large amounts of data?
- Is it integrated with high-powered technologies?
- Can it be easily integrated into existing infrastructure?
- Is it compatible with other applications?
- Can it be customized according to your business needs?
Best intelligent document processing tools in 2023
We’ve compiled the best IDP products that you can implement in your organization today.
- It has a template-based extraction platform that is point-and-click and user-friendly.
- It processes documents from invoices, receipts, real estate, and food orders automatically.
- It is integrated with AI OCR, Zonal OCR and Dynamic OCR to extract text accurately from complex PDF files
- It can capture table data from any document format or layout.
- It can send data to any tool through Zapier, Make and Power Automate.
Kofax focuses on cognitive automation to automate document extraction from unstructured data. It also supports mobile capture, enabling users to process documents from their smartphones.
Their pricing is not available on the website; you have to contact them directly to understand their subscription plans.
Rossum is document processing software focusing mainly on the financial services industry. It can process vast amounts of data quickly such as certificates of analysis or Chinese invoices.
However, Rossum can be expensive and may be too complex for small businesses as training the AI model is complicated and requires manual review.
Project Alexandria by Microsoft is a research project to develop a solution using natural language processing (NLP) and deep learning for information extraction.
Their goal is to extract data into a single knowledge base. This software hasn’t been launched yet as it is still under development.
Abby is a data and document capture solution that has advanced recognition capabilities for data extraction. The tool has a feature for image enhancement to achieve high accuracy.
However, the setup and configuration are a bit complex and may not suit those who are not tech-savvy.
Intelligent document processing tools are the future of automation
The 5 IDP tools are just a few examples of the many IDP solutions available on the market today. While each tool has its own strengths and weaknesses, businesses should choose one that aligns with their specific needs and goals.