Let's dive into the magical world of Intelligent Document Processing (IDP) -- the superhero of data management and workflow zen. IDP tools are like the cool kids on the block, helping companies get their data game strong and workflows smoother than a well-edited TikTok dance.
In 2024, we're not just talking about IDP; we're throwing a spotlight on the Avengers of document processing tools!
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 simpler terms, IDP (or the cool kids call it "intelligent data capture") is like the AI and ML wizards of data extraction. They're like the sorting hats for your documents, making sure each piece of info finds its perfect home.
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 ride the IDP wave?
With the global data sphere growing to 175 zettabytes by 2025, investing in IDP solutions is the best way to manage that data efficiently. Digitization is cool, but to really rock the data party, you need an IDP tool that can scan, read, extract, and send docs faster than you can say "Ctrl+C, Ctrl+V."
IDP reduces manual labor and increases time efficiency
Ever feel like you're in a maze trying to find specific info? 92% of employees claim that they waste 8 hours per week looking for specific information, according to a Sapio Research survey that ABBY sponsored.
An IDP tool integrated with optical character recognition can easily recognize and read unstructured data such as handwritten text, special characters or symbols in any language.
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.
It enables end-to-end document processing
We can safely say that IDP is a game changer for many industries such as real estate, food ordering, job search, Google Alerts, among others. It enhances compliance, security and helps streamline business operations.
How to choose an intelligent document processing software?
Picking the perfect Intelligent Document Processing (IDP) software is like selecting the right superhero for your data adventures. 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 2024
We've compiled the best IDP products that you can implement in your organization today.
Parseur
Parseur is a powerful AI document solution to automate data extraction from emails and documents.It processes documents from invoices, receipts, real estate, and food orders automatically.
- It can 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
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
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
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 FlexiCapture
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.
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