The best Intelligent Document Processing provider

Actually, the automation of manual tasks is old hat. As early as the 18th century, companies used mechanical devices for repetitive tasks in the textile industry. Then, with the advent of the Industrial Revolution in the 19th century, companies used steam engines and mechanical conveyors to streamline production processes.

The 20th century saw progress that continues to this day: automation through the introduction of computers and robotics. Industrial robots began to perform dangerous or monotonous tasks in factories. Software took over the automation of simple tasks such as data processing in the office.

With the rapid advancement of artificial intelligence, companies today have the next level of automation.

Intelligent document processing plays a special role here. It makes it possible not only to extract information from documents, but also to analyze and evaluate them. In business practice, this means more efficient and well-founded business decisions.

We will show you what an Intelligent Document Processing provider should bring to the table so that your company can take the next step in automation in the digital transformation. In the process, we also show how and in which industries you will particularly benefit from the technology.

The most Important in a Nutshell

  • Intelligent Document Processing vendors provide software for extracting, analyzing and evaluating documents.
  • Companies operate more efficiently, error-free, customer-friendly and competitive with IDP software.
  • Konfuzio is the ideal Intelligent Document Processing provider for medium and large enterprises that need to process huge volumes of documents on a daily basis.
intelligent document processing provider definition

What is Intelligent Document Processing?

Intelligent Document Processing (IDP) is a technology for automated, intelligent document processing. IDP uses machine learning and artificial intelligence, in order to extract information from different types of unstructured documents, convert them into digital data, and analyze them according to your own criteria.

Companies and public institutions use the technology to automate manual and time-consuming tasks. These include, for example, the extraction of data in invoices, contracts and forms. In doing so, IDP not only automates the process, but reduces errors and - most importantly - gives companies valuable insights into their data. In other words, Intelligent Document Processing enables data-driven business decisions. This makes IDP a powerful tool for automating document processes and optimizing workflows. As a result, it is used today in a variety of industries. These include finance, healthcare, logistics, legal, retail and human resources.

Intelligent Document Processing vs. Robotic Processing Automation

IDP and Robotic Process Automation (RPA) are two different technologies that companies use to automate processes and increase efficiency. Intelligent Document Processing providers focus on automated document processing. They use machine learning and AI to extract information from different types of documents and convert them into digital data. IDP is particularly useful in industries where physical document processing plays a major role.

Robotic Process Automation, on the other hand, uses software robots to automate repetitive tasks and processes.

These robots mimic human activity to transfer data and operate systems. RPA is versatile and particularly common in industries such as customer service and logistics. 

The main difference between the two technologies lies in their scope. While IDP specializes in the processing of complex documents, the RPA more widely applicable. But: IDP goes one step further in the process of processing. It not only takes over simple, manual tasks, but also analyzes data and thus provides important insights for workflows and business decisions. Which of the two technologies is right for companies is decided by the specific requirements and goals of an automation. In many cases, IDP and RPA work together to optimize complex business processes.

Intelligent Document Processing vs. Optical Character Recognition

IDP and optical character recognition (OCR) are two technologies for processing documents. Unlike IDP, OCR focuses mainly on recognizing printed and handwritten text in documents and converting it into a machine-readable format. It has the advantage of being very accurate in text recognition, but it cannot - like IDP - analyze, interpret, evaluate and automatically pass the obtained information to subsequent workflows. The choice between the two depends on specific requirements and intended use. Powerful software combines OCR with IDP to enable comprehensive automation of processes.

intelligent document processing provider benefits

Intelligent Document Processing Benefits

IDP enables efficient and accurate document processing and helps to optimize business processes and increase customer satisfaction. What are the Intelligent Document Processing benefits for companies in detail?

Intelligent automation of tasks

IDP automates manual document processing operations. For example, it extracts relevant information from invoices and transfers it to an accounting system. Companies thus save time and effort for manual data entry.

Practical example

A company receives hundreds of invoices every day. Without IDP, employees would have to manually open each invoice, search out the data, and enter it into an accounting system. IDP handles these tasks automatically. The system opens the invoices, extracts the required information such as invoice amount, invoice number and payment deadline and transfers it to the accounting software. This not only saves a lot of time, but also minimizes human errors that occur when data is entered manually.

Speed

Intelligent Document Processing Companies process documents in fractions of a second. In this way, companies and public institutions always have up-to-date information. This is often indispensable, especially in the financial and healthcare sectors.

Practical example

In a hospital that treats hundreds of patients per day, fast access to patient records is critical. IDP searches all documents, including physician reports, lab results and medical images, at lightning speed. For example, when a physician urgently needs a patient's medical history, IDP delivers relevant information within seconds, speeding diagnosis and treatment.

Precision

Through AI and machine learning, IDP minimizes errors in document analysis. This is of enormous importance, especially in industries where details are crucial. This includes above all the Legal sector.

Practical example

A law firm uses IDP to review contracts. The system automatically extracts the contract clauses and checks them for completeness. If a clause is missing or incomplete, IDP detects it. This allows lawyers to correct the contract before it becomes legally binding, minimizing the risk of legal problems and disputes.

Scalability

Intelligent Document Processing Vendors process large volumes of documents without companies having to absorb additional personnel costs. This is especially useful for companies that have to deal with high or highly variable document volumes.

Practical example

An insurance company that has to process a high number of claims benefits from IDP. Instead of hiring additional staff to handle the flood of documents, the company uses IDP. The system extracts relevant information from claims and places it in the right files. It doesn't matter if there are 100 or 1,000 claims. An Intelligent Document Processing provider handles the work efficiently.

Better data utilization

IDP not only extracts information, but also makes it available for analysis. Companies are thus able to generate added value from their data that would remain hidden from them without IDP or could only be determined with a great deal of effort.

Practical example

A retail company wants to improve its sales forecasts. With IDP, it processes all contracts and orders automatically. The system extracts information on products, prices, customers and order history. In this data, IDP identifies trends and creates accurate sales forecasts based on them. Based on these accurate forecasts, the company optimizes its inventory levels and ensures that popular products are always available.

Better use of resources

With fewer manual, repetitive tasks to perform, employees can focus on strategic tasks. Companies are thus able to assign employees to more complex challenges, the solution of which generates greater added value.

Practical example

In a human resources department, IDP means significant time savings. Instead of spending hours manually reviewing application documents, an Intelligent Document Processing Solution automatically analyzes resumes and applications. It extracts information on applicants' qualifications, work experience and contact details. This allows HR staff to focus on selecting the best candidates and developing staffing strategies.

Compliance

Intelligent Document Processing providers ensure compliance with regulations and guidelines. To do this, software monitors previously defined legal criteria and documents the processing of documents. This is particularly important in the financial and legal industries.

Practical example

A financial institution must ensure that there is no money laundering or fraudulent activity in its transactions. With IDP, the company automatically checks all transaction documents. The system extracts relevant data, such as transaction amounts and parties involved, and matches it against a database of suspicious activity. If it detects irregularities, it triggers alerts so that compliance officers can intervene.

Improved customer experience

By processing requests quickly, companies offer their customers better service. This increases customer satisfaction and thus customer loyalty. 

Practical example

A telecommunications provider wants to speed up the activation of new contracts. IDP processes contracts, proof of identity, and payment information automatically. It verifies the information and ensures that it is complete and correct. This speeds up the entire activation process so customers can benefit from their new services faster.

Learn now how your business can benefit from an Intelligent Document Processing provider. Speak with one of our AI experts and let us advise you without obligation!

find intelligent document processing provider

Intelligent Document Processing Vendors - How to find the right Software

In order to choose the right Intelligent Document Processing provider, companies must first and foremost be aware of their own automation requirements and goals. To determine these, they can, for example, conduct a requirements workshop or seek advice from Intelligent Document Processing Companies. Basically, the following criteria are relevant for finding the right software for your individual requirements:

Functionality and adaptability

The IDP solution should not only be able to process different types of documents, but also meet specific industry requirements. For example, a financial services company needs IDP software that offers a function to analyze complex financial reports and extract transaction data. Only if the software offers this appropriate requirement and is flexible can companies adapt the solution to their workflow and individual needs.

Precision

The accuracy of an IDP solution is critical to minimizing document processing errors. A powerful Intelligent Document Processing provider should use advanced technologies such as machine learning, neural networks, natural language processing (NLP) and Computer Vision Only in this way is software able to extract and classify information with a high degree of accuracy. For this, companies should check examples of the software in which it has successfully processed complex documents.

Scalability

A compelling Intelligent Document Processing provider should be able to handle an increasing volume of documents with ease. This is the only way for companies to ensure that they can still process documents efficiently with - possibly rapid - growth. At the same time, the solution should neither work noticeably slower with an increasing number of documents nor cause companies additional work. A cloud or powerful servers are usually able to ensure this scalability.

Integration

Companies must be able to integrate the Intelligent Document Processing provider seamlessly into their existing IT systems. This is the only way they can ensure a smooth flow of data. This requires well-documented interfaces and the ability to deal with different file formats and protocols. Intelligent Document Processing Vendors should have experience in integrating IDP into different environments and provide support for this.

Data validation and security

The IDP solution should have data validation and verification mechanisms to ensure that the extracted information is correct. It should therefore, for example, cross-check the data with external sources or establish and use validation checking rules. In addition, a robust security architecture is required to protect confidential data. For this, an Intelligent Document Processing provider should demonstrate security certifications and compliance with data protection regulations.

Support and training

Efficient technical support is critical to resolve issues quickly and ensure smooth operation of the IDP solution. Intelligent Document Processing Companies should therefore offer support channels such as phone, email and chat. If the software is complicated and cannot be operated without a learning phase, the provider should offer training to ensure that companies can use the solution effectively.

Costs and ROI

Organizations should evaluate the total cost of ownership of the IDP solution, including license fees, implementation costs and ongoing operational costs. It is important to consider the expected return on investment (ROI). This way, they make sure the solution is economically viable. To calculate this, companies should consider criteria such as cost savings, error reduction and improved process cycle times.

References 

A compelling Intelligent Document Processing vendor should provide references from similar implementations at other companies. These references provide insight into the solution's performance and the vendor's experience. In addition, companies should ask for customer feedback and case studies to make an informed decision.

Review of 5 Intelligent Document Processing providers

Once the requirements for automation have been clarified and companies have internalized the relevant criteria for vendor selection, they can take a close look at various solutions. We take a look at 4 Intelligent Document Processing providers that are more suitable for smaller companies:

ProviderBrief introductionBenefitsDisadvantages
UiPathUiPath offers a user-friendly platform for RPA and document processing. The software enables the extraction of data from documents and efficient process automation.- User friendly interface

- Large developer community
- Price quite high

- May not be suitable for very complex requirements
KofaxKofax offers solutions for intelligent data capture, document management and workflow automation. The provider specializes in extracting data from documents.- Precise data extraction technology

- Scalable for small businesses
- Possibly higher costs for full functionality

-User friendliness varies
GrooperGrooper specializes in automated document capture and processing. The Intelligent Document Processing provider has data extraction and workflow automation capabilities.- Flexible configuration options

- well suited for unstructured documents
- little user friendly

- not too many integration options
Nintex RPANintex RPA is an RPA platform that also provides document automation capabilities. It enables the extraction of data from documents and the automation of workflows.- integrated RPA and document functionality

- user-friendly interface
- Possibly limited document types

- Range of functions not as large as for providers for large companies

Konfuzio as a powerful Intelligent Document Processing Provider for large enterprises

Konfuzio is a highly specialized document processing, extraction and analysis solution. Via advanced artificial intelligence, this Intelligent Document Processing provider makes it possible to process large volumes of documents accurately and efficiently.

Konfuzio is therefore particularly suitable for medium-sized and large companies that have to manage an enormous volume of documents on a daily basis.

For example, to derive informed business decisions even from massive amounts of data, Konfuzio has pre-trained categorization models, file partitioning algorithms, and hybrid extraction AI that companies can tailor for each use case.

In practice, this means that companies automate comprehensive daily work steps with Konfuzio. In this way, they optimize their processes, reduce the error rate and make informed decisions. This makes companies more flexible, scalable, customer-friendly and thus more competitive.

Learn more about how Konfuzio can support your business. Talk to one of our AI experts about it!

"
"
Jan Schäfer Avatar

Latest articles