Enterprise data is at the heart of digital transformation, but unfortunately 80 % of all enterprise data is embedded in unstructured formats such as business documents, emails, images and PDF documents. IDP, Intelligent Document Processing, offers the next generation of automation.
Document processing is a familiar term to many organizations and something that business functions have been performing on a daily basis for several years. It is the process of translating the content of a document (electronic or physical) into something that is usable and has meaning. The tasks required for document processing are typically repetitive and manual, and because of the high volume involved, they become labor intensive and often not very rewarding for employees.
With the boom in digital transformation, the amount of data in companies is growing rapidly. According to industry experts, the amount of data worldwide is expected to exceed 150 zettabytes by 2025. Most of this information is stored in texts, emails, PDFs and scanned documents. The banking, finance, healthcare, education and government sectors have always struggled with manual document processing. However, with the introduction of intelligent document processing tools, the processes are becoming more cost-effective.
Processing unstructured and semi-structured documents is a complex task for companies. Accuracy and speed are the most important factors that are becoming more and more important in enterprises. OCR has also been available in the document processing market for a number of years, but speed and accuracy have not been proven in comparison to IDP. On the other hand, companies are looking for fast document processing with high accuracy, as small errors can lead to downtime and losses. As a result, IDP has proven to be a reliable software tool that uses AI technology to process complex unstructured and semi-structured data.
Intelligent document processing is gaining application areas through NLP and computer vision algorithms as it offers breakthrough solutions to automate data extraction projects that were previously very difficult or impossible to solve. Intelligent document processing solutions offer direct cost savings, ease of use, increased accuracy and process efficiency, among other benefits.
Currently, companies use data to introduce new business models, create new revenue streams, improve the customer experience, create personalized services, and become more agile. This dependency is increasing over time as the world experiences unprecedented growth in the volume of data. The increase in data volume and variety presents unique challenges for data management. Without the right data strategy, executives face vast amounts of data that are difficult to leverage and analyze, leading to operational inefficiencies and ultimately lost profits. Intelligent document processing can be applied to a wide range of business applications across industries where knowledge workers continue to process documents manually. Examples include horizontal use cases such as processing purchase orders and invoices, as well as industry-specific use cases such as insurance applications, customer information, and loan applications, to name a few. In this regard, data-centric industries are the key end users of the intelligent document processing solution.
Integration of RPA with IDP solutions is expected to be a major opportunity for the intelligent document processing market during the forecast period. Intelligent document processing is an essential component of intelligent automation. However, automation can only go as far as data is available to work with. When using off-the-shelf RPA systems, setting up data extraction for automation is often a separate third-party project, adding additional ongoing costs and fragile integration points. The effective Extraction of data and structuring of information helps automate the majority of business processes that today rely on manual intervention and input. Embedding IDP into the RPA platform enables business users to automate processes end-to-end.
IDP and RPA together provide a simple but effective tool for automating enterprise business processes. Like RPA, IDP tools are non-invasive, integration-friendly and can be used across many industries and business functions. Therefore, integrating RPA with IDP could be a great opportunity for the industry and provide lucrative revenue and profit opportunities for smart document processing market players.
The supply chain of the global intelligent document processing market has evolved from a traditional approach to a series of highly efficient processes, including procurement, system integration, and distribution. The supply chain of the intelligent document processing market includes designers and programmers, software/platform developers, system integrators, and end users. Based on component, the intelligent document processing market has been segmented into solutions and services. The solutions segment accounts for the largest market share and is expected to maintain its dominance during the projected period. This is due to the adoption of advanced intelligent processing software solutions across industries. The solutions are deployed both on-premise and in the cloud.
Based on the component, the intelligent document processing market has been segmented into solutions and services. The solutions segment accounts for the largest market share and is expected to maintain its dominance during the projected period. This is due to the adoption of advanced intelligent processing software solutions across industries. The solutions are deployed both on-premise and in the cloud.
Based on deployment mode, the intelligent document processing market has been segmented into on-premise and cloud-based solutions. The cloud-based delivery model is expected to grow at a significant CAGR during the forecast period. In recent years, the software-as-a-service model has gained extraordinary traction among small and large enterprises. Several large enterprises are using cloud-based models with a hybrid cloud approach
We use a homegrown combination of technology and algorithms for natural language processing (NLP), optical character recognition (OCR), and deep computing for intelligent document processing.
Enterprises, banks, insurers, and the public sector are integrating smart document processing via RPA or via API, which is the most important trend in the smart document processing market.
IBM (US), Kofax (US), WorkFusion (US), ABBYY (US), Automation Anywhere (US), Appian (US), UiPath (US), Datamatics (India), AntWorks (Singapore), OpenText (Canada), Celaton (UK),
HCL Technologies (India) and Kodak Alaris (UK) are vendors in the market. Our software offers the intelligent alternative made in Germany.
