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Intelligent Document Processing (IDP)
Intelligent Document Processing (IDP) is a technology-driven approach that uses a combination of techniques such as Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), and Optical Character Recognition (OCR) to automate the extraction, interpretation, and processing of information from various types of documents and unstructured data sources.
Here are the key components of Intelligent Document Processing:
Intelligent Data Ingestion
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Document Capture: IDP systems can capture documents from multiple sources, including scanned paper documents, emails, digital forms, and more.
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Data Extraction: IDP systems extract structured and unstructured data from documents using OCR and NLP. This can include text, numbers, dates, and even contextual information.
AI-Enabled Data Processing
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Data Validation and Verification: IDP systems often include validation checks to ensure the accuracy of extracted data. This might involve cross-referencing information with databases or predefined rules.
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Document Classification: IDP can classify documents into different categories based on their content, layout, or context. For example, it can distinguish between invoices, contracts, and receipts.
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Data Integration: Extracted data can be integrated with other software systems, databases, or workflows to automate further processing or data entry.
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Data Transformation: IDP systems can transform data into a structured format suitable for storage or analysis.
Automation And Reporting
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Workflow Automation: IDP can trigger predefined workflows based on the content of documents. For instance, it can route invoices for approval, send notifications, or perform specific actions based on predefined rules.
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Analytics and Reporting: Some IDP solutions offer analytics and reporting capabilities to provide insights into document processing performance and trends.