June 2, 2023

Business Expense

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Top Intelligent Document Processing Trends for 2023

Intelligent Document Processing, or IDP decodes raw data from unstructured or semi-structured documents and creates organized and usable information. For businesses heavily dependent on documents such as banking and legal, it can enhance efficiency by 85% to 90%. Considering the massive advantages of this automated process, intelligent document processing trends are influencing the market. 

Let’s find out the top IDP trends that can help you increase your company’s efficiency and extract more accurate data. 

Top 6 Trends of Intelligence Document Processing

  1. Industry-based cloud platforms – The primary benefit of a cloud solution is the ability to access documents and resources remotely. Therefore, cloud-based IDP solutions will enable your team and employees’ instant flexibility and scalability that is accessed remotely. The business sectors like healthcare, retail, finance, legal, and more can benefit from document automation. The process of document automation can also adapt to various industries and types of documents like licenses, policy papers, statements, and more. 
  2. Sustainable technology – Sustainability is a growing trend in all aspects of life, including business. All industries are embracing this trend to protect the environment. The foremost benefit of IDP is enhancing the efficiency of your organization. Hence, IDP controls the resources your company uses and its carbon footprint. Creating a paperless office with only digital documents and a streamlined workflow are rising trends in the context of sustainable technology. 
  3. Natural language processing – One of the emerging trends in IDP is natural language processing. The primary benefit of this trend is extracting data that is in context. Hence, the automation can extract unstructured or semi-structured yet contextual data. Based on this contextual data, NLP can arrange the information. Therefore, the process will be able to extract meaningful information rather than just abstract data. 
  4. Security using blockchain – Incorporating blockchain within business functions is one of the emerging trends in automation and digital technology. Blockchain is already operational in business functions such as supply chain management, logistics, and more. Now you can protect confidential and organizational documents using blockchain. Create a decentralized platform tracking the documents from their creation to distribution to ensure they are not tampered with. 
  5. Swift search using automation – The number of digital documents produced daily is significantly high. And finding relevant documents among these is becoming one of the most complex functions. Automation like natural language processing and optical character recognition can help increase the efficiency of the search processes. NLP and OCR will help you to enhance efficiency in document management and search in your organization. 
  6. Automated decision-making – Decision-making is a significant business function for all organizations. The current business environment needs your company to have an elaborate strategy or policy for organizational decision-making. The decision-making process should be swift and data-driven. The extracted information and data by the IDP can help this decision-making process. 

In Summation

Automation and digital transformative solutions aim to enhance efficiency for your organization. If you’re operating in sectors like healthcare, legal, finance, and retail, you can significantly reduce the risk of human error in document processing. Any errors or delay in document processing can result in poor customer experiences, thereby negatively impacting your brand reputation. 

Leverage intelligent document processing trends to become a market leader in your respective fields and sectors.