There is a projection that the certificate intelligent document processing or IDP market will reach $1.1 billion for this year alone. As more and more business’ data will exceed 175 zettabytes by 2025.
Such data and information plays a crucial role for every business. However, the challenge here is the existence of the so-called “dark data” which comprises 80%. These dark data are information that are locked in emails, text, PDFs, and scanned documents.
Such existence poses a hindrance to automation and digital transformation. Not only do established enterprises fall victim to such situations, even SMEs. That is why it is best for startups and mid-sized enterprises to learn from such experience.
A certificate intelligent document processing provider for SMEs is a great addition for any small business owner to build a valuable database from grassroots level.
Startups and SMEs are in the best position to add certificate intelligent document processing to your business management arsenal.
Having this in-house may be too costly and not a smart move but there is outsourcing for you. Through outsourcing, you can get both your unstructured and semi-unstructured data into structured and usable information.
IDP solutions are a discipline to read documents and extract data. Thus unlocking the value behind these tons of data and information. This is a practical application of technology and human intelligence to produce valuable output – structured data.
IDP involves AI such as Machine Learning and Natural Language Processing to capture, classify and extract complex data.
Enterprise-grade certificate intelligent document processing provider for SMEs goes through these stages. Here are the following:
Documents exist in varying degrees of quality. This factor impacts the data extraction results and thus must be put into consideration. This step is important as it can improve or deteriorate the quality of the documents.
Techniques that may be applicable here are:
A single document may contain various data formats which AI-based technologies can help to automatically classify. This may involve separation of multiple page documents, identify and pull out relevant pages that contain information before the extraction stages.
This streamlines the processes as manual categorization is practically non-existent which also reduces human error during the process.
This involves various techniques but in sophisticated IDP solutions, it possesses pre-trained extraction models. These AI-driven tools must be trained to identify and extract basic information such as dates, numbers, names, etc.
This may involve any or a combination of these processes, depending on your needs:
This involves using scanning hardware to digitize hard copies like paper or microform. This solution speeds up slow scanning processes.
Through computer vision algorithms, it prepares a document for optimal OCR and archival. Its output is divided into two:
Optical Character Recognition
This is important for your machine to read text on documents. In IDP, it is often a staple to use multiple OCR engines. Which results in almost perfect output.
Natural Language Processing
This finds sentences, paragraphs and other language elements that convey meaning and context.
NLP is also a useful support in a fast data discovery techniques such as:
This is where extracted data must go through a series of validation rules. These predefined rules can be validated through automation and improved RPA techniques. This is important to determine whether the data and information is verifiable and can be trusted.
Data mismatch may be subjected to personnel review and correction before uploading to the data repository.
Data and information are critical resources for any business. Thus they must be integrated seamlessly into your database or existing system. This may include cloud, local database, and document repositories.
Outsourcing IDP provider has been serving business across various industry verticals. Here we list how getting these services can help in each industry.
Customer satisfaction is crucial for any financial institution. The competition is now on how a customer can interact with the business with ease. This means more freedom of access for customers and less controls on the side of the institution.
Customer experience is now threading on transparent, prompt, reliable and convenient customer experience. Which IDP can help improve through automated workflow based on accurate and up-to-date data and information.
The use of IDP ensures data and only key data is captured in a structured format and then stored in a database. This also contributes to fraud detection through authentication of high volume transactions to check any disparities.
This field generates a massive amount of paperwork and documents such as invoices, contracts, and receipts. Which are often in physical copies like paper. Rummaging through them to get the needed information is inefficient and may lead to low productivity.
Through IDP, you can extract relevant information in a snap. As well as to process such tons of documents automatically. This results in process time reduction, eliminates human error and lower processing costs.
This is a highly competitive environment where insurance providers must improve operational efficiency. All the while providing the best in the market customer experience and service packages.
This also deals with a lot of paperwork and manual data entry is not helping at all. An IDP solution is ideal to automate document processing, achieve compliance, maintain security and ultimately provide customer satisfaction.
This industry deals with valuable documents like loan applications, credit reports, legal documents. An IDP solution ensures faster document processing and retrieval. This leads to faster review and approval of loan applications.
Patient records are important to ensure efficiency of healthcare delivery. The IDP solution can provide an excellent way to streamline the processing and storing of medical records. Outsourcing such solutions can help your healthcare facility to transport paper documents into machine-readable ones.
This will enable a safe and smooth retrieval of patient’s records despite having tons of information in the database. It also ensures that only related information can be retrievable when necessary.
We have the best tools and knowledgeable employees to help you get the best IDP solutions from a certificate intelligent document processing provider for SMEs.
Our 18 years in the business helped us to understand the need of businesses for flawless data extraction processes.
Magellan Solutions is ISO 27001-certified and HIPAA-compliant as we ensure we have the best security protocols when dealing with your data and information.
Contact us today and let us provide the best IDP solutions perfect for your needs. Fill up the form below!
Contact us today for more information.
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