AI-powered Intelligent Document Processing (IDP) revolutionizes document handling with advanced AI, human oversight, and cloud adoption for efficiency, accuracy, and insights.
FREMONT, CA: Ensuring a robust data foundation is paramount for organizational advancement. Access to high-quality data empowers organizations to enhance decision-making, increase productivity, ensure operational continuity, lower expenses, and elevate employee and customer satisfaction.
Businesses increasingly prioritize data quality, with projections indicating that 50 percent of organizations will adopt modern data quality solutions by 2024. Among these solutions is intelligent document processing (IDP) technology.
IDP technology plays a crucial role by transforming unstructured and semi-structured data into structured, precise, well-organized, and user-friendly information. It's no wonder that IDP solutions are on businesses' radars as the new year approaches.
Increase in AI-enhanced Intelligent Document Processing
In the previous years, there was a notable decline in average productivity per worker for three consecutive quarters, marking the first such occurrence in almost forty years. Artificial intelligence (AI) has emerged as a promising solution in such challenging times, offering the potential to streamline operations and accelerate processes. As a result, the adoption of AI-driven IDP is expected to rise significantly in the upcoming year.
When IDP systems integrate AI technologies like machine learning (ML), they become adept at categorizing documents efficiently and extracting relevant data after converting them into the appropriate format. AI capabilities enable precise differentiation between documents based on their content and layout, reducing the need for manual intervention and minimizing errors during classification. Furthermore, AI-enhanced IDP solutions can intelligently route documents into workflows based on their classifications, further enhancing operational efficiency.
Humanization of Automation with Humans in the Loop Processing
In IDP, particularly those enriched with AI capabilities, while they can automate numerous tasks, they need more sophistication to manage entire workflows independently. Consequently, human involvement in processing remains pivotal in 2024.
One may inquire about the concept of "human in the loop." It signifies an operational framework where humans collaborate with machines to enhance processes. This model enables organizations to uphold accuracy and provides teams with assurance by allowing them to supervise processes for quality assurance purposes. Teams integrated into the workflow can identify errors, alert intelligent document automation systems, and facilitate corrections, contributing to the technology's continuous learning and advancement.
The implementation of the human-in-the-loop approach varies across different processes. For instance, in invoice processing, human involvement is crucial to managing exceptions effectively. These individuals can be internal staff or external specialists, particularly if partnering with a business process management (BPM) provider for assistance in automating accounts payable processes.
Further Adoption of Cloud Computing to Future-Proof Processes
The continued growth of cloud adoption is attributed to its numerous benefits. It enables cost savings, provides remote access to critical business data, accelerates processes, improves data security, and ensures business continuity, essentially future-proofing operations for companies. Consequently, cloud technology is shifting from a "nice-to-have" to a "must-have" component in intelligent document automation solutions in 2024.
Furthermore, the evolution of intelligent document automation solutions is anticipated to include industry cloud platforms tailored to specific sectors. Only 15 percent of organizations leverage these platforms, but over 70 percent will adopt them by 2027.
In 2024, the escalating significance of data quality underscores the transformative potential of IDP integrated with AI and human-in-the-loop workflows. As enterprises increasingly adopt cloud-based solutions for scalability and security, IDP emerges as a pivotal catalyst, enabling organizations to unleash the full potential of their data and navigate toward a future driven by intelligent automation.
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