Intelligent Document Processing

Business data is at the heart of digital transformation; unfortunately, 80% of all business data is embedded in unstructured formats like business documents, emails, images and PDF documents.

Documents come in various file types, varied formats, and contain valuable information. In most cases, you are manually processing the documents which is time consuming, prone to error, and costly. Not only do you want this information quickly but likely need to use the information within those documents for downstream applications.

To help overcome these challenges, anaplatform now provides you choices when it comes to extracting information from complex content in any document format such as insurance claims, mortgages, healthcare claims, contracts, and legal contracts.

Intelligent document processing is the next generation of automation, able to capture, extract, and process data from a variety of document formats. It uses AI technologies such as natural language processing (NLP), Computer Vision, deep learning and machine learning (ML) to classify, categorize, and extract relevant information, and validate the extracted data.

What is Intelligent Document Processing (IDP)?

Intelligent Document Processing (IDP) is a type of automation that uses software robots, or “bots,” transform unstructured and semi-structured information into usable data. IDP mimics human actions, such as decoding a pdf file and entering data into a system.

IDP is often used to automate time-consuming and repetitive tasks that do not require high skill or decision-making. For example, you can use an IDP to process invoices, update customer records, or perform data entry. One of the critical advantages of RPA is that they do not require complex programming or integration with other systems. This makes IDP a good option for businesses to automate tasks without a significant investment of time or resources.

IDP can help these businesses in several ways, including:

Benefits of IDP

While RPA and IDP share some similarities, there are also some key differences. Some of the critical differences of RPA vs IDP include the following:

Intelligent Document Processing (IDP) provides:

• Direct cost savings. Reduces expenses by dramatically cutting costs to process large volumes of data.
• Higher straight through processing (STP): Minimize the need for knowledge workers to manually process documents.
• Ease of use: Allows businesses to get set up faster and automate more processes.
• Process efficiency: Enables end-to-end automation of document-centric processes.
• Accuracy uplift: See immediate significant increases in data accuracy with the use of AI.
• Strategic goal boost: Automated data processing supports business goals like improving customer experience.

Why Should You Use IDP?

The decision of whether to use RPA or IA will depend on the specific needs of your business. If you have a large number of repetitive, rule-based tasks that you want to automate, RPA may be the best option. RPA is quick and easy to implement and can provide significant savings in terms of time and resources. Small and medium businesses are particularly well-positioned to benefit from using Robotic Process Automation (RPA) technology. In these organizations, a small number of people are often responsible for many tasks, including lowering operational costs, acquiring new business, retaining existing customers, improving workforce productivity, and enhancing the quality of products and services.

• Improve workforce productivity and headcount flexibility: By automating repetitive, time-consuming tasks, RPA can free employees to focus on more valuable activities. This can help businesses improve their workforce's productivity and increase their staffing levels' flexibility.
• Reduce service costs: RPA can help businesses reduce service costs by automating many tasks humans currently perform. This can help businesses save money on labor and other expenses, allowing them to invest more in other business areas.
• Improve data accuracy and processing speed: RPA can help businesses improve the accuracy and speed of their data processing. By automating many of the currently manual tasks, RPA can help businesses reduce the number of errors and improve the speed of their processes.

How to get started?

Are you looking to automate your processes? Then we can help you start your journey towards intelligent document processing.

Check out anaplatform’s solutions To know more, Get in touch with us.

Reference Architecture

Documents in the financial industry vary in layout and format which may require different AI services. Below is an example of our reference architecture for various forms with in the financial technology industry.

What we offer ?

With our self service solution, which recognizes, extracts, and automatically evaluates data using Artificial Intelligence (AI) methods and Deep Learning, the full potential of scanned documents can be exploited. Through image enhancement, layout, and optical character recognition (OCR), we can ensure a good result, even for documents that have poor quality.

With our service, all information can be extracted from images or scanned material and made available for content analysis using Natural Language Processing (NLP) or Natural Language Understanding (NLU).

Who Uses This Technology

Companies in the financial sector, public administration, publishing houses and cultural institutions such as archives and libraries benefit from this technology.

Our team of data scientist developed these service that is tailored to the individual needs of our customers. We also offer our document analytics as a consulting service.

With our IDP service, you can assign different robots to different jobs. anaplatform RPA service provides a comprehensive set of reference standard algorithms and workflow applications for analysis, visualization, and algorithm development.

• Density Transformation
• Email sending
• Filtering in the Mails

Have a question ?

If you're looking for a reliable partner to help you unlock the power of genetic data in finance, look no further than anaplatform. Contact us today to learn more about how we can help you advance your research efforts and improve financial outcomes.