3 major trends in Intelligent Data Processing (IDP) for 2022

What is Intelligent Data Processing (IDP)?

Business data is at the heart of digital transformation. Unfortunately, 80% of all business data is embedded in unstructured formats such as business documents, emails, images and PDFs.

Intelligent document processing is the next generation of automation that can capture, extract and process data from different document formats.

It uses artificial intelligence 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. IDP can read other features such as signatures, handwritten characters, etc.

The main goal of IDP is to extract data faster without any problems. It also extracts unstructured documents more easily. It can process data from various sources like email, images and PDF documents.

Extract and organize information from complex content in any document format.

Global data usage is projected to exceed 175 zettabytes by 2025. Most of this information is stored in emails, text, PDFs and scanned documents - a real barrier to automation and digital transformation.

TIP: How to automate invoicing

• Rossum - a tool that automates document communication between you and your business partners. Whether they're using email or sending millions of different PDFs to different inboxes.
• Wflow - automatic invoice approval. The basic principle is to receive documents in electronic form to a collection email and automatically prepare them for further approval and processing. You can then edit the saved document, assigning centres, orders and payment priorities. Once approved, Wflow will automatically post it to your accounting system and store it for long-term online archiving.
• Fakturoid - simple and powerful online invoicing. Invoice in under a minute.

What trends will IDP bring in 2022?

1. Increasing the accuracy rate of IDP by introducing new technologies

In the financial sector, data extraction is difficult without IDP. During the pandemic, companies were forced to switch to a different system of work and home office. Everything (including meetings) was moved online. This also created an accessibility problem for all printed documents.

In this situation, the power of IDP could be fully demonstrated. It can also be used to extract more complex documents (even those containing spreadsheets). The fact is that IDP is getting smarter by the day.

2. The need for digital applications or software and improved customer satisfaction

In the case of data extraction, the customer expects a better result. Earlier systems showed error rate. Compared to them, IDP is advanced and shows no error rate.

In 2021, there has been an increase in the use of IDP. With automated software, the user can extract documents much faster.

3. Adoption of intelligent document processing (IDP) in other service industries (not just finance)

Data extraction is gaining importance in other industries as well. Due to lock down, many businesses have stopped working in the office and have switched to working from home.

Thus, the demand for IDPs has increased many times over in the market. In fact, many projects were left unfinished due to lock down. And companies want to prevent this from happening in the future.

Would you like to automate your billing or other business processes?

Contact us: adela.hricova@davame.cz, tel.: +420 773 660 828