Did you know that 80% of data worldwide will be unstructured by 2025?
Applying RPA to these unstructured or semi-structured data sets results in cumbersome processes and errors. Most organizations are struggling to resolve this challenge and achieve a reasonable level of Straight Through Processing (STP) – but RPA is not the answer.
Legacy Optical Character Recognition (OCR) technologies are also not fit to resolve this challenge as they are limited in their ability to deal with different types of data.
OCR would provide 50-70% accuracy, require 100% manual quality control
Everest Group Research
So how you do achieve automation ‘nirvana’?
You need an AI-powered solution (like Itemize), which is capable of processing unstructured or semi-structured documents with greater accuracy, does not need humans to do quality control (doesn’t that defeat the purpose of automation?), a solution that will seamlessly integrate with downstream workflows.
Intelligent Document Processing (IDP)
“Intelligent Document Processing (IDP) is a software product or solution that captures data from documents (e.g., email, text, pdf, images and scanned documents), and extracts relevant data for further processing. An IDP solution should seamlessly integrate with your internal applications, systems, and other automation platforms.
For instance, invoice processing for accounts payable is highly manual work due to complex and semi-structured documents.
IDP solution will address your key challenges associated with:
- Complicated business documents: complex layout, multiple languages, blurry background, contextual relationship
- Unstructured and semi-structured documents: layout changes, new documents or change versions, same property in a different spot
Automation for the sake of it helps no one. Adoption of IDP solutions (most importantly the right IDP solution) can not only help your enterprises achieve cost savings, but also improve your workforce productivity as well as employee and customer experience.
In the next blog, we will explore how you should evaluate different IDP offerings before making the right decision for your business.