Businesses today deal with a staggering number of documents on a daily basis – from contracts, invoices, shipping manifests to financial statements, log sheets, and more. Manually processing these documents to extract relevant information is tedious, error-prone, and time-consuming. This is where Intelligent Document Processing (IDP) comes into play.Â
Â
IDP refers to the automated extraction of text, data, and insights from documents using advanced technologies like artificial intelligence (AI), machine learning (ML), natural language processing (NLP), and optical character recognition (OCR). IDP platforms can ingest documents in any format, analyze layout and content, and accurately capture relevant data without human intervention.
Â
The importance of IDP solutions can not be overstated in the current business landscape where dealing with high document volumes while meeting tighter deadlines is crucial for success. IDP enables enterprises to speed up document processing, minimize errors, reduce manual work, enforce compliance, and make data-driven decisions. According to MarketsandMarkets, the IDP market is projected to grow from $1.1 billion in 2022 to $5.2 billion by 2027, at a CAGR of 37.5%. This underscores the growing relevance of IDP.
The Challenges Businesses Face with Traditional Document Processing
Before the advent of IDP solutions, most document processing occurred manually. Employees would sift through paperwork to manually identify, capture, and input relevant information into the company’s systems. However, this traditional approach has several drawbacks:
- Extremely time-consuming: Manually processing hundreds and thousands of documents diverts employee bandwidth from higher-value tasks. It also causes delays in downstream processes dependent on extracted data.
- Higher error rates: Humans are prone to errors while manually extracting data. Fatigue also increases errors over time. Incorrect data can impact decision making. Â
- Compliance risks: Meeting regulatory demands around customer data and record-keeping becomes challenging with slow, inconsistent manual processes. Non-compliance can cause steep penalties.
- Lack of analytics: With manual methods, deriving actionable insights from unstructured data in documents is nearly impossible. Businesses miss out on optimization opportunities.
- Poor data quality: Due to human errors and inconsistencies, manually captured data often suffers from quality issues like incorrect formats, duplication, misspellings etc. Poor data further aggravates operational challenges.
As document volumes swell and market dynamics shift, manual document processing is no longer feasible for modern businesses. It squanders resources, introduces errors, hampers productivity, and drags down data quality. These bottlenecks necessitate intelligent automation of document processing via IDP solutions.
Benefits of intelligent document processing platform: Precision, Speed, And Ease-of-Use
Intelligent document processing powered by technologies like AI and ML effectively addresses the pitfalls of manual document handling. IDP solutions offer:
Â
- Precision: IDP platforms leverage machine learning algorithms to develop a keen understanding of document structures, formats, and fields over thousands of samples. This allows the AI engine to accurately locate and extract relevant data from documents, matching and even exceeding human precision.
- Speed: IDP tools can process hundreds or even thousands of documents per hour without losing consistency or accuracy. Automating document handling thus results in massive time savings allowing employees to handle value-added tasks. Â
- Ease-of-use: Leading IDP solutions require no complex programming or data science skills. Simple drag-and-drop interfaces allow anyone to set up document workflows, train AI models, and integrate data extraction into business systems.
Â
With benefits like pinpoint accuracy, rapid processing, and intuitive usability, it’s easy to see why IDP adoption is accelerating. Top enterprises are investing in IDP platforms to eliminate slow, error-prone manual document handling. Â
Introducing Kudra: The AI-Powered intelligent document processing platform
Kudra is an innovative IDP platform that leverages artificial intelligence to simplify and streamline the extraction of business-critical data from documents. It can ingest documents in any format – PDFs, Word files, emails, scanned images, and even handwritten notes. Users can build automated workflows with a simple drag-and-drop interface to analyze document layout and content.
Â
Kudra’s AI engine reliably extracts text, data, and insights without templates or complex rules. It captures everything from names, figures, addresses to clauses, entities etc. with precision levels matching skilled humans. This allows structured information to flow seamlessly from documents into operational systems. Â
Â
With Kudra’s user-friendly interface, non-technical employees can train AI models to handle custom extraction needs. Kudra also offers pre-built AI assistants for common financial, legal and logistics documents using advanced NLP techniques. The platform ensures security and privacy compliance during document ingestion and processing.
Â
Post processing, users can export extracted data to business systems like ERPs and CRMs using Kudra’s connectors. With easy API integration, document data can also flow to cloud storage platforms or data lakes for advanced analytics. Kudra’s real-time dashboards provide transparency into document processing workflows.
Â
The key capabilities that make Kudra an enterprise-grade IDP solution include:
Â
- Multi-format document ingestionÂ
- Intuitive workflow builderÂ
- Advanced AI engine for data extraction Â
- Pre-trained and custom AI assistants
- Seamless integration with business systems
- Real-time analytics dashboard
- Robust privacy and security protocols
Â
With Kudra’s AI-powered IDP platform, enterprises can kickstart their digital transformation by unlocking business insights from documents faster and more accurately than ever before.
The Precision of Kudra's Intelligent Document Processing Solution
Precision or accuracy levels are a key metric that determines the success of any IDP implementation. If the AI model fails to reliably extract the right data points, downstream processes get impacted. Kudra scores high on precision by leveraging robust machine learning algorithms fine-tuned on thousands of sample documents.
Â
Kudra’s AI engine can capture entities, figures, addresses, clauses, signatures, logos, tables, and more from documents with near-perfect accuracy. For instance, when processing an invoice, Kudra precisely extracts the invoice number, date, vendor details, line items, tax amounts, totals, and other data correctly without human intervention. Â
Â
Even with complex documents like legal contracts and financial filings, Kudra accurately locates and extracts parties involved, dates, monetary figures, clauses, resolution formats and other semantic data. This enables seamless analysis of unstructured data from documents.
Â
Kudra also lets users train custom AI models by providing just a handful of labeled examples. This allows the platform to handle unique business-specific data extraction needs with equally high precision levels. Over time, Kudra’s self-learning algorithms continue to improve accuracy by ingesting more samples.
Â
With multi-format support, Kudra adeptly handles scanned paper documents, images with backgrounds, low-quality scans, handwriting, and even photographs with accurate optical character recognition. This allows enterprises to unlock insights from legacy document archives.Â
Â
By leveraging Kudra’s IDP solution, leading enterprises have been able to automate high-value document workflows like account payables processing, contract management, and invoice reconciliation with reduced manual reviews and near-perfect accuracy.
The Speed of Kudra's Intelligent Document Processing Solution
In addition to precision, the speed of document processing is a pivotal metric that determines ROI from IDP solutions. Manual data entry bottlenecks downstream processes while employees struggle with mountains of paperwork. Kudra’s AI-based platform facilitates rapid document handling allowing enterprises to speed up critical workflows.
Â
Kudra can ingest and process hundreds of document pages per minute without compromising on accuracy. This enables automation of high-volume document workflows like new customer onboarding, claims processing, mortgage applications etc. Kudra also parallelizes document processing across multiple servers for increased throughput.
Â
For instance, a key process like new vendor onboarding requires analyzing incorporation papers, financial statements, bank records, and other documents to vet and approve vendors. This traditionally takes several days of manual effort. With Kudra, all documents are ingested and processed within hours instead of days to extract vendor parameters. This accelerates downstream procurement and payment workflows. Â
Â
Kudra also facilitates rapid analysis of large legacy document archives to unlock historical business insights. Processing terabytes of scanned invoices, contracts, shipping manifests etc. which would take months manually can be completed within weeks using Kudra’s IDP platform.
Â
Leading banking enterprises have leveraged Kudra’s speed to reduce home loan processing times from 15 days to less than 72 hours. Logistics firms rely on Kudra to ingest thousands of delivery receipts and PODs daily to track near real-time shipment statuses. Â
Â
One barrier for intelligent document processing adoption is the assumption that it requires complex data science and programming skills. However, Kudra’s user-friendly graphical interface makes building document analysis workflows intuitive even for non-technical users.
