Updated Date: 30 August 2024

Building and maintaining a strong data foundation is important for organizational success. With quality data at your fingertips, your company can improve decision-making, increase productivity, assure business continuity, cut expenses, and improve employee and customer happiness.

The global Intelligent Document Processing (IDP) market is seeing exceptional growth and is expected to reach $5.2 billion by 2027, with a CAGR of 37.5%. Businesses nowadays are flooded with large amounts of semi-structured and unstructured documents, necessitating the urgent need for solutions that are fast, safe, and analytically advanced.

To avoid IDP-related surprises and stay ahead of the competition, you must stay current on the best intelligent document processing developments for 2024.

In this explained article, we'll look at the most recent trends in document software and what organizations and people might expect in the coming year.

Top 5 Intelligent Document Processing Trends

Let's look at the top six IDP trends that businesses expect to implement in 2024.

1. Document Automation with Artificial Intelligence and Machine Learning:

Nowadays, incorporating AI and machine learning has become critical for effective document management. These cutting-edge technologies assist systems in extracting critical information from documents, streamlining data entry, and automating processes such as categorizing data. This transformation not only saves time but also boosts efficiency.

Optical Character Recognition (OCR) integrated with AI, machine learning (ML), and natural language processing (NLP) allows systems to adapt to a wide range of document formats, layouts, and templates. This means that documents can be processed more quickly and accurately without the usual manual effort.

Benefits:

Automate a variety of operations such as extracting data from bank accounts, invoices, patient health information, and W-2 Forms, summarizing legal contracts, and generating new documents like insurance policies from the retrieved data.

2. Business Process Automation with IDP:

Business process automation (BPA) has advanced further from merely utilizing robotic process automation (RPA) for document handling to incorporate machine learning (ML) and artificial intelligence (AI)-driven data-centric analytical tools. RPA, which allows software to manage operations that do not require human intervention, serves as the cornerstone for cutting-edge document processing automation. RPA is great for regular data, such as info entered into forms.

Intelligent document processing integrates document-driven processes with data-driven workflows to create a solution that allows businesses to digitize documents and extract data in a structured manner for analysis.

This releases the worth of data discovered in client documents and business records. Automation solutions make database updates easier while also giving analytics tools that assist customers in arranging and analyzing their data for business insights.

Benefits:

Automating document operations using IDP provides uniform output because no human interaction is required. As a result, businesses can achieve significant productivity gains.

Notable Example: Automating end-to-end claims processing or customer onboarding.

3. Human in the loop with IDP:

Human-in-the-loop (HITL) automation in document processing allows individuals to intervene when the system finds a problem, such as recognizing abnormalities in a purchase order. This design allows people to provide input and feedback, including things that the machine may overlook. Rather than taking over the process, people improve it by providing missing pieces of information.

The HITL strategy involves humans overseeing automated operations, focusing on activities that require their specialized expertise. Meanwhile, AI-powered automation software handles the rest, making sure documents are processed swiftly and precisely.

Benefits:

As a business professional, maximize your team's efficiency by combining IDP and human operators to produce the most accurate outcomes.

4. Generative AI and IDP:

With large companies dealing with millions of documents every week, Generative AI has the potential to process enormous volumes of data and identify the most important and crucial details. This helps you quickly and effectively make decisions regarding complex information, ensuring that you acquire the insights you need without getting weighed down in the details.

Gen-AI revolutionizes Intelligent Document Processing (IDP) by optimizing document management through the application of modern AI techniques. It also uses advanced deep learning to understand, decode, and generate content across a variety of document forms. This means that Gen-AI improves data extraction precision, more effectively handles unstructured data, and adapts to different document formats and settings.

Benefits:

By leveraging GEN-AI, businesses can achieve greater efficiency, enhance productivity, and maintain a competitive edge in managing their document workflows. It improves accuracy in data extraction, faster processing speeds, reduced operational costs, and fewer errors.

5. Advanced analytical capabilities in IDP:

The business environment of IDP is shifting toward predictive and prescriptive analysis, effectively replacing traditional reporting methods. Whereas traditional methodologies may disclose opportunities or pitfalls after months of thorough data analysis, advanced analytics can predict outcomes in advance, thereby transforming your data repository into a type of foresight.

Predictive analytics uses machine learning and AI to identify patterns, trends, and correlations in your data ecosystem. IDP systems use these data to improve document categorization, refine accuracy, and alert themselves to potential anomalies.

Benefits:

Engaging in ML and NLP-based IDP technologies enables businesses to discover hidden insights, recognize trends, and take data-driven decisions. Analyzing client data enables retailers to provide tailored services and reduce customer loss.

Check out our use case to know more in detail. 

How Cozentus can help to streamline your business?

Our custom development approach allows for the creation of highly specialized, scalable solutions that address unique document processing challenges. By offering bespoke solutions, Cozentus ensures that each client benefits from an IDP system that is tailored to their specific needs, enhancing efficiency and accuracy in document management.

Our AI-enabled OCR technology automates data extraction, classification, document conversion, anonymization, and verification. We can help you become a document processing champion, regardless of the document automation issues you face.

If you already have a web application, you may incorporate our technology into it using an API. For mobile applications, we offer a mobile scanning solution that is simple to incorporate using a well-documented SDK.

All of our tech-driven applications can be linked to our AI, ML, NLP interface to benefit from more precise outcomes.

Conclusion

As we examined the top IDP trends and services above, it is evident that these improvements in IDP are altering the path to effective document processing by introducing analytics, automation, integration, and improved AI capabilities. Identifying which trends are consistent with your company's goals and objectives is crucial for ushering in a new era of precision and efficiency in operations.

Cozentus highlights document processing excellence. Our unique Intelligent Document Processing (IDP) services are ready to tackle your document challenges while also providing your organization with the essential skills and procedures.

Are you ready to integrate intelligent document processing into your use case? Schedule an appointment with us today!