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Indico Named as Major Contender and Star Performer in Everest Group's PEAK Matrix® for Intelligent Document Processing (IDP)
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A guide to finding the best intelligent document processing software

February 22, 2024 | Intelligent Document Processing

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Intelligent Document Processing (IDP) sits at the forefront of digital transformation, blending elements of artificial intelligence, robotic process automation, and data analytics to drive digital transformation for enterprises. Enterprises that utilize intelligent document processing reap incredible efficiencies, reduced human errors, and significant productivity gains. As organizations explore the market for the best intelligent document processing software, it’s essential to understand key factors that can help in selecting the best solution for their specific needs.

 

Understanding your requirements for the best intelligent document processing software

 

Before diving into the search for the best intelligent document processing software, it’s crucial to assess your organization’s requirements and objectives.

For instance, the insurance industry is currently going through a significant transformation, and this change is largely due to the influence of IDP. Leveraging machine learning algorithms and artificial intelligence, IDP automates and simplifies the processing of unstructured and semi-structured documents.

On the other hand, healthcare insurance providers process millions of important patient documents annually, many of which require manual review to assess what they say accurately and any associated context. This kind of labor-intensive process naturally takes time, which means it involves a significant financial investment by the provider.

Though these use cases are different, the solution is the same: intelligent document processing. IDP solutions, powered by AI and machine learning, offer a unified approach to automating document processing tasks across industries.

Related content: Finding the top intelligent document processing vendors

 

Key features to consider when choosing the best intelligent document processing software

 

When evaluating and deciding on the best intelligent document processing software for your enterprise, consider key features such as:

 

  1. Advanced AI techniques: Look for software that leverages advanced AI techniques to extract and process data accurately from various document types.
  2. Seamless integration: Choose a solution that seamlessly integrates with your existing IT infrastructure, ensuring a smooth transition to digital document processing.
  3. User-friendly interface: Opt for IDP software with a user-friendly interface, making it easy for employees to adopt and use effectively.
  4. Scalability: Ensure that the IDP solution can scale with your organization’s needs, accommodating growing document volumes and processing requirements.
  5. Support for various document formats: The best intelligent document processing software supports a wide range of document formats, including scanned paper documents, PDFs, and images.

 

What are the best intelligent document processing software options?

 

When comparing intelligent document processing software, consider factors like performance, usability, and scalability.

According to Madhu Kittur, Analyst at Quadrant Knowledge Solutions, “The surge in technological advancements continues to drive the evolution of document automation. The integration of innovative capabilities like generative AI and intelligent orchestration further streamlines processes, enabling seamless collaboration and orchestration of tasks. The advent of data fabric revolutionizes data accessibility and usability, empowering enterprises to harness data effectively. Shared control responsibility becomes a pivotal focus, emphasizing collaborative efforts between AI systems and human expertise, ensuring accurate and responsible decision-making.”

Related content: Indico Data named as a leader in intelligent document processing for 3rd year in SPARK Matrix Report by Quadrant Knowledge Solutions

 

Looking to the future

 

As AI and machine learning technologies continue to advance, the future of IDP looks promising. Given their adaptability and scalability, the future of these tools is anticipated to be marked by more refined features, increased efficiency, and wider scope of application. With all of this innovation, it’s important to know what to look for to determine the best intelligent document processing software for your business.

In conclusion, selecting the best intelligent document processing software for your organization requires careful consideration of your requirements, key features, and future outlook. By understanding these factors and conducting thorough research, you can choose an IDP solution that drives digital transformation and enhances productivity within your organization.

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