Accelerating growth while meeting the demands of the digital world in an instant—here’s an objective shared by businesses across industries. Unfortunately, traditional workflows don’t fit in with these expectations. When it comes to the mass processing of documents at lightning speed, businesses need a solution that is intelligent, intuitive, reliable, and fast.
Today, automated document processing solutions are taking over the market. These intelligent document processing (IDP) solutions automate manual work with accuracy and eliminate errors while handling massive volumes of semi-structured and unstructured documents. As per Market Research Future Report (MRFR), the IDP market size is expected to grow to USD 6,785.2 Million by 2027 at 35.4% CAGR.
Intelligent Document Processing technologies have changed how we handle huge amounts of unstructured data. Read through the blog to know more about the HCLTech’s IDP solution and its industry benefits.
IDP combines the strengths of new-age technologies such as AI-ML (Artificial Intelligence - Machine Learning), OCR (Optical Character Recognition), and NLP (Natural Language Processing) to streamline business processes and create smart workflows. The more the model processes documents, the smarter and more efficient it becomes.
The applications are immense. Almost every industry can benefit from its implementation. Be it in healthcare, where the patient’s diagnostic reports can be scanned and automatically fed into the system for faster action, or in the manufacturing industry, where crucial parts dimensions in engineering drawings can be intelligently scanned and transferred through APIs to another system for comparison with vendor specification. It can also be used in the media and entertainment industries, where tedious labour-intensive procedures of endorsing vendor logos throughout the match and uploading them to sites can be done with high confidence.
Available IDP tools in the market have a wide variety of OCR libraries that function flawlessly with basic documents. However, when the document becomes complicated, the information extracted by the IDP's OCR becomes complex as well.
HCL Tech’s intelligent approach to growing document processing challenges
Our experts at HCL Tech have come up with our very own document automation framework. We call it iDoRAN. What’s special about this framework is that it uses advanced computer vision and artificial intelligence (AI) to turn static documents into business operation resources.
Here’s how we make this possible:
- Digital Enhancer: The image corrector algorithm improves the readability and extraction of information
- Digital Extraction: HD Optical Character Recognition (OCR) capability extracts images/texts/tables from unstructured data in any format
- Digital Enricher: Enriches, validates and normalizes information to increase the information value
- Digital Classification: Automatically processes, sorts and maps the extracted data to target formats and fields
- Digital Abstraction: Extracts crucial data, abstract data from scanned contracts, requests for proposal (RFPs) and statements of work (SOWs)
- Data Insights: Uncovers critical business insights from unstructured data formats using natural language processing (NLP)
- Optimizer: Minimizes manual validation with a confidence score
What’s more? iDoRAN has been coupled with robotic process automation (RPA) and BI. While RPA bots reduce the amount of manual work required for automating upstream and downstream data, BI dashboards provide recommendations via interactive charts. Together, they empower analysts to scan any complex-level screen, handle template variances and extract any kind of information from it.
To date, iDoRAN has successfully processed more than 2.5 billion document images in 2022 with the best accuracy as per industry standards due to its capability to handle low-quality images, customized integration and context-aware document reconstruction.
The manufacturing sector is one of the sectors that IDP solutions cater to the most. A product's manufacturing depends on unstructured data in the drawing like dimension, part number, tolerance, material, weight etc. In the lifecycle, these data are referred to for validation multiple times. iDoRAN is a highly capable tool which scans through the drawing and extracts the data, and exports it for further operations like quality checking, comparing it to vendor’s specifications etc.
Another area where iDoRAN has proved to be extremely useful is in the Health and Insurance industry. Handling the insurance claim request is an intense job. Each claim request requires the processing of 100 and 1000 pages. Data abstraction is a feature of IDP which comes in handy. It assists in digitization and prioritising claims based on information like bills, the claimant's medical history, and the claim due date. It goes a step ahead in detecting the forgery of documents by assessing the digital edits in the documents.
Is iDoRAN a good fit for your business?
Intelligent document automation and processing solutions are easy to implement and can be completely customized to serve your business needs. iDoRAN has three potential deployment models, each of which enables document customization and can be implemented in our client’s environments according to their needs. The cloud-based deployment assists the customer in connecting their application with APIs.
- Output-Based Model
- On-Premise Application
- Cloud Solutions