What is IDP technology?
The goal of IDP technologies is to automate data processing in documents. It helps users understand the information contained in the document, extracts it, and processes it for analysis. Leveraging the power of AI, IDP software tools can automatically extract and process data from unstructured documents. By transforming raw information into structured, readable formats, businesses gain unprecedented visibility into their data, enabling data-driven decision-making, identifying trends, and uncovering new opportunities for growth and optimization.
Why should businesses use Intelligent Document Processing?
Intelligent Document Processing (IDP) solutions offer businesses major advantages like cutting costs, improving data accuracy, and boosting employee productivity. By using IDP, companies can simplify their operations, making workflows smoother and decisions smarter. This technology enhances efficiency, ensures accurate data handling, and creates a more dynamic workplace. Adopting IDP helps businesses excel in a competitive world where being efficient and precise is crucial.
How to choose IDP solutions effectively
- Pricing and Value: IDP software can be offered as a one-time purchase or a subscription service, with prices varying based on features and capabilities. Evaluate all costs involved, including setup fees and ongoing subscription charges, to ensure the pricing fits your budget and offers good value for the features provided.
- Integration Options: The IDP solution should seamlessly integrate with your existing systems, such as Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Supplier Relationship Management (SRM), or accounting software. This integration enables a truly seamless workflow, from data extraction to processing and analysis. Additionally, mail integration can facilitate a smooth transition to intelligent document processing.
- Security and Compliance: Ensure the software meets stringent security standards and compliance regulations to protect sensitive data against unauthorized access. This is particularly important when handling financial or confidential information.
- Scalability and Customization: As your organization’s needs evolve, the IDP solution should be flexible and scalable to accommodate growth and changing requirements. Look for software that allows you to customize data fields, recognition parameters, output formats, workflows, approval hierarchies, and reporting capabilities, ensuring a tailored solution that adapts to your specific business needs.
- Extraction Accuracy: Modern Optical Character Recognition (OCR) technology, combined with machine learning algorithms, enables accurate data extraction from complex or low-quality documents, such as receipts, invoices, or handwritten forms. The software should demonstrate a proven track record of successfully extracting relevant information, including vendor names, receipt numbers, dates, line items, and totals, ensuring data integrity and reliability.
Top 5 Intelligent Document Processing tools
1. TurboDoc
TurboDoc is an intelligent document processing tool that utilizes optical character recognition (OCR) and artificial intelligence (AI) to automate the extraction of data from invoices, receipts and other documents.
TurboDoc’s dashboard: invoices is being imported automatically from Gmail mailbox
Benefits of choosing TurboDoc as IDP solution
- Simplifies receipt processing with rapid and precise data extraction with 1.2s average processing time per page
- Handles receipts in various formats, eliminating the need for full-time departments to process each one
- Allows businesses to reclaim valuable time цшер 99.99% uptime boost
- Helps eliminate risks associated with manual processing errors
Easily integrate TurboDoc IDP into your existing workflow through Gmail
TurboDoc can provide a smooth transition to intelligent document processing through Gmail integration, delivering scalability and adaptability as your business evolves. We are currently working on compatibility options using accounting software APIs. Our product will seamlessly integrate into your current accounting processes and ERP/CRM/SRM systems. TurboDoc will boost accuracy, efficiency, and productivity, making it a valuable tool for businesses looking to optimize their financial operations.
TurboDoc prioritizes data security and compliance
Our platform protects your data from unauthorized access. You can trust that your confidential information is handled with the utmost care and in compliance with relevant regulations by choosing TurboDoc. You can find more details about it in our Privacy Policy section.
Pricing
- Simple – $6/month
- Pro – $30/month
- Self-hosting – Ad-hoc
2. Abbyy
Abbyy’s intelligent document processing technology automatically recognizes the language in which a document was written, extracts text from it, and converts it into editable electronic format. The software can also identify key data fields in the document – such as names, addresses, or financial figures – and either store them in a database or link them to other databases.
Abbyy system: invoice editing feature
Pros
- Automated document entry
- Automatic document classification
- Highly accurate OCR/ICR/OMR and barcode recognition
- Web-based administration and monitoring console
- Integration with RPA, CRM, ERP, BPM, ECM, and accounting systems
Cons
- Steep learning curve for initial setup
- Needs scaling to handle a broader range of tables and labels
- The server can be slow at times
Pricing
Doesn’t provide prices
3. Nanonets
Nanonets is an intelligent document processing software that uses machine learning to automate all kinds of data extraction/processing workflows. It utilizes a combination of OCR and deep learning algorithms to accurately extract data from various types of documents, such as invoices, receipts, bank statements, contracts and more.
Nanonets promo illustration (credits: nanonets.com)
Pros
- Can process a wide range of document types
- Supports more than 40 languages
- 24/7 customer support
- Build custom models
Cons
- Difficulties creating platform parsing rules
- No mobile scanner
- For more complex business needs, users note that the Nanonets model takes some effort to train
Pricing
€499/month for one document model
4. UiPath Document Understanding
UiPath Document Understanding is a cloud-based service that helps you to extract data from documents such as invoices, receipts, and contracts. It uses artificial intelligence (AI) to identify and extract data from documents, and you can use it to automate data entry or to create custom data extraction solutions.
UiPath Document Understanding
Pros
- Easy to integrate
- Supports all types of documents such as Structured, Semi-Structured, Unstructured
- Supports ML & AI Capabilities
- Can work with Images, Native PDF’s, Scanned Documents etc
Cons
- More stability required when processing High resolution Images
Pricing
- Automation developer – $420 per month
- Unattended automation – $1380 per month
- Automation team – $1930 per month
5. Rossum
Rossum is an AI-powered document processing platform that specializes in invoice data extraction. It uses machine learning algorithms to automatically capture and validate data from invoices, receipts, and other financial documents. Rossum offers seamless integration with accounting software, cloud storage, and robotic process automation (RPA) tools.
Rossum dashboard: edit invoice feature
Pros
- Receipt data capture without setting up rules
- Swift deployment in your invoicing process within a couple of days
- Seamlessly integrate Rossum through email, RPA, or API
- Cloud data protection and data control
Cons
- More expensive than competitors
- The software can be challenging to set up
- Limited language support
- Because of the many technologies woven into the tool, Rossum can be a bit slow when processing data, and sometimes experiences short system outages
Pricing
Custom pricing, depending on the business’s requirements and needs
