What is intelligent document processing?
Intelligent document processors extract and organize information from documents in any format, whether they’re structured, semi-structured or unstructured. AI technologies such as natural language processing (NLP), Computer Vision, deep learning and machine learning (ML) are often used to classify, categorize, and extract relevant information from documents.
While some software platforms on the market today claim to be “Intelligent document processors” or “IDPs”, many of them only process a subset of the documents that a company handles. Unstructured documents such as letters, offering memorandums, contracts present a challenge to most IDPs. Despite the broad usage of IDPs today, 85% of company documents are still processed manually.
More than Data Extraction
Intelligent document processing is relatively easy if your documents are uniformly structured (such as invoices and receipts) or if your business only requires keyword extraction-based document processing. Unstructured, unpredictable docs often present an impossible challenge to these systems and therefore still require manual processing.
Truly intelligent document processing does more than keyword extraction. It builds a knowledge graph based on the document content and can therefore interpret relationships and relevance of content within the document as well as between documents, that is not easily communicated by keywords alone.
Not Just CLM or Lease Abstraction
Content-aware document processing systems provide more comprehensive cognitive understanding of document contents, providing a deeper level of processing capability that removes complex manual workflows and complements CLM and Lease abstraction systems.
What is Content-Aware Document Processing?
For companies in real-estate related industries who want to reduce the amount of manual document processing required of staff, content-aware document automation can be the solution. Content-aware document automation goes beyond mere keyword extraction and develops an understanding of the contents of your docs in order to create a knowledge map that guides more intelligent document processing.
Advantages of Content-Aware Document Automation
Content-aware document processing creates a whole new category of intelligent document processing platforms that can handle a broader array of document types (including less structured, less predictable document formats), enabling a more comprehensive approach to intelligent document processing.
Better Efficiency, Reduced Manual Effort
Content-aware document automation is designed to comprehend what’s in your documents and automatically feed relevant data to end-systems from complex, unstructured docs. This is difficult for normal document automation systems to do.
Elevates Business Impact
If you want a competitive edge that can unlock deeper and broader data insights, content-aware document automation retrieves relevant data points faster from numerous unstructured documents that could be arriving from various locations in unpredictable formats.
Better Faster ROI, Profitability
By providing a powerful set of pre-trained datapoints, tools and calculators that flexibly handle a greater range of document types without additional training and onboarding, a turnkey content-aware document automation solution delivers greater profitability and ROI.
Reduced Likelihood of Errors
With content-aware document automation, you can reduce the slip-ups or omissions that occur with manual processing and review, increasing the consistency and accuracy of your document workflows.
Less Onboarding and Training Time
Content-aware document automation requires less waiting and training for the system to adapt to your data workflows and processes without sacrificing accuracy.