DALLAS, Oct. 22, 2019 /PRNewswire-PRWeb/ — In a competitive marketplace, companies that can minimize cost while increasing productivity, accuracy and efficiency are extremely likely to have an advantage over those who cannot. According to Everest Group, that is precisely why most companies need intelligent document processing (IDP) solutions and why the IDP market is expected to grow 80% between 2018 and 2020.

“We foresee tremendous growth in IDP in the near future, especially now that core IDP technologies have advanced far beyond optical character recognition,” explained Sarah Burnett, executive vice president and distinguish analyst at Everest Group. “IDP solutions are becoming progressively more sophisticated, offering enterprise-grade features and an enticing track record of successful pilot implementations, particularly in the banking and financial services industry, which was the early adopter of IDP technology. Also, vendors are offering more mature service capabilities enhanced with salient features like outcome-based pricing and package-based solutions.”

Everest Group defines Intelligent Document Processing (IDP) as any software product or solution that captures data from documents (e.g., email, text, pdf, and scanned documents), categorizes and extracts relevant data for further processing using artificial intelligence (AI) technologies such as computer vision, optical character recognition (OCR), Natural Language Processing (NLP), and machine/deep learning (ML/DL). These solutions can be integrated with internal applications, systems and other automation platforms. Adoption of IDP solutions can not only help enterprises achieve cost savings, but also improve their workforce productivity as well as employee and customer experience.

Common use cases of IDP solutions:

• Banking, Financial Services and Insurance: processing KYC documents, invoices, insurance claims, bank statements and checks
• Healthcare and Pharmaceuticals: processing R&D data, patient onboarding, patient records, patient surveys, physician referrals, claim-related documents
• Telecom: Processing proof-of-delivery information, custom declarations, driver logs and maintenance logs
• Manufacturing: Processing invoices, order forms, change requests, proposals and quality assurance records
• Travel and Logistics: Processing user documentations, invoices, proof of delivery, and purchase orders.

IDP solutions are rapidly replacing traditional OCR-based solutions for document extraction, because IDP solutions are capable of processing documents with greater accuracy and are more resilient to changes in document templates than traditional OCR. For example, with the help of NLP, an IDP system can process complex unstructured documents and can also create summaries. Once an IDP system is trained using ML/DL, the system can achieve Straight Through Processing (STP), which is processing without human touch. The benefits include:

• Increased productivity and efficiency of both digital and non-digital workforce
• Improved employee experience
• Improved compliance and governance
• Faster turn-around times due to increased STP
• Improved accuracy with minimal manual intervention
• Streamlined document tracking
• Reduction in overall cost of processing huge volumes of data.

For enterprises interested in IDP adoption, Everest Group has published “Intelligent Document Processing (IDP) Playbook.” The playbook is designed to help enterprises conceptualize where they want to get with automating data capture, identify the capabilities they need to get there, and create a business case and roadmap for adoption. The playbook details a five-step process to adopt, expand and scale IDP solutions and also includes IDP market characteristics, challenges and best practices for adoption, enterprise case studies, and a future outlook for the IDP market.

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About Everest Group
Everest Group is a consulting and research firm focused on strategic IT, business services and sourcing. We are trusted advisors to senior executives of leading enterprises, providers and investors. Our firm helps clients improve operational and financial performance through a hands-on process that supports them in making well-informed decisions that deliver high-impact results and achieve sustained value. Our insight and guidance empowers clients to improve organizational efficiency, effectiveness, agility and responsiveness. What sets Everest Group apart is the integration of deep sourcing knowledge, problem-solving skills and original research. Details and in-depth content are available at http://www.everestgrp.com.

SOURCE Everest Group