Enterprise Guide to IDP

Your Guide to Fully Automating Your Document Processes

Designed to help you determine whether IDP is the right solution for you and your data extraction goals.

Scroll through and become an IDP Guru or instantly download the entire guide to share the knowledge. 

Questions answered:

  • What is IDP and how does it differ from OCR?
  • Which industries are using IDP?
  • What impact is IDP having on the workforce?
  • What questions should you ask before opting for an IDP solution?
  • Who is pioneering IDP technology?
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What You'll Learn from This IDP Guide

What is Intelligent Document Processing?

Questions you will get answers to in this chapter are:

What is intelligent document processing?

What are the advantages of using IDP?

When is IDP is the right solution for you?

Definition: Intelligent Document Processing (IDP)

IDP is a solution that transforms unstructured data from your documents into usable information and automates business processes by contextualising the document, understanding the data, extracting it, and sending it to the right place. The best IDP systems process data from any document in any language.

 

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But Who Needs Definitions?

Use our 60 second video to understand exactly how Acodis IDP works

 

 

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Five Advantages of IDP

How exactly can IDP technology transform the way your enterprise processes document data?

The number 5 surrounded by the 5 advantages of IDP: Speed, Accuracy, Easy Processing, Cost-Efficiency, and Productivity
Why Automate Document Processing?

Enterprises typically send and receive enormous amounts of documents each year. In most cases, all these documents are processed manually and take extensive and expensive resources to be processed.

Case: Allianz Suisse - Saves 1.5 FTE/year

As an example, Allianz Swiss is saving about 1'500 hours or 1.5 FTEs per year after implementing IDP in one of their processes.

 Benefit Example:

Enterprises are able to extract product information from purchase orders, giving them even more insights into their customer purchasing habits.

 

LEARN MORE ABOUT IDP BENEFITS

When Is IDP an Effective Solution?

Every enterprise constantly searches for ways to make their processes more efficient and their teams more productive. Ultimately businesses want to scale and grow while avoiding bottlenecks and the best way to do that is by automating repetitive tasks. Enterprises processing large amounts of documents that vary in complexity save the most from using IDP.

IDP gives the quickest ROI for enterprises that:

  • Struggle with document-heavy processes
  • Need to streamline tasks
  • Are looking to save time and money
READ OUR KNOWLEDGE BASE FOR MORE INFO
A man sitting on documents researches if Intelligent Document Processing is an effective solution

OCR vs Acodis IDP

So now you're up to speed about what IDP is all about, let's dive into:

What is OCR?
How are OCR and IDP different?

Definition: OCR

OCR, an abbreviation for Optical Character Recognition, converts image-based documents into text-based documents.

READ HOW TO PROCESS DATA USING INTELLIGENT OCR
Given Example

How Are OCR and IDP Different?

Main Difference Between IDP and OCR

IDP is not just a better OCR but something new. IDP is an AI-powered self-learning system that can process and understand unstructured data from documents, just like humans do—allowing you to automate all your document processing tasks at scale. Unlike OCR, IDP can learn to recognise the context, structure, and semantics (e.g., year) of a document and analyzes over 70 reference points to determine what those characters mean. 

OCR Versus IDP in Practice:

  OCR can tell us that certain pixels are the numbers 1 9 8 0 – but it does not understand that it's a year and part of your Date of Birth.

However...

IDP does understand that 1 9 8 0 is a date of birth. And IDP's value is processing documents automatically by transforming unstructured data into a machine-readable form more reliably and with more incredible document processing customisability. Below is a checklist for you to clarify how the features of OCR and IDP differ.

Your OCR vs Acodis IDP Checklist

Compare features and decide which is best for your document data extraction goals. 

Optical Character Recognition (OCR) versus Intelligent Document Processing (IDP) Checklist

                    LEARN MORE ABOUT THE DIFFERENCES

OCR vs Acodis Flowchart — Which One Fits Your Data Extraction Needs Best?

Find your right solution flowchart help IDP AI Data extraction

Industries That Use IDP

The truth is, IDP is everywhere - being used in every industry. 

But that'd be a boring end to this chapter, right? Here, we'll explore:

How IDP is being used

 Benefits that each industry is getting from it

A document surrounded by clocks and timers

How is IDP Being Used?

  • Managing large volumes of data
  • Powering digitisation projects

With data coming from various formats and sources, employees are burdened now more than ever with handling such large volumes of information without any space for errors.

READ PROVEN USE CASE

Industries Already Using IDP

Countless industries benefit from harnessing Intelligent Document Processing, here's a few to name:

Banking

How is the banking industry using IDP?

A large portion of the financial industry is devoted to writing and reading financial documents. Clients need banks to process documents swiftly and without errors.

Document use cases:

  • Generic bank forms
  • Mortgage documents
  • Credit applications 

Why are banks using IDP? 

  • IDP can process large volumes of documents and provides a solution that guarantees reliability, efficiency, and accuracy
  • IDP provides flexibility and can process complex documents like insurance policies and salary statements
  • IDP also assists banks with fraud detection 
READ CASE STUDY

Logistics

How is the logistics industry using IDP?

Logistics companies typically process enormous amounts of data from documents varying in complexity but are still required to deliver goods quickly.

Document use cases:

  • Invoices
  • Delivery notes
  • Bill of ladings

Why are logistics companies using IDP?

  • Employees are faced with long hours of manually processing data
  • IDP extracts data from all logistics companies' documents such as invoices, delivery notes, and bills of ladings 
  • IDP allows logistics firms to give their customers access to information faster
READ CASE STUDY

Healthcare

How is the healthcare industry using IDP?

Sustaining patient health records is essential in the healthcare industry. Documents can get misplaced even with the most sophisticated filing systems.

Healthcare organizations use IDP to:

  • Reduce manual data extraction from documents by 80%
  • Reduce the entirety of document processing by 70%
  • Increase workforce productivity by 65%
  • Decrease operational cost by 45%

Why are healthcare organisations using IDP?

  • IDP increases efficiency when processing patient data
  • Allows secure and easy access to patient data
  • Provides researchers access to old undigitised data and helps further research efforts
READ CASE STUDY

Public Administrations

How and why are public administrations using IDP?

Public administrations cope with extensive archiving and auditing documents, mergers, and acquisition-related files and comply with strict regulations. Most of these tasks involve unstructured data.

IDP helps public administrations:

  • Quickly access golden pieces of information while working on a case
  • Find and remove discrepancies or errors
  • Easily search for and find past legal cases and court decrees
  • Digitise and preserve historical publications
READ CASE STUDY

Impact IDP Has On Enterprises

It's easy to say that IDP transforms organisations - but that's not very helpful.

In this chapter, we will explore:

What it means to be transformed by IDP

Long-term impacts on enterprise scales

MIT Study Insight

"A 2020 study conducted by MIT suggested that a mere 25% of enterprises fully utilise data. And in doing so, make decisions that have significantly higher returns than those who don’t."

Ultimately, using technology, such as IDP, could enable enterprises to better access and use their data.

(Source: MIT, 2020)

A document is digitised using Intelligent Document Processing and yielding ROI and data insights
IDP can extract data from documents and transforms it to useable insights
Automating Contract Processing, Once and For All

A document is transformed into data through Intelligent Document Processing

Even if your enterprise only processes contracts: layouts, lengths, structures, and contexts will continuously change. This currently makes data extraction a pain to keep as efficient as possible.

Intelligent Automation

The future of IDP enables businesses to evolve past the stress related to processing documents. Even if document semantics change, IDP is intelligent enough to learn and continue without needing a team of data scientists.

LEARN MORE ABOUT PROCESSING CONTRACTS

Impact of IDP on Workforce

Data Entry Clerks Become Teachers

Roles, such as data clerks, would ultimately be transformed into "machine teachers", ensuring smooth operations across the platform.

They would be able to monitor the flow of data, teaching the software to become even more intelligent - being able to add more value to executing, and steering, the way data is processed.

IBM Study: Data Analysts Spend 80% of Their Time Collecting Data

Data analysts only spent 20% of their time analysing data. The majority of their time was spent collecting and cleaning up data from various sources.

(Source: IBM, 2017)

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Intelligent Document Processing extracts data from documents and transforms it into usable insights at scale

How to Get Started With IDP

You've made it this far, so let's explore how your enterprise can get started with IDP.

Ask Your Team:

Before investing in any enterprise-wide technology, it's always important to ensure that goals and expectations are aligned across your team.

 

A magnifying glass investigating questions and functions  of Intelligent Document Processing

 

Here Are Some Questions to Ask When Considering an IDP Solution:
  • Do we need to process large amounts of documents? (IDP is most effective this way).

  • What are our document data extraction goals? (For help on this, see our Flowchart in the IDP Guide).

  • Why does OCR take more time to integrate compared to IDP?

  • What issues do we currently face with manually processing data?

     

    5 STEPS TO INCREASING DOCUMENT DATA EXTRACTION ACCURACY

How to Implement Enterprise IDP

1

Enterprise projects are typically a success if you focus on solving one process first by selling it internally as a test.

2

Important: build your test on a scalable IDP platform with extensive enterprise experience (because enterprise requirements are very different from SMBs).

3

Request extensive demos from suppliers and check their reviews on platforms like G2.

4

Run your test with a supplier you trust and has the right resources to achieve quick results and help you navigate the journey to convince your internal stakeholders.

READ ACODIS IDP REVIEWS ON G2

Free IDP Demo Videos — See How IDP Works

 All you need is lov... mini demo videos!

Watch our Document Solution Expert walk you through each step in the IDP data extraction process.

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To Summarise IDP

In case you've forgotten everything you've just scrolled past, here's a summary of what IDP is all about.

Data is analysed by an intelligent document processor before data is extracted from document

Ultimately, the future of data extraction from documents is one of automation.

Companies that hesitate to adopt IDP fear the complexity and time the process of transforming all their unstructured data into structured data may entail; however, integrating IDP is seamless, and businesses typically begin seeing a return on their investment within one year.

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IDP is Allowing Businesses To...

  1. Streamline data entry processes, thereby minimising costs and increasing productivity

  2. Easily access valuable data that empowers analysts with the information necessary to make sound suggestions that lead to quicker and better business decisions

  3. Empower workforce to focus on big picture tasks and improve workforce morale

Sound like your goals? Get in touch and we'll explore how your organisation can benefit from IDP.

CONTACT US
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About Acodis IDP

We've talked a lot about IDP, but what does Acodis have to do with it? In this chapter, we'll touch base on who we are, and what we represent.

IDP Industry Leader

 

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IDP Pioneers

Acodis has been pioneering document data extraction since its founding in 2016. As every business process starts, finishes, or involves documents, Acodis can classify, extract, and automate them within seconds.

Self-Learning, Made For Humans

The document automation tool is diverse enough to meet all of your data requirements: whether you need a reliable PDF data extractor or an automated data entry program.

Any document, any language

Acodis can process any document type from any language and will seamlessly integrate with your systems. You can easily export your data from Acodis via API to feed and enhance your ERP, CRM, or RPA system of choice.

Swiss Made

Acodis is a thriving SaaS founded in 2016. We are based in Winterthur, Switzerland, with a team of twenty-seven people. 

READ ABOUT OUR JOURNEY
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IDP Data Extraction Targets

Someone's Looking Like an IDP Pro!

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