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Document AI or Intelligent Document Processing (IDP) has transformed the way we extract data from various scanned documents, such as PDFs, invoices, receipts, tax, legal, insurance documents and others, making it easier, more efficient, fast and accurate with AI.
The adoption of this technology is growing exponentially. A report from Grand View Research says the global intelligent document processing market size is anticipated to reach $11.6 billion by 2030 and the market is expected to grow at a compounded annual rate of 29.7% through 2030.
Utah technology firm Intelgic has expanded its product lineup and included the Document AI platform for both its existing and new customers. The platform has pre-trained AI models to extract data from invoices and receipts with high accuracy.
Where is this technology useful?
Document AI and RPA are mainly used to automate document-intensive processes and manual data entry. Some of those include:
Finance and accounting
- Document AI is widely used to process invoices, receipts, bank and credit card statements.
- Tax documents, profit/loss statements and other financial documents.
Banking and lending and insurance
- Processing customer identity documents such as passports, Social Security numbers, driver's licenses, photo id proofs, address proofs and other documents submitted by customers.
- Loan and mortgage documents, PDF forms and other related documents.
- Insurance documents, claim forms, claim documents, etc.
Contracts and legal documents
- Relevant data such as payment terms, expiration dates, contract periods, etc., can be extracted and processed from contracts and agreements.
- Rental bills, money receipts, lease agreements, deeds, etc.
HR and employee management
- Resumes, educational certifications, experience certificates, etc. can be processed to extract the data that are needed.
- Employee tax documents, investment certificates.
Document AI in government
- Tender documents, supporting documents, company documents etc.
- Permit and approval documents processing.
How can you automate document processing workflow?
Document AI is an excellent technology for extracting data from PDFs, but it is just one piece of the puzzle when it comes to achieving end-to-end automation. To truly realize the value proposition, you need multiple technologies working seamlessly together, from sourcing documents to extracting data and populating the data into existing systems.
Intelgic addressed these challenges and developed a cutting-edge solution that combines the power of Document AI with Robotic Process Automation (RPA) for complete end-to-end automation. The solution is highly scalable, customizable, and can be quickly onboarded to fit the unique needs of any organization.
Moreover, the solution is easily integrated with existing systems, including desktop or online ERP and accounting software such as QuickBooks, NetSuite, and Zoho.
Affordable for everyone
To make this state-of-the-art technology accessible to everyone, from small businesses to accounting firms to large enterprises, Intelgic made the solution available on a subscription basis, without any hefty upfront or solution-building costs, unless customization is required.
Intelgic has already implemented this solution in some of the large accounting firms and mid-sized companies in manufacturing and real estate sectors in Utah and New York.
Data security and compliance
Intelgic's document processing solution maintains stringent security and compliance protocols to ensure the utmost safety and security of client data. It prioritizes the security of clients' documents, and therefore only saves them with explicit permission.
As an added measure of security, once the documents are processed, the solution typically deletes them. However, it also offers the option to securely store these documents either within a secured cloud storage or within the client's own secured environment.
In a nutshell, document AI and RPA can enhance the accuracy and efficiency of document processing workflows, reducing costs and enabling employees to focus on higher-value tasks. By automating repetitive tasks and streamlining processes, businesses can save time and resources while improving their operations.
Contact Intelgic for more information.
