The global Intelligent Document Processing market will reach USD 11.6 billion by 2030, according to a new report by Grand View Research, Inc. While organizations are grappling with managing ever-increasing volumes of documents, Intelligent Document Processing (IDP) has emerged as a powerful technology to enhance their efficiency and accuracy of data extraction and validation.
Intelligent Document Processing leverages advanced technologies such as artificial intelligence and machine learning to automate extraction, analysis, and data processing from various documents. It enhances efficiency by eliminating manual data entry and streamlining document workflows, ultimately improving accuracy and productivity.
As the IDP landscape evolves rapidly, it is critical to explore the future possibilities and trends that will shape the way we work and interact with information. In this blog, we will delve into five key trends that promise to revolutionize the field of Intelligent Document Processing.
Key Trends in Intelligent Document Processing
Here are some trends to look forward to in 2023:
Advanced NLP Capabilities
Integrating Natural Language Processing (NLP) with Intelligent Document Processing (IDP) holds immense potential in unlocking contextual insights from unstructured data.
For example, consider a financial institution that receives many loan applications. Traditionally, NLP can assist in extracting critical applicant information such as the name, address, and employment details from standardized forms. However, advanced NLP techniques can take this further by analyzing the free-text sections of loan applications, such as the statement or explanation for the loan request. This advanced NLP can go beyond simple keyword matching and understand the sentiment, tone, and context. It can identify phrases indicating financial stability, risk factors, or potential red flags.
Cloud-based IDP software will power the scalability and accessibility of document processing technology. Some companies still prefer in-premise document capture solutions because they cannot trust their confidential information on clouds susceptible to data breaches. However, this trust gap is bridging fast, as cloud-based solutions now have strict cyber-security measures.
Enhanced Security with Blockchain Integration
Blockchain technology has the potential to revolutionize document security which will be particularly valuable in industries such as finance and healthcare. By leveraging blockchain’s decentralized and immutable nature, organizations can establish an incorruptible audit trail for important documents. For instance, in the financial sector, blockchain integration can ensure secure and tamper-proof verification of mortgage documents, preventing fraud and providing trust to all stakeholders.
Human-in-the-Loop (HITL) AI
HITL AI systems represent a key trend in the future of Intelligent Document Processing, combining human expertise with the efficiency of machine automation. This collaborative approach ensures accurate and efficient document processing. For instance, in the legal industry, contracts often require a thorough analysis by legal professionals. HITL AI enables these professionals to review and validate contracts efficiently by automating the extraction of relevant clauses, dates, and obligations, allowing them to focus on higher-value legal tasks.
Improved User Experience
AI-based document processing is revolutionizing the user experience, simplifying document retrieval, and personalizing the processing to meet individual needs. The future of automated data capture technology will have improved accuracy, faster extraction, integration with advanced technologies, heightened data security, and the ability to handle diverse data types. As this technology advances, it will bring efficiency, accuracy, and enhanced user experiences to various industries.
The future of Intelligent Document Processing holds immense potential for organizations seeking to streamline their document management processes. Advanced machine learning algorithms, NLP, cloud-based solutions, and blockchain integration with human-in-the-loop are poised to reshape the IDP landscape, revolutionizing how we handle information. By embracing these transformative trends, organizations can improve efficiency, accuracy, and competitiveness in the digital age.
At iMerit, we remain dedicated to driving these advancements and empowering organizations to unlock the full potential of Intelligent Document Processing. With 10+ years of domain expertise in data extraction technologies and techniques, iMerit Human-in-the-Loop workflows for validations and corrections ensure high-quality data and guarantee SLAs across multiple domains.