80% of enterprise data is unstructured and the volume of unstructured and semi-structured data in documents that enterprises need to process for doing business is increasing rapidly. Legacy automation tools and home-grown solutions (e.g., optical character recognition or OCR engines) are unable to scale and provide the requisite level of straight-through processing (STP) with accuracy, and knowledge workers spend a lot of time and effort in manually processing documents.
Intelligent Document Processing (IDP) fits-the-bill for such requirements by tackling unstructured data in documents using AI/ML capabilities, reducing a host of errors in end-to-end processing, delivering a greater degree of STP with accuracy, thereby making businesses more efficient.