Intelligent document processing is important for businesses that are looking to increase efficiency and accuracy in data management. It is quite a tedious process to deal with large volumes of documents. However, intelligent document processing solutions address this concern by taking advantage of artificial intelligence and machine learning.
IDP is capable of reducing document processing time by 50% or more, which is an asset for businesses to have. It also has the potential to eliminate flaws while considerably improving efficiency and productivity. So, let’s dig deep and know about the top industries that make use of intelligent document processing in 2025.
Functioning Principles of Intelligent Document Processing
The IDP market is seeing a lot of growth and is likely to reach 66.68 billion USD by 2032. Now, let us focus on how intelligent document processing works:
- Data Ingestion: During the initial stage, data is gathered from various places, such as emails or folders. Then, the document format is recognized as PDF, JPEG, or PNG.
- Document Pre-processing: IDP preprocesses the entire document. It is a crucial process to cleanse and organize data for better data extraction. The ultimate goal is to improve the quality of documents.
- Document Classification: Intelligent document processing organizes the data by relying on machine learning models or using preset rules. Such types of models are capable of identifying document types, including invoices, patient records, legal files, and purchase orders.
- Data Extraction: IDP takes advantage of OCR and CV to collect data from structured and unstructured documents.
- Data Validation: The extracted data is verified for maximum accuracy and consistency. To confirm data validity, human oversight is maintained during this stage.
- System Integration: IDP inputs verified data within the firm’s system. In addition, it integrates seamlessly with the ERP systems and content management.
- Analytics and Reporting: The data gathered can be analyzed to reveal insights. It consists of tracking the latest trends, monitoring anomalies, and gauging the overall performance.
Industries Witnessing Improved Efficiency from Intelligent Document Processing
Intelligent document processing is a flourishing market that captures the attention of several business concerns. Listed below are the top 10 industries that rely on IDP to enhance their overall efficiency:
- Banking & Finance
Intelligent document processing is being utilized by banks as well as finance companies today. It is meant to automate various tasks, such as loan approvals, identity verification processes, and document management solutions, along with risk mitigation.
This tool is very useful to extract the data while improving reconciliation and audit speed as well as accuracy. They also help in tracking fraudulent activities by cross-checking documents for any sorts of anomalies.
Insurance companies are taking advantage of intelligent document processing to automate processes like insurance claims, policy intakes, and quotes. As a result, business operations are faster and customer services are better nowadays.
- Healthcare
The healthcare sector is currently adopting intelligent document processing to replace paper records. This specific approach assists with medical billing, insurance claims, and managing records of patients. As a result, it reduces the staff workload while ensuring a smooth operation of business.
IDP utilizes OCR to quickly extract information from various medical documents. This ensures the accurate capture of data, minimizes errors, and safeguards the personal information of patients. Besides, IDP makes sure that there is enhanced trust and better data security.
- Transportation & Logistics
Transportation and Logistics sectors are using IDP to digitize shipping forms and customs paperwork. As a result, it automatically minimizes manual errors while increasing the overall efficiency.
IDP offers visibility into inventory levels in real-time. Plus, it is capable of tracking delivery times and order statuses. Thus, it lets a firm make informed decisions and use its resources better.
Intelligent document processing helps with automating billing/invoicing. It helps in enhancing financial management, thereby leading to quick payments and a better cash flow.
- Manufacturing
Intelligent document processing is easing manufacturing activities through the digitalization of vital documents and quality reports. This eventually minimizes errors and enhances overall efficiency.
Furthermore, IDP has the ability to handle resources, reduce expenses, and ensure adherence to quality standards. This improves the product quality and boosts customer satisfaction. Apart from that, it streamlines document management and increases productivity as well as profitability in the manufacturing sector.
- Government
Governments are using intelligent document processing to enhance accountability and transparency since digital records can be easily accessed by the public. IDP simplifies document management and assists in data-driven decision-making, therefore improving the service quality of a Government.
- Communication & Media
Intelligent document processing is automating many activities, such as processing licensing agreements along with advertisement contracts in the communication and media industry. This helps in saving valuable time and costs.
Optical Character Recognition and Computer Vision gather information from multimedia files. This enhances content monetization and increases viewer engagement along with rights management. IDP is truly transforming content management in the field of media and communication.
- Retail Sector
Intelligent document processing is boosting retail operations via automation. It is capable of automating tasks, including managing inventories, purchasing orders, and dealing with supplier contracts. This would instantly enhance overall efficiency, minimize errors, and save time.
IDP provides stock updates in real-time. So, it can avert stock-outs and cut costs. It also speeds up order processing, customer service, and return handling.
- Utilities
Intelligent document processing is transforming utility operations by taking advantage of OCR and CV to gather data from bills. This ultimately improves billing and metering accuracy.
- Education
IDP has the capacity to automate tasks in educational institutions. As a result, it is helping enhance the efficiency in enrollment, grading, and records. On the other hand, OCR and CV assist in collecting the data for improved research and collaboration.
- Insurance
Insurance companies are utilizing the intelligent document processing approach to automate various tasks, such as policy quotes, insurance claims, and policy intakes. The advanced OCR of IDP gathers data from documents while accelerating the processes and amplifying customer services.
Conclusion
Intelligent document processing is transforming data management across various sectors, including banking, healthcare as well as education by automating tasks, boosting efficiency, and carrying out informed decisions. It reduces human errors with regard to manual data entry and validation. Adopt IDP right away if you strive for better efficiency, too!
And the best part is, you don’t have to go too far to get the best document processing and management solutions. MBM Newtech offers intelligent document processing solutions as a part of its hardware and IT offerings to businesses of all sizes. All you’ve got to do is get in touch with our experts and they will take you forward with this.
