Intelligent document processing for small and large businesses – which are leading highlights

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Working with documents can be very difficult, tedious and prone to technical errors. This is exactly the reason why employees in the accounting departments of small and smaller companies feel difficult when processing invoices, forms, contracts and other important documents – they are literally challenged to deal with a huge volume of information, trying not to make mistakes and process the document with maximum accuracy.

Intelligent document processing is one of the best ways to make all this happen with maximum ease and in a short time. More information about this application you will find in the following lines.

Intelligent document processing – what it is?

invoice automation software

IDP (intelligent document processing) is an innovative solution that is increasingly being used. It is important for him to know the following:

  • the technology is designed to automatically manage the information available in contracts, invoices and forms, and its development uses machine learning and other advanced settings to make the data extraction process optimized and efficient;
  • the main goal in this case is the correct understanding of the content in the document – artificial intelligence is among the ways to make this happen, as well as the excellent automation of individual work stages. Intelligent document processing has been proven to be a good way to increase company reputation, increase accuracy when working with documents, save on salary costs and last but not least, make it easier for employees in the company;
  • another important thing about the software is its high adaptability. It can be used in conjunction with other company software so that its integration into company structures is seamless. Standard practice is to process documents manually, but this is a prerequisite for making mistakes. With the help pf document processing this risk is significantly reduced which makes the software highly favored by more and more companies;
  • document processing (IDP) from Smart Soft can be used for scanned and pdf files. In both cases, the technology has the capacity to recognize the symbols and then extract the important information. The high degree of accuracy is characteristic in this case, which is also defined as the main advantage of the software.

Modern lifestyles and increasing digitization are an opportunity to benefit from innovative solutions such as intelligent document processing. Such developments improve business, increase profit, reduce technical errors and make the work process even more pleasant. For this reason, more and more small and large companies rely on the application for their accounting – the results are really positive, as among them is the opportunity to focus on more substantial problems.

What components are present with this software application?

The IDP has three leading components: OCR (Optical Character Recognition), ML (Machine Learning) and NLP (Natural Language Processing). OCR enables machines to successfully recognize handwritten or printed characters when the document is scanned. Over time, this technology has undergone great progress, and today it can handle a large volume of  characters.

ML is a type of artificial intelligence that in the 21st century is increasingly present in our everyday life. Machine learning makes it possible for machines to “learn” themselves by relying on certain data, and this setting is most applicable to unstructured documents that require an innovative approach to intelligent processing.

NLP on the other hand is the kind of technology that makes it possible to recognize human language making it possible to analyze text characters in documents based mostly on context.

Implementation stages

When it comes to implementing document processing software, there are several steps that are worth describing. The first (starting) step is the acceptance of the document, which is carried out by uploading by email or manually. When the document has already entered the system, it is time for its classification, which is also defined as the second step.

The next stage is data extraction using OCR technology. Text analysis is implemented with NLP to recognize data such as amount, invoice number, etc. Validation and verification are the next steps in intelligent document processing. They are essentially very important because through them maximum accuracy is achieved when working with information carriers.

Last but not least is the integration of the data that enters the system – if, for example, it is an invoice, there is the possibility to enter the information into the accounting software

What are the top benefits of smart document processing software?

There are many benefits of intelligent document processing software. Accuracy, less cost, perfect accuracy, scalability, etc. with the help of technology, the operational time for the processing of documents of different types is also reduced, and in addition, efficiency is also improved.

Another plus of intelligent document processing is the reduction of errors that are often made when information is processed manually. It’s a great way for employees to maintain company standards and increase their productivity. The software is suitable for both small businesses and large companies where the flow of information is huge.