Solution

The document is scanned and read with the help of Optical Character Recognition tool. The data is then fed to a machine learning engine, which is taught to extract essential data, and structures it in a meaningful way, to aid in document processing.

Places

This automation finds its application in a variety of businesses that involve document processing. It benefits logistics, banking and insurance companies where they require digitalisation of physical documents, manual entry of data from documents, confirmation of ID through documents, and identification of fraudulent documents.

Need

Manual processing is laborious and mundane. IDP automation increases processing speed, accuracy and is not manually demanding.

Impact

IDP uses machine learning to speed up document processing. It also generates significant business impact, boosting scalability, agility and end to end document automation, while reducing manpower necessary to process documents. There is also a significant reduction in errors, labor cost, operational cost, processing and verification time, with an increase in accuracy rate by 99%.