Data is very relevant in this digital age but just collecting data is not enough. For enterprises to succeed, you must process data the right way and extract business-relevant information. This is where technologies like Optical Character Recognition (OCR) and Intelligent Document Processing (IDP) become significant.
While OCR helps in collecting, sorting, and storing data from documents, IDP understands, categorizes, and validates data in a way that aligns with regulatory compliance and operational needs. Together they generate an intelligent analysis of the data and give businesses valuable insights, which can be used to improve operations, save time, and improve ROI.
In this white paper, we look at the evolution of business processing from traditional OCR to the more advanced IDP, and how it has proven to be a game changer. We also discuss use cases of IDP across different industrial sectors, its benefits, and a roadmap to transition from traditional OCR to IDP.
What you’ll learn in this whitepaper:
- OCR and its limitations: The functioning of OCR and its limitations.
- IDP and how it is different from OCR: The functioning of IDP, its basic components and how it is used to extract and process business-relevant data from documents.
- The need to transition from OCR to IDP: The advantages of IDP over OCR, and why businesses must adapt the more advanced and smarter IDP solutions for better results.
- Key benefits of IDP: Time and cost saving, improved accuracy, faster decision making, better security, integration with existing systems, scalability and better customer experience.
- Use cases across industries: Financial sector, HR, manufacturing, healthcare, transport and logistics, and government sector.
- IDP challenges and solutions: The different challenges faced by IDP and its solutions for better results.
- Roadmap to transition from OCR to IDP: Things to consider while choosing a robust IDP solution for your business.
This white paper gives you a 360 degree view of IDP, the reasons for business leaders to adopt the more versatile and modern IDP, and how they can transition from traditional OCR to the more evolved IDP solutions.
