Optical Character Recognition (OCR) and its subset, Intelligent Character Recognition (ICR), allow for machine-print and handwritten text in images to be recognized, extracted, and converted into a machine-readable format. Industries like banking and finance use OCR and ICR to extract data from financial documents like invoices and checks, while the healthcare industry uses this technology to extract information from medical records, claims, EOBs, EOPs, and other structured forms. But, OCR and ICR do not stop there. This technology is also used in many other industries that need to automate document processing tasks.
Technological advancements continue to open doors to better solutions—in this case, incorporating document processing technologies and artificial intelligence alongside traditional OCR/ICR has increased overall capability and accuracy. Intelligent Document Processing (IDP) software is the result of this combination and the next step for true automation. IDP goes beyond converting images of text into machine-readable text, it recognizes, interprets, classifies, and extracts data within a set of documents, no matter the format. Combined with Natural Language Processing (NLP), IDP software has the capacity to understand the context in which the text is used to locate similar data, understand sentiment, and solve other challenging automation issues. Examples include locating paragraphs related to the legal description of property within contracts, restrictive language detection in Deeds of Trust, extracting key contractual terms in a legal document, and more.
Advancements in IDP have helped businesses automate their documents faster and with greater levels of accuracy than ever before. Previously unsolvable automation problems within structured, semi-structured, or unstructured documents are now solvable for the first time. When combined with artificial intelligence technologies such as machine learning and natural language processing, IDP is the complete solution businesses can implement to fully automate traditionally manual document processes.
Modern IDP technology is used to analyze, classify, locate, extract, and validate documents in structured, semi-structured, and unstructured formats. These documents are turned into computer-readable data that can be databased, searched, and used in a wide range of cases. Fully automating document processing reduces human error and frees up resources, so organizations can focus on what is most important: revenue and growth.
Parascript is an established innovator in the Intelligent Document Processing industry with customizable solutions for common document-based processes. For more information contact the Parascript team today.