Generative AI: the Key to Unlocking the Full Potential of Intelligent Document Processing (IDP)

Managing significant volumes of documents and extracting valuable insights is a daunting task for businesses. Traditional document processing methods are increasingly inadequate, leading to inefficiencies, errors, and missed opportunities.

Intelligent Document Processing (IDP) has emerged as a solution across finance, healthcare, insurance, and legal industries to automate document processing and realize numerous business benefits. IDP solutions are evolving rapidly with the advent of Generative AI (Gen AI). Gen AI offers advanced Natural Language Understanding (NLU) and content generation capabilities, far surpassing traditional AI.

IDP solutions can effectively classify and extract data from semi-structured and unstructured documents by integrating Gen AI. This automated extraction process converts unstructured data into a structured, machine-readable format, enhancing straight-through processing (STP) rates, improving extraction accuracy, and increasing classification efficiency. Additionally, Gen AI offers post-processing capabilities such as insights generation, text summarization, and intelligent conversational search, reducing reliance on human agents and positively impacting overall Turn Around Time (TAT).

This study explores the implications of integrating Gen AI with IDP, covering:

• Introduction to IDP
• Evolution of Gen AI in IDP and its Applications
• Role of Gen AI in augmenting IDP solutions
• Potential use cases and benefits
• Key considerations and best practices for businesses

Unlock the potential of IDP integrated with Gen AI to transform operations, drive innovation, and seize new opportunities.

For more details, you can access the full white paper here.