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IDP uses AI to automate data processing

Despite major advances in digital security and cloud storage, paper remains an essential ingredient in the contracting process. Intelligent document processing (IDP) uses artificial intelligence to automate data processing, disrupting fintech by augmenting human intelligence. Unlike robotic process automation (RPA) and simple data extraction, AI for document insights enables knowledge management digital transformation with streamlined search, synthesis and analysis across large volumes of complex documents, helping employees quickly make better business decisions. But in 2021, where most business advances were built on some form of automation, weren’t we supposed to be living in a more efficient future? Even better: Why spend time assessing and sifting through thousands of documents when AI could do the job in a few minutes? As per the Adobe study, attitudes toward going all-digital with document management are rising, but old paper habits die hard. Did you know manual document-related challenges account for a 21.3% productivity loss and Indian companies waste a collective 82% annually managing paperwork!



India Inc. could potentially save up to Rs. 5000 to Rs. 6000 crore per annum by integrating smart offerings like NSE-backed Finstinct that allow financial organisations to cull out hyper-targeted, structured information from millions of unstructured paperwork and documents floating in the BFSI ecosystems. A report says, workers spend approximately 11 hours in a week to deal with documents related issues, which leads to low productivity and poor quality of the customer service. As per, Goldman Sachs it is estimated to spend $33mn every year on hiring analysts who can read reports, papers to make sense of millions of documents running through their system. It seems, perhaps the cost spent on the current manual system can be avoided and channelled towards better insi.