Traditional Template-Based OCR vs Intelligent Document Processing Solutions
From invoices to purchase orders to logistics documents, paperwork is constantly flowing in and out of your business. Manually processing mountains of documents is time-consuming, expensive, and prone to human error, which is why agile-minded operations are turning to automation.
For years, traditional OCR software was the go-to solution for document processing. However, documents and workflows have become more complex, prompting many companies to realize that their OCR falls short of their processing needs.
Intelligent document processing (IDP) is a cutting-edge technology that’s leading the next evolution of document automation. By leveraging AI and machine learning, IDP platforms can accurately process all documents, regardless of format.
Let’s take a closer look at these different automation solutions and how IDP technology plays a key role in your company evolving into a digitally-enabled enterprise.
What is OCR Software?
Optical character recognition (OCR) is the process of converting scanned images into machine-readable text. OCR software is used for digitizing invoices, insurance claims, customs forms, etc., and then turning them into searchable digital files.
There are some limitations to using OCR software though. For one thing, it doesn’t always work perfectly. The software can miss words or characters, especially when the font size is too small.
Also, the software sometimes gets confused by certain types of symbols, such as arrows, bullets, and numbers. Another limitation is that OCR software works best with black-and-white documents. Color can make it difficult for the software to accurately recognize the text.
Why IDP is the Next Big Thing in Automation
Unlike traditional template-based software, IDP is powered by AI and machine learning. These technologies allow companies to “train” their IDP system to recognize patterns in documents and extract key pieces of information.
Essentially, IDP makes it easier, faster, and more accurate to automate processes that used to require manual intervention. It can also analyze documents, extract key information, and identify patterns, significantly reducing the workload associated with document management.
Use Case Examples of IDP Technology
IDP is a powerful document automation tool that can improve efficiency, reduce costs, and increase productivity. Imagine having a platform that can:
- Extract data accurately from your vendors’ invoices, even when layouts change, and deliver robust insights so your AP team can manage and show ROI.
- Automate business workflows, manage documents throughout the workflow lifecycle, and create customized reports.
- Optimize your supply chain with faster turnaround times for key document-based processes like invoicing or customs clearing.
In addition to its flexible processing capabilities, an IDP platform enhances your company’s control and security by protecting your documents against unauthorized access. For example, Rossum has features you need for internal compliance like SSO, static IPs, or VPNs.
Evolve Your Document Workflows with IDP
OCR software works well for scanning receipts, letters, and other documents that aren’t very complicated. But for more complex documents, it won’t provide enough accuracy. Get the holistic document solution your company needs to become a truly agile enterprise.
With innovative IDP technology, your business can save time and money by automating repetitive tasks associated with document management. Make the switch to a cloud-based IDP platform that streamlines your workflows and delivers better customer and employee experiences.
Check out customer stories to see how different industries are using Rossum’s IDP platform to increase efficiencies, reduce overhead costs, and more.