Intelligent Document Processing Evolution in 2024: Top 7 Trends

In the digital era, traditional document management has become obsolete giving the green light to innovative technologies. Intelligent software comes into use and changes the way of doing business. In fact, Intelligent Document Processing (IDP) revolutionized the back-office docflow through AI-driven automation of error-prone and time-consuming routine processes.

Technologies evolve continuously, and IDP isn’t an exception — not only AI and ML algorithms have been improved but IDP systems have developed and shaped up to address continuously growing requirements of organizations across diverse sectors. So, let’s see the IDP evolution trends of 2024 and analyze how the functionality of an IDP solution is changing.

Key Trends in Intelligent Document Processing

Total digitalization leaves manual processing behind; however, software solutions aimed at the automation of back-office processes might differ significantly: some providers offer standard packages, while others harness the latest trends and develop tailored solutions to target industry-specific challenges. To gain a solid competitive advantage in the market, businesses need to keep an eye on the top IDP trends to derive maximum benefit from digital transformation.  

Let’s dive into the top 7 IDP trends of 2024.

• AI-powered document automation. In fact, artificial intelligence is the key driver of the recent steep progress in document processing software. Combined with OCR technology and enhanced with NLP and ML algorithms, AI significantly enhances the capabilities of the software, which can process a wide spectrum of document types and formats, including handwritten reports and unique fonts.  
• IDP & business process automation. Intelligent processing extends beyond scanning documents and capturing relevant data. AI IDP processes documents & classifies them into the preset categories. It can sort documents by clusters. Additionally, the technology automates data validation reducing human involvement to minimal.
• Cloud computing. Cloud-based solutions provide noticeable benefits when compared with in-house IT ecosystems:
  • Security. Cloud storage providers shield the data using superior data encryption, scheduled security updates, and advanced access control. Cloud computing has changed the way of running a business, and IDP is not an exception.
  • Scalability. Existing IT infrastructures aren’t always ready to accommodate the expanding volume of document processing. A cloud-based IDP platform allows accommodating growing business needs and ensures an uninterrupted docflow.  
  • Accessibility. In the digital era, companies need access to important documentation from any place and at any time. Cloud computing allows multiple employees to simultaneously work with documentation in real-time improving overall corporate productivity.
• Humans in the loop. Despite the evolution of AI, humans are still necessary to ensure compliance with pre-set objectives. This is the reason why IDP solution vendors incorporate a principal element, a human-in-the-loop. Human involvement is required for initial training of algorithms, periodic reviews, and accuracy checks (when AI is unsure about the data, it flags it for further human review.)
•  Industry-specific IDP solutions. Reputable vendors develop solutions adjusted to industry-specific document types and unique docflow processing requirements. Tailored solutions ensure higher accuracy and ROI and result in greater efficiency. Legal, finance, healthcare, and logistics organizations are known for huge volumes of paperwork with niche-specific terminology; customized and specially trained AI algorithms ensure greater performance of IDP systems.
• Advanced analytics. One of the strongest and in-demand features of IDP is its extended array of analytical functions.The capabilities of AI-driven solutions go beyond standard reporting. Advanced analytics transforms the data into valuable predictions. Businesses benefit from the analytical functionality of IDP systems that help to detect fraud and understand some trends/patterns.
  • Predictive analysis. It deploys the capabilities of AI and ML to recognize patterns & trends. IDP solutions use insights for improving data accuracy and document classification.
  • Prescriptive analysis. Suggestions are based on data-based insights. ML-powered algorithms help to optimize workflow and facilitate decision-making.
• Generative AI. Incorporated generative AI service takes IDP to the next level: the advanced conversational tool extends search functionality and enhances the intelligent side of document processing.   

As we see, 2024 is marked by rapid evolution, innovation, and personalization. AI and ML algorithms drive automation, accuracy, and adaptability.

How to Choose an IDP Solution

While looking for the right solution for your company, consider the following factors:

• Business needs. Analyze your company’s requirements: what processes you need to automate, what types/formats of documentation you mostly deal with, and the average docflow volume.   
• Functionality. Check if the offered functionality matches your requirements.
• Scalability. Once routine workflow processes are automated and optimized, you need a solution that can be upscaled with the expansion of your business. 
• Integration capabilities. Make sure that the solution can be seamlessly integrated into the existing corporate IT infrastructure.
• Costs. Given the scale of your enterprise, look for a solution that fits your budget. 
• Reputation of the IDP vendor. Check reviews and case studies, and see if the chosen vendor has experience in cooperation with companies in your industry. 

Why Choose Graip.AI?

In the continuously evolving business landscape, the Graip.AI platform not only keeps pace but goes one step ahead of the IDP trends and provides enterprises with the most advanced tools for docflow management.

A dedicated team of pros will develop a custom-tailored Graip.AI IDP solution to address the unique needs of your business. The optimized docflow will help to cut costs, increase the accuracy of extracted data, and boost overall corporate performance. Graip.AI’s commitment to transparency and explainability through Explainable AI (XAI) ensures the precision and reliability of document processing outcomes. By partnering with Graip.AI, companies can unlock the full potential of IDP, streamline their operations, and gain a competitive advantage in today’s digital landscape.