5 Best Intelligent Document Processing Software
In today’s fast-paced business environment, manual procedures are major bottlenecks, particularly regarding document handling. Businesses are shifting their attention towards intelligent document processing software to manage business processes more efficiently.
According to a MarketsandMarkets study, demand for intelligent solutions is significantly increasing.
“The global Intelligent Document Processing (IDP) Market was valued at USD 1.1 billion in 2022 and is anticipated to grow at a 37.5% CAGR between 2022 and 2027.”
This growth highlights how important IDP is in solving problems with manual document processing.
Due to the over-saturation of IDP vendors in the market, it can be challenging for traders to choose the right one for their business. To overcome this problem, we have compiled a list of the top 5 IDP software to choose from.
What is an Intelligent Document Processing solution?
Intelligent Document Processing (IDP) solutions extract data from various documents, including contracts, invoices, and receipts, using machine learning (ML) and artificial intelligence (AI). They save time and effort by automating the laborious, error-prone manual data entry procedure while increasing productivity.
Top 5 Intelligent Document Processing Software
Here are the top Intelligent Document Processing software providers:
1. iCustoms
iCustoms is your all-in-one platform for automating complex customs procedures and expediting international trade. Our intelligent platform uses AI and ML to transform your supply chain management and logistics operations, ensuring 99% accuracy and saving you time and resources.
The cutting-edge Intelligent Document Processing (IDP) technology is the foundation of iCustoms. With unparalleled accuracy and speed, this robust tool extracts crucial data from a wide range of customs paperwork with ease.
Key Features
- Automated data extraction: Precisely and quickly extracts data from a variety of customs document types, such as packing lists, invoices, certificates of origin, and bills of lading, saving 70% of your time.
- Real-time validation: Verifies compliance and avoids delays by examining documents for mistakes and inconsistencies.
- Document classification: Simplifies workflow and routing by classifying documents according to their content.
- Model retraining: To ensure accuracy and efficiency, the system continuously learns and adjusts to new document formats and legal requirements.
Industries
iCustoms serves the following industries:
- Importers & exporters
- Freight forwarders
- Customs agents & brokers
- Manufacturing
- Retailers
- E-commerce
- Supply Chain
- Transportation and Logistics
- Postal companies
- Parcel companies
Pricing
- We provide a customised price plan to precisely match your business’s demands and particular requirements. Our approach guarantees you the most economical and efficient pricing structure, perfectly synchronised with your operational objectives and market situations.
Having trouble extracting data from customs documents?
iCustoms’ IDP technology streamlines the process, saving you time and avoiding errors.
2. Docsumo
Docsumo is a platform that automates the management of documents from diverse sources. It provides a complete solution that greatly reduces manual labour and errors for extracting, categorising, and pre-processing documents. Docsumo uses machine learning and sophisticated image processing techniques to improve document quality and get them ready for further data extraction steps.
Key Features
- Document ingestion
- Document classification
- Image enhancement
- Auto split
Industries
Docsumo caters to the following industries:
- Finance
- Insurance
- Real estate
- Healthcare
- Logistics
Pricing
Docsumo has a flexible pricing plan, making it accessible to businesses of all sizes.
3. ABBYY
ABBYY Vantage is a prominent intelligent document processing (IDP) technology that automatically captures and extracts data from documents with 90% accuracy. It enables businesses to automate the labour-intensive and manual processes of obtaining and extracting data from documents.
Key Features
ABBYY has the following features:
- Comprehensive document processing
- Pre-trained skills
- Continuous improvement
- Seamless integration
Industries
ABBYY serves the following industries:
- Financial services
- Loan processing
- Insurance
- Transportation
- Logistic
Pricing
ABBYY Vantage provides flexible pricing that is tailored to the needs of businesses. However, forthcoming clients should be aware that the pricing structure may be intricate, and they may cost more for custom integrations, extensive initial setup, and training.
4. Automation Anywhere
Automation Anywhere’s IDP is intended to improve and expedite the extraction and use of data from documents. It seeks to enhance data quality, speed up processing, and guarantee compliance by utilising AI and automation.
Key Features
Automation Anywhere has the following features:
- Data extraction
- Data validation
- Integration
- Deployment flexibility
Industries
Automation Anywhere serves the following industries:
- Logistics
- Finance
- Manufacturing
- Financial Services
- HR
- Healthcare
Pricing
Automation Anywhere enterprise solutions are usually priced according to a subscription model. However, specific costs for the IDP module may differ based on things like the volume of documents, the number of users, and the features that are needed.
5. Parashift
Parashift’s AI-powered IDP is made to process different kinds of documents automatically. To reliably and effectively extract data, it makes use of cutting-edge technologies like One Touch Learning® and Document Swarm Learning®. With time, Parashift’s continuous learning methodology improves its performance, allowing it to handle complicated documents with exceptional accuracy.
Key Features
Parashift’s IDP includes the following features:
- Document processing
- Use case flexibility
- Human-in-the-loop
- Cloud-based
- Ongoing learning
Industries
Parashift’s IDP is applicable to a variety of industries, including:
- Finance
- Insurance
- Healthcare
- Legal
- Human Resources
- Supply Chain
Pricing
Parashift offers a flexible pricing schedule to suit the needs of your business.
Last Words
Selecting the best Intelligent Document Processing software is essential for optimising workflows and increasing productivity. Although there are many options available on the market, this blog has identified the top five IDP solutions to assist you in making a decision.
Every software has its advantages and meets the demands of a particular business. iCustoms stands out among others because it provides unmatched precision and efficiency, as well as specialised features such as:
- Automated data extraction
- Real-time validation
- Document classification
- Continuous learning
- Specialisation in customs procedures
- Integration with customs authorities
Its emphasis on the specific complications associated with global trade makes it an appealing option for logistics suppliers, importers, and exporters.
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About iCustoms
iCustoms is an all-in-one solution helping businesses automate customs processes more efficiently. With AI-powered and machine-learning capabilities, iCustoms is designed to streamline your all customs procedures in a few minutes, cut additional costs and save time.
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