Documents play a starring role in most business processes. For example, invoices are a well -known part of accounts payable processes and ACORD forms are a mainstay of insurance claims processing. And when these documents are processed manually, enterprises get hit with long hours, high error rates, and slow turnaround times.
Technologies with advanced AI capabilities, such as optional character recognition (OCR) and natural language processing (NLP), are solving these issues by more efficiently classifying and extracting data from structured and semi-structured business documents. But these intelligent document processing (IDP) solutions don’t come without their own set of challenges. To effectively adopt and implement IDP, businesses should be aware of five common pitfalls and know how to avoid them.
Here’s just some of what you’ll learn in this report from Everest Group: