Intelligent Document Processing: The Present and Future of Automated Information Management Q3 2021
IDP Results for a Major Insurance Company
On July 12, 2021, we announced that our robotic process automation platform, EON, has been successfully combined with our IDP technology to add additional attended and unattended automation capabilities into the system. EON now makes it possible to further remove the human element from the document processing system in areas such as data validation, correction, and transfer, which allows us to achieve even greater levels of efficiency and cost savings. In industries with large numbers of structured documents, such as healthcare, insurance, and the public sector, IDP systems have been making an impact within the most forward-thinking organizations. In areas where information is transmitted in various formats and through various media, where structure is generally lacking, IDP is poised to truly shine. The combination of intelligent language-processing neural networks, RPA, and related technologies is positioned to accelerate the next major sea change in the way business is done - and Exela finds itself out in front of this trend.
The Future of IDP
Exela’s IDP technology builds upon a long lineage of document processing systems that have been built to provide maximal automation in support of a global customer base. With use cases across numerous industries and document types as diverse as invoices, health records, insurance claims, and legal case files, flexibility and platformgenerality have long been a priority. When you can transformessentially any physical or digital document type into a manipulable data asset, major efficiency and productivity gains become possible. The evolution of IDP has grown from our efforts in the early days of the company and these new systems serve as a natural extension of our work in the business process automation space. The IDP industry today is still in its infancy, but we are at an important point along an evolutionary path that is converging with other related paths, all leading toward the type of true artificial intelligence we see in movies. Future generations of IDP technology are likely to produce systems capable of astonishing natural language processing accuracy and dynamic, contextual interpretation capability. We will eventually build systems that can read and literally understand what a document says. To date, this technology only exists in science fiction, but current work on IDP is setting the stage for that long-imagined future - much the same way that scanning platforms and OCR established the foundation that today makes IDP possible. Pushing the boundaries of accuracy and speed, and expanding the range of use cases, will continue to be goals within the IDP industry, and this holds true for Exela as well. As we deploy this technology in the service of our customers in numerous industries, we will continue to find ways to improve and broaden our capabilities. The future of work will be ever more digital and ever more automated, and we are preparing for that reality as we simultaneously help to bring it about. Building upon a long legacy as a global technology and service provider, Exela intends to remain at the forefront of innovation in the business process management industry.
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