What exactly is IDP?
As mentioned above, IDP is a technology that uses OCR techniques with advanced machine-learning technologies in order to “learn” how to identify data points across different types of documents. This means that an IDP solution gets better and more accurate over time as it processes more documents.
IDP vs. OCR
Optical character recognition (OCR) tools are used to turn text that is written on paper into digital text that can be processed by a computer. However, these tools often have trouble with complex documents such as invoices or forms. This is where IDP comes in to help.
IDP is a process that is used to put data into robotic process automation (RPA) or business process management (BPM) solutions. The difference between IDP and other methods is that it can handle more complex document types and data extraction.
IDP use case scenarios are not just limited to data entry.
The technology can be used for things like fraud detection, contract analysis, and customer onboarding processes. It can also be used to process invoices, sales orders, and updates to Know Your Customer data.
IDP technology can be used in an RPA platform, and can also be used to augment an existing RPA solution by making sure all the data needed for automation is standardized.