Quocirca, a British global market insight and research firm focusing on the print market, has published a market overview on the subject of Intelligent Document Processing (IDP), anticipating the segment to benefit from significantly higher spending in future.
According to Quocirca’s recent “Document Trends 2024” study, 63 percent of the companies surveyed intend to spend to spend more on Intelligent Document Processing over the coming year. In certain sectors, the figure is even higher, for instance business and professional services (68%) and finance (69%) respectively. IDP is increasingly recognized as providing vital support for the automation of workflows, the analysts explain in a recent article.
The article goes on to estimate that, even now, more than 80 percent of all a company’s data lies dormant in unstructured or semi-structured formats such business documents, emails, images, or PDFs. Managing these sources of data is costly and inefficient.
IDP can automate the processing of structured, semi-structured, and unstructured data. It works with technologies such as artificial intelligence (AI), machine learning (ML), optical character recognition (OCR) and natural language processing (NLP) to scan, read, understand, extract and categorize information, after which it is organized into accessible formats. The ultimate objective is “straight through” processing, which requires little to no human involvement. What’s more, IDP can be integrated with Robotic Process Automation (RPA).
Incidentally, it is often the quest for more sustainability that sparks digitalization initiatives (31 percent of the large enterprises participating in the survey identified sustainability as the most important business outcome). Here IDP can also play an important role in switching over to processes requiring less or even no paper, not only saving resources but also enabling the company to tap into data for sustainability analyses and documentation.
In its Executive Summary Report Intelligent Document Processing (IDP): A market primer, available upon registration, Quocirca advises companies to use IDP as an enabler for digital transformation. According to the report, Intelligent Document Processing, as the “first mile” of digital transformation, provides a structured starting point for basic digital technologies, such as AI, hyper-automation tools, digital platforms and easily accessible no/low code application development environments for data and processes.
Quocirca describes the IDP market as “characterized by myriad suppliers” serving a wide range of sectors. In addition, IDP is also a perfect fit for channel partners looking to build up trustful relationships with other enterprises. The market, they explain, is complex and fragmented – ranging from point solutions to comprehensive platforms and sector-focused solutions. Potential customers are increasingly wary of solutions plugged as IDP, but which are actually only print management or workflow tools, the analysts add.
Alongside traditional providers such as Xerox, Tungsten Automation, Kodak Alaris, and ABBYY, all well established in the IDP field, Quocirca also points to OpenText, UiPath, and Retarus as notable IDP players for channel partners.
Find out more about Retarus’ IDP solution on our website or directly from your local Retarus representative.
