Business

What is the most important feature in IDP

Comments Off on What is the most important feature in IDP

Intelligent Document Process – more commonly referred to as IDP – can process data from unstructured formats and transform it into something usable that can help to automate workflow. So, what is its most important feature? There is a lot packed into this technology so let’s look a little deeper. 

Scoring Enterprise Software

Enterprise software is the solution for a business need. When a problem is identified, a team works to explore the scope of that problem and identify the key components of a resolution. A long list of vendors are then vetted, one right after the next. What each has to offer is compared to what is needed using an RFI checklist that really gets into the details of each software solution. 

When it comes to the need for document automation, there are markers on the checklist involving things like architecture and scalability, user experience, administration capabilities, reporting, and even how the machine can be used. It doesn’t stop there, though. Some RFIs go into greater detail, such as inquiring about different types of APIs, algorithms used, and if there is available support for tag-value pairs. 

The idea behind these scorecards is to narrow down the incredible number of solutions available in order to find the best one. Thankfully, with enterprise software, it is rather easy to go through the checklist, do comparisons, and determine the best option. When it comes to IDP, however, there aren’t too many details at all to look into. In fact, you are likely only interested in its one top feature: the ability to achieve high levels of reliable automation. Why would any company spend money on an IDP software that provided low levels of reliable automation? Or even high levels of mediocre automation? 

The Accuracy Issue

When seeking resolutions, most companies will tell you that they want an IDP software that offers automation and accuracy at nothing less than 100%. Unfortunately, this is not very feasible. 

There are types of enterprise software that are relatively standard from one company to the next. Small tweaks or customizations that are built-in and can easily be used to fit are one thing. But when it comes to IDP software, every need and organization are different. Wanting to automate document-based information or certain tasks requires a lot of specific details involved. 

Some companies claim they get (or offer) 99% accuracy in their automation. But, looking deeper, there often isn’t much automation going on with that accurate reading. Let’s take a look at an example. If you need to sort out your invoices by date of service, there should be no problem in creating a system that can perform this job with 99% accuracy. When it only looks at a portion of your invoices but doesn’t touch on anything else, what good does it do?

When looking at the most important feature in IDP, you have to look at two things: 

  • The number of tasks that can be automated (hopefully more than just organizing a few invoices by date). 
  • The percentage of those tasks that have a high level of accuracy. 

Multiplying these two numbers together gives you a baseline for complete automation. You need both to be able to see the bigger picture. In short, stop solely focusing on accuracy and start prioritizing overall automation. 

Parascript offers AI software that streamlines access to your data with precision. Learn more about what they offer by visiting www.Parascript.com.