100% Accuracy and the (Hard) Choice Between Automation and Manual Document Processing

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100% Accuracy and the (Hard) Choice Between Automation and Manual Document Processing

During an interaction with an industry leader about his experience with IDP, said he had recently decided to automate his document extraction process because of the challenges faced with data inaccuracy and cost. He said their IDP platform currently provided 90 to 95% accuracy. He added that a manual team handled the remaining 5% to 10% of corrections.

What he said next inspired this blog post.

He said 95% accuracy does not look like 95% accuracy and his manual team had to put a lot of effort into corrections. This is a familiar case with many businesses that have chosen automation with high expectations. What exactly is the problem in this scenario? Let me try to shed some light.

One of the popular perspectives or oversights many of us have is that 95% accuracy means 95% correct values. This is not true. 95% accuracy does not translate to 95% correct values. It means that there is a 95% probability that a value is correct, or in other words, there is a 5% chance that the value is completely wrong.

95% is not the same as 100%. Unfortunately, even with 95% accuracy, customers must still manually verify all their documents to ensure the data is 100% accurate.

Your Business Outcomes Depend on 100% Accurate Data

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