Infrrd AI Enabled Intelligent Document Processing for Complex Documents

  With rising home sales in the US and increasing demand for the use of technology in the mortgage approval process, IDP-driven end-to-end automation is expected to make a significant impact in this space. Because processes in mortgage origination are labor-oriented, automation and IDP are more impactful and beneficial for the mortgage industry than for most other Industries. According to the  McKinsey & Company report, A Future that Works: Automation, Employment and Productivity , “the value of the potential benefits of automation, calculated as a percentage of operating costs, is more than 90 percent for mortgage origination.” Moreover, this report says it takes an average of 37 days to approve a mortgage application in the U.S., of which about 14 to 21 are spent on the mechanics of application processing. With IDP, this could potentially drop to under six days. Mortgage automation is the key to a great customer experience The last few quarters have seen one of the large...

  Intelligent Document Processing (IDP) is a relatively new segment of technologies aimed at intelligent automation. As we talk to prospects and answer their questions about IDP, we find some repetitive themes. In this post, we will look at some of the most frequently asked questions about IDP and answer them with our perspectives. Let’s begin. Q: Are IDP solutions API-based? Should they be API-based? What does it mean when an IDP solution is API-based or supports API output? A: The way most IDP platforms work is that they receive a document as input, do their magic, and extract important business information from these documents. This information extracted at the end can be returned to the business systems in two broad ways - one for consumption by a human being and the second for consumption by another system. For human consumption, IDP systems display this information in a user interface where the customer can verify the information and correct it if needed. This information can...

  2021 is slowly coming to an end. This was a big year for IDP platforms. They gained a lot of traction and made inroads into a lot of operations teams, improving their efficiency and saving costs along the way. Analyst recognition of this segment broadened in 2021 with Gartner, ISG, Quadrant, and many other analysts joining Everest and Zinnov to cover this space. While 2020 was the year of early adopters, in 2021 a lot more customers started to notice the possibility that this technology presents and actively started pilots for wider adoption across enterprises. Over the last few years, customers were cautiously adopting IDP, skeptical of the efficiency gains that can be achieved by this technology. Now that a lot of them have seen what is possible, they are asking questions about what else can be done and also pushing the boundaries of what is possible. This year, Straight through processing showed up in a lot of our customer conversations. Customers started asking about what it ...

OCR Does Not Work, I Will Never Try It Again. by  Amit Jnagal , on December 16, 2021 11:00:00 AM PST In over two decades of my professional experience, I never came across a ‘happy’ OCR customer. I would go as far as saying that there are  no   happy OCR customers! In fact, one of the reasons we started  Infrrd  was to change that. As a part of our sales process, we regularly meet prospects who have burnt their fingers in the past with OCR technology. Some of them are so disappointed that they do not want to give it another try… ever! We have turned more than 30 OCR detractors into IDP believers. But there are so many others out there that are still against trying it again. If you are one of them, read on, let me make a case for why it is time to give it another look. Read Complete Article

According to Gartner, "The market for document capture, extraction, and processing is highly fragmented. Data and analytics leaders should use this research to understand the process flow and differentiated capabilities offered by intelligent document processing solutions". Gartner's recently released  "Infographic: Understand Intelligent Document Processing"  covers these 6 critical flows in IDP. 1.   Capture or Ingestion 2.   Document Preprocessing 3.  Document Classification 4.  Data Extraction 5.  Validation and Feedback Loop 6.  Data  Integration Source: Gartner, Infographic: Understand Intelligent Document Processing, Shubhangi Vashisth et al., 22 September 2021 This is the fourth post in the series exploring  Data Validation and Feedback Loop .  When it comes to IDP systems, one of the key evaluation parameters is the accuracy it offers. Besides depending on just the quality of the extraction process, there are external signa...

  Gartner recently released,  “ Infographic: Understand Intelligent Document Processing ” . According to Gartner, “The market for document capture, extraction, and processing is highly fragmented. Data and analytics leaders should use this research to understand the process flow and differentiated capabilities offered by intelligent document processing solutions.” In this series of posts, we speak to the 6 critical flows in  Intelligent Document Processing  (IDP) that Gartner covers and how Infrrd solutions stack up. 1.   Capture or Ingestion 2.   Document Preprocessing 3.  Document Classification 4.  Data Extraction 5.  Validation and Feedback Loop 6.  Integration In this  third  post, we explore  Data Extraction .  (Check out our earlier posts in this series,  Capture and Preprocessing ,  and  Document Classification .) Why did the world need a new data extraction solution? When people hear data extra...

  According to Gartner, "The market for document capture, extraction and processing is highly fragmented. Data and analytics leaders should use this research to understand the process flow and differentiated capabilities offered by intelligent document processing solutions." Gartner's recently released  “Infographic: Understand Intelligent Document Processing"  covers these 6 critical flows in IDP. 1.   Capture or Ingestion 2.   Document Preprocessing 3.  Document Classification 4.  Data Extraction 5.  Validation and Feedback Loop 6.  Integration   In this  second post  in our "Understanding IDP" series, we explore  Document Classification.  (Check out our  first post  featuring  Capture or Ingestion and Document Preprocessing .) Read Complete Article