A Review of Intelligent Document Processing Applications Across Diverse Industries

Abstract

This research explores the applications of IDP, demonstrating its critical role in enhancing efficiency, accuracy, and processing speed in diverse sectors. At the core of IDP's functionality is its ability to automate and streamline document-centric tasks, which traditionally required extensive manual effort and were prone to errors. The study categorizes the applications of IDP into three primary areas: Data Extraction and Automation, Compliance and Regulatory Monitoring, and Analysis and Insight Generation. Each category is explored in the context of its relevance and impact in specific industries. In Data Extraction and Automation, IDP systems are adept at extracting key information from a variety of documents. This capability is particularly transformative in industries like Finance and Banking, Healthcare, Retail and E-Commerce, Manufacturing, Education, and Real Estate. Applications range from processing financial documents and patient records to managing quality reports and analyzing property documents. Compliance and Regulatory Monitoring represents a critical application of IDP, especially in sectors where adherence to laws and regulations is paramount. This study highlights its importance in Finance and Banking for fraud detection, in the Legal industry for contract analysis, in the Government and Public sectors for public records management, and in Healthcare for patient records management. The third category, Analysis and Insight Generation, illustrates how IDP can analyze large volumes of documents to support decision-making and strategic planning. This is especially relevant in Healthcare for analyzing clinical trial data, in the Legal industry for litigation support, in Retail and E-Commerce for market analysis, in Manufacturing for product development, in Education for academic research, and in Real Estate for market analysis reports. The research establishes that IDP is not just a tool for automating mundane tasks but a pivotal technology driving strategic insights and ensuring compliance across various industries. The paper argues that IDP's influence is far-reaching, extending beyond mere operational efficiency to fundamentally transforming how industries manage and utilize information. This study provides a comprehensive understanding of the diverse and impactful applications of IDP, showcasing its potential to revolutionize document handling and information processing in multiple sectors.