Optical character recognition (OCR) and intelligent document processing (IDP) improve financial operations by automating document handling and reducing manual effort. OCR extracts text from scanned documents, such as invoices or checks, making them digitally accessible.
IDP enhances this by using AI to classify, validate, and extract structured information from unstructured documents. For instance, it can automatically process loan applications or expense receipts, ensuring accuracy and efficiency.
These technologies speed up workflows, reduce errors, and provide insights through automated data analysis, making them invaluable for modern financial operations.