The Growing Market of Intelligent Document Processing (IDP)
In today’s fast-paced business world, the need for efficient document processing is more crucial than ever. This is where Intelligent Document Processing (IDP) comes into play. IDP is a rapidly growing market that leverages cutting-edge AI technologies such as Natural Language Processing (NLP) and image recognition to streamline the processing of documents and communications at scale.
For businesses looking to implement IDP, the decision of whether to build an in-house solution or buy an existing one is a significant one. Several factors should be taken into account, including ROI, performance, and time to value.
Building vs. Buying: Making the Right Choice
While some businesses may consider building a custom IDP solution tailored to their specific needs, purchasing an existing IDP solution often proves to be the more practical choice. There are several reasons for this:
Cost
Building a custom IDP solution can be a costly endeavor. From hiring skilled developers to ongoing maintenance and updates, the expenses can quickly add up. On the other hand, buying an existing IDP solution typically involves a one-time licensing fee or subscription, making it a more cost-effective option for many businesses.
Risk
Developing a custom IDP solution from scratch comes with inherent risks. Delays, technical issues, and unforeseen challenges can all impact the success of the project. By purchasing an existing IDP solution, businesses can mitigate these risks and ensure a more seamless implementation process.
Expertise
Maintaining a custom-built IDP system requires a high level of expertise in AI technologies and document processing. Many businesses simply do not have the resources or knowledge to effectively manage and optimize a custom solution. By opting to buy an existing IDP solution, businesses can leverage the expertise of the solution provider and benefit from their specialized knowledge and support.
The Bottom Line
Intelligent Document Processing (IDP) offers businesses a powerful tool for streamlining document processing and improving operational efficiency. When deciding whether to build or buy an IDP solution, it is essential to consider factors such as cost, risk, and expertise. In most cases, buying an existing IDP solution proves to be the more practical and cost-effective choice, allowing businesses to quickly realize the benefits of IDP without the complexities of building and maintaining a custom solution.
