In 2025, most Australian businesses across industries typically handle a large amount of documents, such as invoices, purchase orders, financial reports, and other forms of documents, each day. Traditional methods such as manual extraction and entering are ineffective, as they prove too slow and error-prone, impacting delays. Thus, the rise of Intelligent Document Processing (IDP) has become a game changer for Australian businesses seeking increased productivity. According to statistics, the Intelligent Document Processing market size reached around USD 61.78 million by 2024. This shows that in this age, advanced technology like IDP is essentially becoming a tool that businesses rely on for document processing. By automating data capture, extraction, and analysis, businesses can save time and costs significantly. This article will explore a comprehensive guide to document processing in Australia as well as recommendations for IDP tools that businesses can implement.
What is Document Processing
Document processing is the process of capturing, organizing, extracting, and managing physical document data into digital data that are searchable and accessible. The key steps in document processing include:
1. Capturing: digitizing physical documents by scanning or ingesting from a digital file
2. Extraction: Pulling out critical data in documents for use in business systems
3. Organization: categorize and structure the data
4. Storage: storing the results in a database or document management system.
Manual Document Processing vs. Intelligent Document Processing (IDP)
1. Manual Method
Traditional document management relies heavily on manual work, such as entering data into the system one by one, reviewing each document, and physically storing files. To keep up with large volumes, businesses often need to hire many staff members for these repetitive tasks. Because if only a few staff handle a high volume of documents, the process becomes slow, error-prone, and unproductive. This not only consumes significant time and effort but also increases operational costs.
2. Intelligent Document Processing (IDP)
Unlike the manual method, which requires handling each process manually, IDP can automate all processes quickly and accurately. By using technology like OCR, natural language processing (NLP), and AI, IDP can capture documents, extract, validate, and save data into business systems without human involvement. This significantly cuts time processing; for example, if you manually spend hours, IDP can be completed just in minutes or even seconds. As a result, businesses can increase productivity by allowing staff to focus on other important tasks and make strategic decisions rather than repeated activities.
Fintelite as the Best Document Processing Software for Australian Businesses
While IDP brings many benefits, businesses should be aware of some risks, such as security vulnerabilities, automation errors, and vendor risk. These risks can impact the entire process or even damage a business’s reputation. Fintelite, with its high capabilities in the IDP technology, stands out as the top software for document processing in Australia. Fintelite can process a large number of documents 10 times faster with over 90% accuracy. It also provides all templates in various formats, eliminating the need for businesses to first convert documents into a single format. Furthermore, Fintelite offers on-premises cloud, which makes it more flexible and ideal for businesses across industries. In terms of security, Fintelite is certified by trusted institutions like ISO 27001, which ensures that business data is well safeguarded.
Book a demo today to experience the full features of Fintelite that will significantly benefit your business!
