Intelligent document processing (IDP) is the ability to process documents and simultaneously extract data into a usable format. It utilizes machine learning to simultaneously understand and boost accuracy over time. Optical character recognition (OCR) is a component of IDP that converts images of printed text into machine-encoded data. IDP utilizes OCR as part of document digitization.
Ocrolus incorporates OCR into our workflow, but it's just one component. OCR struggles to get much above 85% accuracy across a representative mix of documents (it can do better at the "easy" documents, but not the tough ones). Fundamentally, our philosophy is that OCR will never be good enough for our clients to rely on it alone, and the whole point is for your underwriters and loan processors to actually trust the data they get back. That is why we've built both a machine learning layer, and included a "human in the loop", to get us from 85% to 99%.