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The case for AI-powered Accounts Payable (AP) Automation: Calculate your unrealized savings

AI-powered Automation: Why should businesses care about Intelligent Document Capture?

The global business environment has been disrupted by the growing need to innovate business models and processes. The extensive growth of the digital economy has resulted in the explosion of big data. The demand for advanced analytics solutions to make informed decisions from the generated data is increasing. Scalable cloud computing platforms are enabling the ultimate digital transformation stories for multiple enterprises.

As these companies seek to improve margins, gain competitive advantage, reduce costs, and cater to the changing customer requirements – digitization initiatives play pivotal roles by being the foundational pillar of modern-day business strategy. Early adoption of emerging technologies like Artificial Intelligence (AI) and automation are witnessing an increase in market share, enhanced value creation for customers, and increased customer base.

What is intelligent data capture?

Enterprises handle plethora of documents every day. These documents are often manually processed by humans, and the relevant data is then manually entered into the enterprise application systems for storage and future retrieval purpose. The very idea of intelligent document capture is to automate the entire document processing workflow by eliminating the manual touchpoints. An intelligent document processing software identifies and extracts the critical information from the incoming documents (paper and electronic versions) without any human agent's guidance. It also can process documents coming from multiple channels in the enterprise. This data is then verified and validated based on custom business logic and automatically exported to downstream applications.

“Three reasons why you need intelligent capture for your business processes”

  1. Digitizing the document processing workflows helps increase productivity, efficiency, and reduces cycle time for enterprises-

    On an everyday basis, enterprises witness inflow of multiple documents into the system, ranging across – electronic/printed/handwritten documents, images, emails, or even web-based content. Processing this massive pile of information on a day-to-day basis is challenging and often can lead to an increase in costs. Also, entirely relying on human efforts to process the data can lead to unwanted errors, further hampering productivity.

    Intelligent document processing can capture and extract all data from documents entering your enterprise. It then organizes the information based on the business need. The raw data is also sanitized and cleansed by the system during processing. Once the data has been validated and verified, the system automatically exports it to downstream business applications. AI and advanced machine learning (ML) algorithms power the whole process. Over time your business process becomes more resilient to disruptions and helps to mitigate risks.

  2. Effective data processing helps to reduce costs and ensures uninterrupted continuity across business process–

    Document capture systems are trained based on previously seen document type across your business workflows. Training is enforced using advanced ML models, making the document capture system intelligent. It then seamlessly captures and extracts the relevant data from documents. Previously a data processing error had the potential to halt the complete business process.

    "According to research by Gartner - Organizations believe poor data quality to be responsible for an average of $15 million per year in losses."

    It turns out poor data quality are the result of processing bottlenecks and it can be too expensive for enterprises of all sizes to afford. Not only does inaccurate data entering your enterprise systems have the potential to stretch your financial resources, but it also negatively affects your efficiency, productivity, and credibility to customers.

    Automating the document data capture process with AI simplifies data processing and eliminates the chances of entry of inaccurate data to downstream business applications. Effective data processing ensures uninterrupted continuity for your business processes.

  3. Intelligent Data Capture helps you to make informed business decisions by ensuring data quality and integrity-

    Native to the digital economy, modern-day business decisions are the outcome of analyzed data. So, the importance of organizing and maintaining data in accessible formats has become the business-critical need of multiple organizations.

    Now with the advent of AI, the value and need of structured data have grown significantly. Companies are currently exploring new opportunities for leveraging AI-powered analytics solutions to understand the hidden aspects associated with the data - which can majorly influence business decision-making. It has become an essential practice in global organizations to maintain a competitive advantage. It has gained massive traction because enterprises are rushing to provide personalized service to customers.

    When there is holistic visibility of a business process and data integrity is ensured across all storage warehouses, that is when process owners can leverage AI-powered analytics solutions to extract and analyze the data from stored applications based on the requirement. The code to successful decision-making is the quality of data held, and intelligent document data capture helps maintain data integrity and quality of your business data.

About the Author

Aritro Chatterjee, Product Management, Kanverse.ai

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