Data is the lifeblood of any business. Intelligent recognition of data from documents can transform any business operations. It enables individuals from all levels of the organization to take action and business decisions. However, data in its native state is not beneficial for any organization. Data can be structured, semi-structured, or unstructured, and retrieving unstructured and semi-structured data can be challenging to say the least. In addition, the cost incurred to set up this function involves manual work, which can increase operations cost multiple folds.
Today, we embark on a digital-first future; driven by cutting-edge technologies like artificial intelligence (AI) and automation. Organizations can now re-evaluate their data processing strategy. Intelligent documents processing is one such outcome.
Enterprises witness an inflow of documents from multiple channels and in various formats - paper, pdfs, docs, images, etc. Unfortunately, these data from documents are often manually processed by humans. Manual data processing causes a huge operational bottleneck for enterprises -it is costly, unscalable, error-prone, unproductive, and hampers staff morale.
Intelligent document processing solutions has multiple benefits for enterprises, Gartner predicts by end of 2022, 65% of organizations that deployed Robotic Process Automation will introduce Artificial Intelligence, including Machine Learning and Natural Language Processing algorithms.
Intelligent document processing applications have multiple use cases for businesses to consider for deployment. Learn More about Why should business care about Intelligent Document Capture and AI Automation Software to automate invoice processing. However, in this article, we elaborate on key points to consider while considering solutions to automate document processing routines.
Intelligent Document Processing does not require users to be dependent on templates to process documents!
The first wave of document processing technology was driven by template-based optical character recognition (OCR). This process seamlessly extracted data from similar documents. However, this approach had its pitfalls. The system would fail when it witnessed different documents; it required dedicated resources to keep creating new templates and maintaining old ones. It turned out to be equally inefficient, unproductive, and highly time-consuming.
Learn from Karan Yaramada (CEO and Founder – Kanverse.ai) about How Enterprises can Leverage AI to Make Document Processing Touchless.
Intelligent Document Processing products should seamlessly process a multitude of documents.
Intelligent document processing solutions have multiple applications across different use cases. It is expected to witness a multitude of document types. The inflow of documents depends on the industry the company is operating. Documents witnessed across business processes – comes in different types and formats. A highly efficient document processing solution should seamlessly parse and process different document types (multi-lingual, skewed, multi-page, etc.) A high out-of-the-box extraction accuracy ensures high confidence while extracting data from documents.
Learn from Dr. Akhil Sahai (Chief Product Officer, Founding member Kanverse.ai)
Smart Intelligent Document Processing products delivers up to 99.5% extraction accuracy!
The leading metric that determines document processing effectiveness is having a very high extraction accuracy; that minimizes error rates - when the system witnesses documents bearing different orientations. Intelligent document recognition empowers process owners can achieve a touchless document processing experience, agnostic document type through an intelligent document solution that unifies multiple AI technologies.
Also learn about How Kanverse Hyperautomation Platform combines multiple AI technologies (Computer vision, ML (Machine Learning), NLP (Natural Language Processing) (Natural Language Processing), fuzzy logic) with OCR to delivers high extraction accuracy while processing documents. In addition, process owners can achieve a touchless document processing experience, agnostic of inbound document type with Kanverse.
Intelligent Document Processing products should capture customized business requirements!
Traditionally, data processing teams involve themselves with manual work to verify and validate data from extracted documents before publishing it to any records systems. The verification and validation process are robust and prone to error. Often involves switching across multiple systems and physical records.
Team members must also memorize data validation rules that can be cumbersome and often lead to calculation errors. IDP solution should deploy business logic on the extracted data and process it; before it gets published or stored to downstream business applications. Learn more about the 10 Things you need to know about Intelligent Document Processing (IDP) products .
Intelligent Document Processing products should deliver frictionless transformation?
Modernizing business processes through new technology impacts employees by forcing them to change their routine operational techniques. Looking for an intelligent document processing solution with a simple and intuitive User Interface (UI) that works with existing processes can boost employee adoption in less time. It also becomes critical to think about deployment and post-deployment phases. It is essential to understand system upgrades, monitor and perform maintenance issues, and how the intelligent document processing solution will work and function in the existing enterprise IT (Information Technology) environment.
A Hyperautomation platform like Kanverse.ai can automate the processing of documents whether they are AP Invoices or insurance ACORD & other Supplemental Forms with up to 99.5% extraction accuracy. Kanverse brings together multiple AI technologies - Computer Vision, Natural Language Processing, Machine Learning, and Fuzzy Logic, along with Business rules and workflows to accomplish end-to-end automation. Kanverse AI adapts to changing forms layouts seamlessly. It ensures end-to-end process automation, saves costs, reduces forms processing cycle time, increases productivity, enhances staff experience, and meets compliance requirements.
Read the Kanverse whitepaper to get a detailed understanding of the important factors to consider when choosing an Intelligent Document Processing solution for your business.
Make your Accounts Payable (AP) workflows future ready with Kanverse AP Invoice Automation. Combining AI with automation gives much needed decisioning and analytics capabilities to reason and complete tasks seamlessly. Automate high-volume, repetitive manual invoice processing tasks and improve overall process efficiency and organizational productivity! Learn More about the Top 5 Advantages of Accounts Payable (AP) Invoice Automation powered by Hyperautomation.
Kanverse Accounts Payable Invoice Automation digitizes document processing for enterprises from ingestion, classification, extraction, validation to filing. Extract data from a wide gamut of documents with up to 99.5% accuracy using its multi-stage AI engine. Say goodbye to manual entry, reduce cycle time to seconds, optimize cost by up to 80%, minimize human error, and turbocharge productivity of your team.
AP automation software like Kanverse APIA (AP Invoice Automation) is built to do the heavy lifting across your AP cost centers while your staff can focus on productive and business-critical activities.
Schedule a demo with us today to find out more.
About the Author
Aritro Chatterjee, Product Marketing, Kanverse.ai