Most enterprises witness an inflow of different types of documents across business processes. These documents are then manually processed by humans - based on requirements; each document is manually scanned, and the data is manually keyed into the application systems for storage purposes. If enterprises rely entirely on human efforts to process documents and analyze information, then it leads to longer cycle times, unwanted errors, increased costs, and hampers productivity. Assigning the human workforce to other business-critical activities positively impacts business operations. Kanverse intelligent document processing platform received analyst recognition in the 2021 Gartner report covering the Intelligent Document Processing (IDP) competitive landscape (Nov 2021)- Learn More.
What is intelligent document processing?
The purpose of an Intelligent Document Processing (IDP) product is to digitize the end-to-end document processing workflow across various business processes. It achieves it eliminating touchpoints that require manual intervention. Learn More about Why should businesses care about Intelligent Document Data Capture and AI Automation Software? Kanverse AI document extraction and processing technology digitize entire document processing workflows for enterprises. It intelligently extracts, captures, and classifies inbound documents across enterprise workflow. Business rules then organize the information based on needs and requirements. Finally, the raw data is processed, sanitized, and cleansed by the system. It also validates and verifies the data. Once all the process has been completed without errors, the system automatically exports them to downstream business applications. The entire process is powered by multiple Artificial Intelligence (AI) technologies. It hardcodes intelligence to business processes by making it resilient to disruptions and helping mitigate risks.
Kanverse combines multiple AI technologies (ML (Machine Learning), Computer vision, NLP, fuzzy logic) with OCR (Optical Character Recognition) to derive insights from unstructured documents. As a result, document processing teams witness up to 99.5% extraction accuracy with Kanverse. It is now a preferred technology for digital transformation projects where companies want to inculcate data-powered decision-making into downstream functions. In addition, process owners can achieve a touchless document processing experience, agnostic of inbound document type with Kanverse. Learn more about the 10 Things you need to know about Intelligent Document Processing (IDP) products .
Intelligent document processing value for businesses?
Intelligent Document Processing solutions are unlike any traditional value drivers for enterprises – it has resulted in the rapid growth of the intelligent document processing market. The absolute value hinges on the product's ability to process as much document-based information as possible with the highest data extraction accuracy - with the underlining objective to minimize manual tasks and tedious tasks for intelligent humans - who can contribute elsewhere.
Across all industries, enterprises face growing pressure to achieve more - and make processes faster - training and allocating new resources are increasingly becoming complex. At the same time, more enterprises have a strategic outlook on improving experiences for customers and their internal employees. As a result, it expects to improve revenue, operating margins and foster a stable working environment.
Learn about the Top 5 Advantages of Accounts Payable (AP) Invoice Automation.
Intelligent Document Processing solutions can deliver astronomical benefits on both counts. It does it by applying the skills which humans understand and manage content. As a result, IDP products save costly time and reduce costs while also reducing document processing errors - when performed manually. In addition, from an experience perspective, employees are freed from the tedious tasks of reading and manually processing documents. At the same time, customers benefit from greater efficiency with document-based processes and decisions.
Learn how an Intelligent Document Processing software product - Kanverse helped Lattice Semiconductors by automating invoice processing, thereby helping it caters to customers across the globe, ensure timely deliveries, and maintain its leadership position.
How does Intelligent document processing work?
OCR – Optical character recognition (OCR) technology is enterprise-grade software for extracting data from printed or written text - which can be from a PDF document, scanned document, or an image. The OCR Software Solution automatically extracts the data from documents based on business requirements and predefined document processing protocols and rules. The extracted data is often translated into a machine-readable format and made accessible to teams for editing, future referencing, or searching purposes. Learn More about OCR solutions from this blog.
Image processing - Combines multiple computer vision algorithms that prepare the document for optimal OCR and archival. The IDP product creates two versions of digitized documents – one will be optimized for machine-reading, and the other for on-screen viewing through the user interface.
Document capture – Natively data capture solutions extract data from incoming documents powered. An intelligent data capture software identifies and extracts the critical information from the incoming documents (paper and electronic versions) without any human operator'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. The system has built-in integrations that ingest data in the form of digital content - text files, PDFs, etc.
Learn how auto-learning empowers businesses to train new documents sets while processing.
Classification – Documents that enter business processes are groups of pages that contain a diverse set of information. For an IDP product to logically classify the documents is a crucial step before processing. Document classification engines are trained to recognize documents often powered by machine learning and other intelligence-based techniques. Automatic document recognition is an essential step in understanding the information within a document.
Extraction – Having a high data extraction accuracy is important because it reduces errors and eliminates manual intervention. Successful data extraction ensures that the software correctly comprehends the documents. AI modules are trained based on existing documents. Computer vision identifies the document semantics just like a human would and extracts specific data elements like dates, names, numbers, etc.
Natural Language Processing (NLP) –NLP is a discipline of Artificial Intelligence technology that can comprehend and interpret human language both as speech and text. NLP technology can classify human utterance and understand its tone, intent, and action directive. Based on this, it can perform a wide range of activities. NLP technology has multiple use cases. For example, a conversational interface could help with query resolution, and even a more advanced version can be used to understand extracted data from documents. It can also be used to understand sentiments, language translation, and categorization of textual information.
Data Validation – The business rule framework checks the extracted data on multiple parameters, it ensures data quality meets business needs. It also notifies operators during mismatches and guides operators through the resolution process. Detects anomalies based on company policies and ensure compliance. All extracted data must be verifiable to be trusted before publishing it into a system of records.
Learn More about reimagining document processing automation with 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 (Account Payable) 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.
Kanverse can also automate insurance submission workflows and seamlessly process ACORD and supplemental forms.
Schedule a demo with us today to find out more.
About the Author
Aritro Chatterjee, Product Marketing, Kanverse.ai