Enterprises handle several types and forms of documents daily. These documents are often manually processed by humans operating at various functions. The relevant data is then manually entered into the enterprise application systems for storage and future retrieval purposes.
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.
What are the Challenges with Optical character recognition (OCR) software technology?
Traditionally OCR Recognition technologies are template-driven, meaning it can extract data from similar types of documents. However, this also comes with significant restrictions. OCR engines cannot understand and comprehend the complexities of a document's input data. For example, If the inbound document is an invoice, the OCR may recognize the text from the document but will not understand the context. It will also fail to recognize the text in blocks. Having an OCR engine that cannot understand and comprehend documents can lead to catastrophic results. An increase in the process cycle time, increased costs, and would involve manual efforts to rectify errors.
Many OCR solutions cannot read tables that are either bordered or borderless, increasing the possibility of unexpected errors. In addition, noises such as black gaps and trash values are not removed by traditional OCR engines, leading to ambiguous output. As a result, enterprises cannot rely on conventional OCR platforms and are unpredictable for businesses. Low extraction accuracy is primarily the primary factor that prompts business leaders to consider different intelligent solutions to extract data.
AI (Artificial Intelligence) powered OCR Solution – What is AI Powered OCR Software?
The solution to the challenges possessed by native OCR technology is to migrate towards AI-powered OCR Software Solution for document extraction. The AI model can be pre-trained based on all the documents witnessed, providing astronomical extraction accuracy while processing. Moreover, AI-powered systems can now nudge users with extraction accuracy scores – based on which staff members can intervene. Combining AI and OCR has been a revolutionary approach for enterprises to process documents.
Learn how Kanverse combines multiple AI technologies (Computer vision, ML, NLP, fuzzy logic) with OCR to derive insights from unstructured documents. 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.
Computer vision helps AI-based models extract and understand the text from documents. Vision models identify the semantics and apply the correct taxonomies to the inferred data – which addresses entities, determines intent and context, and categorizes the extracted data. This technology ensures seamless data extraction from documents bearing different surfaces and backgrounds – For example - Forms, business documents, receipts, business cards, posters, letters – to name a few.
Machine Learning (ML) helps to process documents faster and it also ensures data extraction happens with high accuracy; it also reduces error rates. The ML model complements other AI technologies by bringing speed and accuracy across task completion. In addition, advanced ML algorithm prompts systems to learn from previous interactions – making it more accurate.
Business processes witness documents in different languages; processing these can be challenging. Natural Language Processing (NLP) makes it easier for enterprises to process documents in different languages – it can seamlessly process documents in over 200+ languages. It also identifies named entity mentions, analyses, and classifies extracted texts – to understand tonality, sentiment, and intent.
Using an accounts payable automation software powered by multiple Artificial Intelligence (AI) technologies - helps businesses to streamline invoice processing. Advancements in artificial intelligence technologies are helping organizations attain a very high data extraction accuracy from invoices
Know more about: How does AI powered OCR software work
The procedure of using an AI-powered OCR software like Kanverse IDP (Intelligent Document Processing) is simple: Import a wide gamut of documents in different formats (for example, DOC,.XLS,.RTF,.PDF,.TXT, HTML, etc.) from your preferred choice of channels. Kanverse systems will extract the data from documents and pass it through a business rule framework to validate the data. Once the data has been validated, the system automatically publishes the data into downstream records systems for storage and retrieval. Kanverse eliminates all time-consuming manual processes to automate document processing routines across enterprises seamlessly.
Learn from Karan Yaramada (CEO and Founder – Kanverse.ai) about how enterprises can leverage AI to make Document Processing Touchless.
What are the Benefits of AI powered OCR Software?
Enterprises that have deployed AI and OCR capabilities to convert scanned documents and images have saved time and resources. Likewise, using OCR software for processing documents can be used by businesses more easily and quickly. In addition, robust data capture tools seamlessly handle multiple document formats and documents with multiple pages. It reduces manual identification and keying of data into other systems.
The key benefits of AI-driven OCR technology to businesses include:
- Eliminates manual data entry
- Resource savings due to the ability to process more data faster and with fewer resources
- Error reductions
- Reallocation of physical storage space
- Improved productivity
Kanverse brings you the best optical character recognition software to automate Accounts Payable (AP) Invoice processing for enterprises right 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 Management, Kanverse.ai