Organizations go through an enormous number of documents. These may come in various formats and layouts. To process all the different kinds of documents, some organizations still rely on manual document processing. Manually checking and entering data is not only time-consuming but also inefficient and error prone. The need to spend millions of dollars is another downside of it. This affects the overall productivity of the organization.
Although some organizations have moved past manual data entry and document processing, they haven't progressed beyond traditional document processing solutions. The issue with traditional solutions is that they are not capable of meeting the demands of businesses in the digital era.
A time where speed and accuracy matter the most, these traditional solutions fail to deliver the desired results. Organizations may also lose the chance to explore new opportunities if they refuse to think beyond traditional document processing solutions.
This is the age of Intelligent Document Processing, and if organizations do not want to lose to the competition, then they must be ready for the change.
Why AI and ML in document processing
Intelligent Document Processing (IDP) Solution with Artificial Intelligence (AI) and Machine Learning (ML) is a game-changer, as it can handle documents of varying complexity and formats. It eliminates the mundane manual task of reading, processing, and entering data in documents. The AI and ML technologies can classify documents according to their type and extract data from them. It doesn’t matter if the documents have semi-structured and unstructured data, AI can extract relevant data from such documents with the highest accuracy. The Machine Learning capabilities analyses all the data and asks for human intervention to handle exceptions. As it learns and improves continuously, organizations do not have to worry having the document in pre-defined templates. Template-free processing is the biggest advantage of Intelligent Document Processing.
What can IDP do?
Classification, Extraction and Validation: Documents come in different formats such as PDF, JPG, PNG, etc., and various layouts. The first step is the classify documents according to their structure and type. For example, shipping documents such as Commercial Invoice, Bill of Lading, Packing List, Certificate of Origin are identified and classified according to their type.
The next step is the extraction process, where data and tables from documents are extracted. The extraction happens as key-value pairs. The values of specific keys are extracted accurately from documents. IDP can efficiently extract information from unstructured and semi-structured documents.
It is necessary to verify the accuracy of the extracted data. Intelligent Document Processing enables you to check the accuracy of data extraction. For this purpose, certain business rules can be configured so that the extracted information from documents can be verified against these business rules to ascertain their accuracy.
Intelligent Document Processing Solution by Equatd
As an enterprise solution company, Equatd has designed and developed a smart Intelligent Document Processing Solution-ICE-Ai, which can free organizations from tedious manual document processing and can outperform any traditional document processing tools.
Leveraging the power of Artificial Intelligence and Machine Learning, ICE-Ai can process documents of any format and layout. The template-free processing feature of ICE-Ai makes it suitable for any type of documents and process. It can handle complex documents which contain both text and tables. ICE-Ai can help organizations transform document processing and eliminate the challenges of processing large volumes of documents. Processing unstructured or semi-structured documents will no longer be a task with ICE-Ai.
If you want document processing to be time and cost efficient, and faster than conventional processes, then talk to us today to know the capabilities of ICE-Ai and how you can achieve business growth and increased customer satisfaction with this Intelligent Document Processing Solution.