Documentation has traditionally been a manual process wherein enterprises rely completely on paperwork. Most organizations follow this tradition even today, with industries such as Finance, Human Resources, Banking, Insurance, Healthcare, and Manufacturing leading the intensive document processing.
The reconciliation of documents, invoices, and purchase orders typically involve manual process of outlaying hours glancing through numerous documents and putting things down in a general ledger/records. It often leads to bottlenecks and delays in the process. Gartner research has found that the average amount of avoidable rework in accounting departments can take up to 30% of a full-time employee’s overall time. This equates to savings of 25,000 hours per year at $878,000 for an organization with 40 full-time accounting staff. It is quite obvious that the question arises in your mind if this repetitive process can be done more efficiently, with less wastage of paper, human effort, and time.
Automation of document processing is a mounting area of Automation Intelligence and the simple reason for that is that document processing can be easily integrated with significant benefits. In this article, we explore automation for document processing, and the use of text analytics to transform unstructured information into structured data with some use cases.
What is automating document processing?
Document processing is a process of extracting organized data from documents automatically and processing them. It includes both reading the document text with Optical Character Recognition (OCR) and understanding its context (identifying and classifying the document). Automation helps delegate all the tedious tasks to the robots helping human workforce focus on more creative and strategic work. These robots are digital assistants who are configured/programed to process documents.
The automation of document processing through Robotic Process Automation has emerged as a disruptive innovation. RPA redefines business processes including document management to read, extract, understand, and act upon data from these documents using Artificial Intelligence (AI).
Leveraging AssistEdge RPA for document automation – AssistEdge RPA enables create customized solutions. While paperless technology isn’t new, AssistEdge RPA takes it a notch above and revolutionizes the document processing workflow. One can leverage AssistEdge RPA to do more than just converting documents into digital format. The process of automating document processing can be fragmented into 3 steps:
Automating document processing can create a massive impact on the organization in terms of customer satisfaction, regulatory benefits, financial benefits, and employee satisfaction. RPA offers capabilities that enable intelligent document processing within automation workflows. Out of the several automation solutions, AssistEdge RPA provides Computer Vision, which is an Intelligent capability (AI) used as a subroutine in the process automation. It is a native capability that identifies the object or area of interest within the digital document (pdf) through machine learning. Computer Vision is not an OCR or Advanced OCR capability. It complements the usage of any OCR or advanced OCR. When combined with OCR tools, it increases OCR efficiency and reduces the overall effort and cost. AssistEdge offers out-of-the box Computer Vision capabilities using another offering from AssistEdge – NIA vision, which is an AI-based product. NIA vision is used to identify the correct location or position of a given data on a document.
Through this automation journey, AssistEdge offers out-of-the-box intelligent document processing capabilities with the help of all leading solution like Abbyy, Microsoft, Google. This offering helps you with:
Process Automation – With the help of OCR and text analytics, you can automatically take these invoice images, extract data from them, extract the values of available fields, correct the errors, match it with your approvable inventory, and finally process the claim.
Increased efficiency with reduced cost – By automating invoice processing, several processes can be made quicker, and smoother compared to what humans can do. An invoice which generally passes through the hands of many reviewers to ensure there are no errors, reduces to one. The process includes verifying the invoice quality, accuracy, and information. It also includes migrating the data manually into a database or specified storage, perform analysis, and finally processing the payment.
Improved storage – Since the data is automatically saved into the database post-processing of each invoice, you can retrieve the information anytime. One of the challenges in automating invoice processing is to provide structure to the extracted text. This is made easier by embedding OCR that automatically extracts all the necessary fields with the values and puts them in a table or a particular format for you to access and build upon easily.
AssistEdge RPA strives to make automation and AI ubiquitous and to achieve that, our goal is to provide a solution to any business problem that requires minimal human supervision and budgets in the future.
Let’s see how our client, Event Cinemas leveraged the AssistEdge Enterprise RPA Platform to drive efficiency and accuracy in operations at reduced cost.
Event Cinemas leverages AssistEdge RPA for Inventory Management
The AssistEdge RPA tool has helped streamline the ordering process for Event Hospitality and Entertainment. The tool has made the entire process very simple by analyzing historical data of output orders each week across all the vendors. Using AssistEdge RPA, virtual Kanban system was introduced, which allows them to ensure the right levels of stock at the right time. The predictive analysis was applied across the business for forecasting customer demand levels of the supplies. The AssistEdge RPA platform has provided the business with valuable insights into customer needs, allowing them to effectively transform business practices. It helped them to reduce the KPI performance.
AssistEdge provides a cohesive automation platform through its products like AssistEdge RPA, AssistEdge Engage, and AssistEdge Discover.
AssistEdge RPA offers a platform for automating various processes, bringing about sweeping changes across an enterprise. It provides the capabilities to build and execute both “Unattended” and “Attended” intelligent automation. Powered by Albie, the cognitive engine, AssistEdge RPA 18.0 empowers enterprises to embark on the journey towards Automation Singularity.
AssistEdge Engage helps organizations in reimagining their contact center and achieving superior customer experience. Customers benefit from faster query resolution, reduced hold time, increased first call resolution, and suitable offers, thereby improving brand connect and loyalty.
AssistEdge Discover is a leading process discovery product that captures and leverages user’s digital interactions to create business process maps and transformational insights that aids organizations in process improvement, automation, and efficiency. Powered by empirical data, the outcomes are free from human biases providing a powerful foundation for operational excellence and continuous improvement.
Start digitizing documents with AssistEdge using our pre-defined skills.