IDC Technology Insight: Driving Business Benefits and ROI with Document AI
Uncovering business value from unstructured data with AI
- The IDC Technology Spotlight report outlines the challenges faced by organizations in harnessing value from unstructured data, the benefits of adopting Document AI solutions, and captures the trends in the growing demand for document AI in business processes.
- The report also makes a case for organizations to consider vendors such as EdgeVerve, with its wide range of capabilities, software products, and solutions, to meet the demands of managing unstructured data.
“XtractEdge Platform is an end-to-end solution with pre-processing and post-processing capabilities, full quality control, a human intervention workbench, and seamless integration with other enterprise application systems.”
– IDC Technology Spotlight
The Challenge
Most of the data that exists in and around organizations is unstructured —text, video, images, social media, web pages, and mobile and audio communications. Business processes rely on some form of unstructured information, such as contracts, invoices, shipping orders, or emails. However, managing unstructured data poses a challenge because:
Faced with a deluge of data, enterprises around the globe are struggling to uncover business value from the data being generated
Unstructured data hides business value, and manual efforts take time and reduce productivity
Strategic decision making by enterprises requires actionable insights and instant access to contextual information
The Solution
To solve these problems, EdgeVerve has developed XtractEdge Platform, a purpose-built document extraction, processing, and comprehension platform that unlocks business value from enterprise data by extracting intelligence from enterprise documents, regardless of complexity or domain specificity.
The platform automates the end-to-end document processing life cycle from ingestion to consumption, using AI capabilities such as natural language processing, computer vision, and AI-powered search.
XtractEdge Platform in Action
A large US-based bank digitizes 100K+ loan applications leveraging XtractEdge Platform
During the pandemic, financial institutions worldwide saw an unprecedented surge in Paycheck Protection Program (PPP) Small Business Administration (SBA) related loan applications.
Our client, a US-based financial institution, had to review and approve 25K+ loan applications in a week. Converting physical documents into digital format & extracting critical employee payroll data needed for approving the loan application was a challenge.
With XtractEdge Platform and its computer vision capability, the bank digitized 100K+ documents with 90% accuracy.
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