How can AI be a game-changer for transforming an enterprise’s document processing?
Did you know that 90% of data within organizations is unstructured, and most of it is locked in documents?
In the wake of the current crisis, organizations are struggling to deal with a surge in customer forms and documents, e.g., loan applications. Due to the humongous amount of customer data, manual document processing is time-consuming, inefficient, and error-prone. The huge volumes of paperwork impact productivity, operational efficiency, and customer experience in due course. Moreover, businesses are grappling with the challenges of transitioning to a remote workforce.
The need of the hour is establishing a process resilience program that can help organizations support business-critical use cases in any unforeseen situation. Building resilient processes can help organizations not only survive but also thrive in a post-COVID world and beyond. Managing mission-critical document processing amidst a challenging environment requires businesses to adopt emerging technologies such as AI. What organizations need is Document Comprehension platform with AI capabilities that help extract value from unstructured data, thereby reducing manual intervention, and providing new insights and a holistic view of the business process.
How can AI build resilient business processes? How can AI make document management a breeze?
For instance, one of the largest US-based financial institutions was tasked with reviewing and approving 25K+ loan applications in a week due to an unprecedented surge in Paycheck Protection Program (PPP) Small Business Administration (SBA) related loan applications.
With XtractEdge Platform, an IDP solution platform, the client was able to accelerate loan processing for PPP SBA loans with high accuracy.
Build Resilient Processes with XtractEdge Platform
Massive challenge enterprises face today is that 90% of data is unstructured, and most of it locked in documents. AI is turning out to be a game-changer when it comes to opening the doors to a wealth of rich insights critical for faster and easier decision making, eliminating time-intensive, manual extraction of information from documents. This flipbook helps you understand how enterprises are embracing the next wave of digital transformation.
Risk Management and Compliance with AI
Change in force majeure clauses has compelled businesses and governments to embed business resilience into their practices, preparing them for a new normal. Extracting valuable insights from unstructured data is complex and time-consuming. The operational risks of manually performing contract analysis grow multifold.
In an ever-evolving industry landscape, businesses must leverage the AI capabilities to take on unanticipated challenges. Technologies such as NLP and Machine Learning, help tap the value in unstructured documents, including emails, images, text, and videos, making it ideal for businesses to transform their operations. Effective contracts analysis can help legal departments, supply chains, banks and financial services, and governments better prepare for the future. Emphasis on resilience to weather changes of any kind prevents delays, mitigates the impact on performance, and minimizes downtime.
How can businesses unlock value from unstructured data? How can organizations build resilience in existing policies?
XtractEdge Contract Analysis, a cognitive, AI and ML-based solution, helps with just that. It leverages advanced Machine Learning techniques including computer vision, NLP, and deep learning that enable contextual semantic learning to derive insights from contracts and legal documents. XtractEdge Contract Analysis protects enterprises from operational risks, revenue leakages, and regulatory compliance by automating the process of reviewing contracts, extracting key contractual obligations, and performing surgical abstraction of key terms and conditions.
Embrace the future of IT operations
Operationally resilient organizations are unfazed by the outbreak of the COVID-19 pandemic. From rebooting your IT capability to maintaining data security, achieving operational resilience is easier said than done.
As businesses grapple with a complex architecture and an ever-increasing volume of internal and external data, there’s no room for a sluggish attitude to operational resilience. Laying the building blocks for a robust IT infrastructure helps organizations tackle information overload and upgrade legacy systems and disconnected processes in an ever-evolving industry landscape.
IT operations teams also have to deal with higher operating costs, while mitigating risks and driving digital transformation enterprise-wide.
How can enterprises align their IT operations with a strong, resilient management framework? How can enterprises reimagine operations in the face of a crisis?
Organizations across industries can future-proof their IT operations by adopting AIOps to manage the technology landscape intuitively. AIOps leverages Big Data and scalable AI models to identify anomalies, correlating events, and taking preventive action to avoid any disruption. It empowers enterprises to simplify and modernize their IT operations, allowing for greater flexibility, agility, and responsiveness in real-time.
, an enterprise-grade offering, brings the power of AI to IT operations using the XtractEdge AI platform. It combines automation, analytics, and machine learning to enhance IT operations. enables organizations to track business metrics rather than focus on traditional IT or machine metrics.
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