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Document AI is the Key to Making Data-Driven, Game-Changing Business Decisions – How?

March 15, 2022 - Team EdgeVerve

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Enterprises need instant access to comprehensive data and actionable insights for data-driven strategic decision-making. Unfortunately, business data is unstructured and complex, posing a challenge for manual and disjointed approaches to data extraction. Also, a one-size-fits-all approach to document extraction and processing does not apply in every business scenario.

This is where Document AI comes to the rescue.

What is Document AI?

Document AI uses the power of Natural Language Processing and Machine Learning to train computers to imitate human reviews of documents better than humans.

EdgeVerve’s XtractEdge Platform is an Intelligent Document Processing software. It successfully overrides the manual approach to data extraction and processing complexities and unlocks business value from complex enterprise documents. XtractEdge can benefit enterprises in many ways. The user-friendly platform is quick-to-train and extensible for any business use case. With the help of RPA, Chatbots, and Analytics Tools, XtractEdge extracts intelligence from complex enterprise documents and makes them business consumption ready.

Why is Document AI Needed for Decision-Making?

The answer is simple – capturing granular data and subtle variations negligible to the human eye to support AI document analysis is thus needed for accurate decision-making. The manual approach to data extraction is ridden with flaws and errors, time and labour-intensive.

There are other challenges as well; a few of which are elaborated below:

Automated Document Processing & Extraction Use Cases & Benefits

Businesses need an intelligent solution powered by automation, AI, and ML to address the complexities of manual document processing and data extracting. Hence, Document AI software like XtractEdge is the ultimate solution for businesses to gain an edge in the competition.

Let’s understand the benefits of using an automated solution here:

Document AI for On-Demand Decision Making

AI document unlocks intelligent insights from enterprise documents and leverages on-demand contextual information to help enterprises make strategic decisions. Document AI ensures enterprise search for regulatory intelligence.

For instance, the XtractEdge Platform helped an American Pharmaceutical Enterprise to sift through thousands of R&D documents and reports to mine insights from data related to clinical drug trials. With NLP-driven answers to natural language questions and cognitive-aided precise intelligence, they improved workforce productivity and achieved high accuracy of search results across document types.

Increasing Revenue Footprint

AI insights are paramount when comparing policies and quoting prices in real-time, achievable with Document AI.

For example, EdgeVerve’s client, a leading American Health Insurance Provider, was looking for a document intelligence solution to process various complex Benefits Plan documents on the fly during negotiation cycles, giving a competitive quote to enterprise employers. With Computer Vision capability, they were able to perform structural analysis on the uploaded documents and guide the OCR software to make it more efficient. They achieved high accuracy of policy extraction for comparing policy benefits in real-time and increased productivity.

Document AI for Operational Transformation

Accelerating loan processing, a time and labour-intensive task is possible with accurate AI insights. XtractEdge Platform helped a large US-based Financial Institution with a loan processing expedition.

For example, the bank in question was troubled by an overwhelming surge in PPP related loan applications forcing them to scan through 25K Small Business loan applications or more in a short span. With XtractEdge Platform, the client was able to process 150K+ documents, enabling automation of underwriting process and significantly reducing manual intervention.

Document AI for Risk Reduction & Compliance

Document AI mitigates contractual risks and reduces compliance check cycles using AI-powered Contract Review and Risk Reporting.

For example, XtractEdge helped a Global Communications Company with more than 3 million historic multi-party contracts with high variation in contract clauses and unique contract templates, terms and clauses to find favorable clauses for revenue gains. They were able to digitize over 500K contracts, resulting in 90% cost savings.

Conclusion

Document AI is the new-age technology solution that answers all the problems enterprises face when handling bulk, granulated, and unstructured data for strategic decision-making. Platforms like XtractEdge uses Document AI capabilities to unlock hidden insights and values and provide businesses with reliable data insights needed for making game-changing decisions. Without that, gaining a competitive edge in the market will be a distant dream in the fast-paced, technology-driven, and data-dominant world.

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