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AI Document Extraction is the Next Step to Unlock Valuable Insights from Enterprise Data

March 16, 2022 - Team EdgeVerve

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Unstructured documents are a bane for businesses looking for data-driven decision making and strategy building. A one-size-fits-all approach to document extraction, processing, and comprehension cannot deliver the desired outcome for different enterprise scenarios. Today, businesses need Intelligent Document processing software to break the document conundrum; otherwise, a huge volume of unstructured data remains untethered.

This translates into lost opportunities for businesses. Hence, leveraging the power of AI in document extraction and processing can save the day for enterprises, as per statistics.

Why AI Document Extraction is Needed

Studies show that insights-driven businesses can grow 8-10 times faster than the global economy. Unfortunately, in the absence of AI-powered data extraction software, many valuable data lay untouched and scattered across various mediums. 80% to 90% of data within organizations is unstructured, and most of it is locked in documents, emails or images.

You may be surprised to know that around 129 billion business emails are sent and received daily. These emails are a powerhouse of information, if optimized properly, could provide valuable insights for better business decisions.

These documents hold much value for businesses. However, unstructured data can be challenging for employees; hence an AI document extraction process is needed to override those challenges. What are these roadblocks? Let’s find out!

Challenges of Unlocking Insights from Unstructured Documents

Organizations have to deal with a colossal number of documents carrying valuable insights daily. Data extraction from documents manually is confronted with many challenges; a few of which are described below:

Understanding the Importance of Document Processing

Data is paramount for driving business excellence using data-driven insightful decisions. Given the present condition of unstructured data, a comprehensive technology-based solution is what every business needs to stay ahead in the competition.

An end-to-end document extraction processing, and comprehension solution is the need of the hour. Below are a few benefits:

An Insight-Driven Enterprise Beyond Document Processing

On the one hand, data extraction, processing, comprehension, and consumption from documents are evolving, enterprises’ expectations are also changing.

Enterprises are looking for something beyond document processing to transform business outcomes with on-demand, contextual information. Since a one-size-fits-all approach to document extraction no longer matches every enterprise scenario, a more purpose-built, AI-powered document extraction and processing platform is the ideal bet for many.

For instance, the XtractEdge Platform with advanced AI capabilities, combining various Machine Learning and Deep Learning-based techniques, processes data just like enterprises want and when they want.

How XtractEdge helps Unlock Enterprise Document Intelligence

EdgeVerve’s XtractEdge Platform is a document extraction, processing, and comprehension platform designed to unlock business value from scattered and unstructured enterprise documents aptly. It serves the purpose of extracting intelligence from enterprise documents, regardless of complexity or domain specificity. The platform is user-friendly, quick to train, and extensible for any business use case.

For example, XtractEdge successfully helped a US Financial Services Major process over 25,000 loan applications in 10 days, thus improving the productivity by 10x.

The Bottomline is…

Document extraction and processing using the power of automation, AI, and ML have proved beneficial for companies handling massive unstructured data, like the above example. XtractEdge is the new-age technology that makes insightful decision-making possible for companies and helps them achieve greater outcomes and yield faster ROI.

AI is integral to business success in the new normal, and the faster you adapt it, the farther you will be in business value creation.

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