In the wake of digital transformation where company paper-based documents have transitioned into digital files, emails, PDFs, and PNGs, extracting, processing, and entering facts and figures need extra pairs of human hands. The whole process is laborious, monotonous, and error-prone. Artificial Intelligence can easily recognize the content semantics and automatically acquire knowledge with minimal human intervention. Hence, AI-powered document processing emerged as the intelligent approach to amplify the whole data extracting process with higher accuracy.
Intelligent Document Processing leverages the power of AI and Automation to extract data from unstructured and semi-structured documents and convert them into structured and consumable information. Captured data from records, regardless of size and format, are further validated and filed under specific sections.
How does AI document processing work?
Even without realizing it, companies often discard valuable company documents as trash without evaluating them for critical insights present in granular form. Digital or paper documents are data goldmines, which, if extracted intelligently, can help with game-changing decision-making. However, realizing the importance of such data is not enough in the absence of adequate and supportive technology.
In order for businesses to fully optimize such granular data without losing sight of them during manual data extraction, they need new-age technology solutions. AI-powered document processing is what many enterprises believe is a blessing in disguise.
AI for document processing caters to document extraction and processing. It also stitches crucial data together using various information retrieval technology and compiles them into a single data pipeline. This offers a simple unified experience across all documents. When digitized information extracted from documents is integrated into enterprise processes, workflows become more data-driven due to its easy availability and accessibility.
Further, the Intelligent Document Processing is backed by other capabilities like Computer Vision and Natural Language Processing to scan text similar to how humans do, with a basic contextual understanding of font size and spacing. By using Sentiment Analysis, this AI solution reads the text in different languages and even captures the hidden sentiments behind those words. Its multi-modal image extraction capability combines OCR and Computer Vision to identify pertinent information and extract and convert it into structured data.
AI has not only redefined but reinvented how organizations optimize digital documents today. Let’s explore a few novel ways AI-powered document processing improves different business practices to benefit owners and employees alike.
In order to obtain a holistic interpretation of texts and images from massive volumes of documents, the Intelligent Document Processing is the best alternative to average human capabilities without downtime or error. The following are key benefits of AI document processing:
Predicting customer behavior accurately: AI has the power to unlock the full potential of an organization’s customer-centric data shared through emails and reviews. The sentiment behind each email or review is aptly captured with the right tool integrated, such as Semantic Analysis. IDP connects various departments like sales, marketing, and customer support. Here the extracted data uploaded are easily shared with concerned partners. When executives have the advantage of customer-related datasets at their disposal, they can easily predict buyer behavior to augment their buying experiences.
Predicting possible issues and anomalies: AI identifies similarities between extracted data and classifies them into specific datasets or groups based on predefined criteria, intent, and meaning. This allows pertinent information extraction in a structured manner. With the power of automation, enterprises can move faster with their decision-making by evaluating information in real-time and detecting anomalies proactively.
Saving productive hours for employees: Processing bulk documents daily is no easy task and involves a lot of time and human resources. The sheer amount of productive hours invested in the whole process reduces the business’s overall productivity. As a result, workflows are delayed, mindless errors occur, and decision-making becomes incompetent and unrealistic. AI-enabled document processing takes over the cumbersome task and eliminates the time and cost-intensive factors of the process.
Utilizing in-house skills optimally: When employees are relieved from the needle in the haystack search, they can focus better on more value-added roles for which they were hired initially. In addition, with more bandwidth, employees can re-engage in their work with their morale boosted and their productivity increased.
Improving document security: Since company documents in the cloud carry sensitive information, data breaches are a breathing reality. Hence, security has become the topmost priority for companies today. AI-powered document processing extensively scans documents for sensitive information and automatically redacts it as and when required. Further, this software solution keeps a tab on any unusual activity and immediately warns of a possible data breach before it happens.
In a nutshell, AI document processing helps unlock unlimited possibilities, enabling the growth of end-to-end automation of document-centric businesses. Since the number of unstructured documents is likely to double in quantity, now is the time to invest in IDP solutions like XtractEdge.