The need for digitization
According to analysts, 80% -90% of data within organizations is unstructured, and most of it is locked in documents.
Digitization helps enterprises move towards paperless processes enabling them to enhance process efficiencies, reduce operational costs and enable automation. Digitized data drives better compliance practices and increases transparency in the enterprise.
Key challenges enterprises face in document processing include:
How can enterprises:
How XtractEdge enables enterprises to digitize documents
XtractEdge is a general-purpose Intelligent Document Processing platform that delivers specific solutions as per client requirements and provides a packaged solution tuned to customer needs.
It helps enterprises unlock business value by making data locked in from enterprise documents ready for integration, consumption, and analytics.
End-to-end document processing with XtractEdge
End-to-end document processing with XtractEdge
End-to-end document extraction, processing, and comprehension leveraging advanced AI & ML techniques to structure complex enterprise data into insights for smarter business decision making.
Types of documents processed
Types of documents processed
Our offering
Platform and products
XtractEdge Platform
An end-to-end document extraction, processing, and comprehension platform that leverages advanced AI & ML techniques to structure complex enterprise data into insights for smar
XtractEdge Contract Analysis
XtractEdge Contract Analysis helps mitigate contractual risks, identify key clauses and terms, reduce the negotiation cycle by extracting insights from contracts and legal
XtractEdge Commercial Insurance
An AI-powered Document Digitization product for Commercial Insurance to rapidly generate information intelligence from New Business submissions that optimizes book of ri
Solutions
Mortgage & Lending Solution
Digitize and enable validation of lending specific customer, government, bank, and data provider documents to turbocharge loan origination
KYC Solution
AI-enabled classification, digitization of documents required for KYC validation, and accelerated customer onboarding
Key elements of the platform
What are some of the capabilities that differentiate XtractEdge and enable digitization
Key differentiators
Right sized AI
Visual and Textual cue-based extraction with specialist algorithms for specific sections of documents
Verticalized and scalable
Enterprise architecture for the financial domain
Solving last mile problems
Enable enterprises to derive outcomes through packaged solutions
Value for the enterprise
Faster value realization
Improved productivity
Improved compliance
Topline growth
Insight-driven decisions
Improved accuracy
Mitigate business risk
Quick decision-making
Success stories
A leading US Banking and Financial services company achieves 90% accuracy in historical contract processing
Our client, a leading US-based Banking and Financial services company, has a historic load of around 25K+ procurement contracts and generates around 2K contracts each month globally.
The client faced challenges in capturing insights from these global contracts, which used time-consuming manual efforts. With its NLP, Computer Vision, and AI/ML capabilities, XtractEdge Contract Analysis helped the client achieve 90% accuracy in historical contract processing and a 10X increase in productivity.
A large US-based bank digitized and processed 170K+ loan documents with XtractEdge Platform
Our client, one of the oldest and largest US-based financial institutions, had to review and approve 25K+ loan applications in a week amid COVID-19. Extracting critical employee payroll data required for loan application approval was tedious and time-consuming.
With XtractEdge Platform and its computer vision capability, our client was able to accelerate loan processing for PPP SBA loans with a 90% accuracy.
A Fortune 500 conglomerate achieves over 90% cost savings with contract management
Our client’s procurement team was manually creating, reviewing, and conducting a risk analysis of the contracts. Hence, 25% of the procurement staff’s time was spent on contract analysis. Moreover, risk analysis was open to subjective interpretations and prone to errors.
The EdgeVerve team carried out automation of three distinct areas — risk scoring, contract summary, and review dashboard. With XtractEdge Contract Analysis, the client saw a 9x improvement in employee productivity and improved their contract management processes.
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