Intelligent Document Processing Just Got a Whole Lot Smarter

Progression through technology innovation is at the core of our modern economy. With the advent of generative IA and ChatGPT, the nature of business and technology is changing. According to McKinsey, generative IA is poised to unleash the next wave of productivity, adding trillions of dollars to the global economy at a time when it needs it most1. Now generative AI is impacting the Intelligent Document Processing (IDP) market. It enables greater data accessibility and more sophisticated use of data to inform business strategy. Thanks to OpenBots Documents with GPT, the IDP market is undergoing a revolution, with businesses now able to access a treasure trove of data that has been locked away from them.??

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What is OpenBots Documents with GPT??

If you are a modern business, you will find that taking structured or unstructured data from documents and inputting it into a business application is a time-consuming process that is fraught with risk.? Businesspeople often spend large parts of their day manually copying data from documents, such as invoices, receipts, bank statements, patient records, checks, or purchase orders.??

As a result, many well-paid professionals spend hours typing data into applications before they can complete their actual work. All this grinds down workers and slows down decision-making. Thanks to OpenBots Documents with GPT, the era of copying data between documents and business applications might now be consigned to the past.????

OpenBots Documents with GPT is an online tool that can be used to automatically extract and classify any kind of digitized document with a high degree of accuracy. Businesspeople can drag any digital document onto an ‘upload documents window’ or browse for document files, as seen in the diagram below. OpenBots Documents with GPT automatically extracts the data contained within the document without the necessity of machine learning training. This immediately cuts months of document machine learning model training, therefore saving businesses considerable time, money, and frustration.??

??Figure 1: Upload document screen.?

Let’s take the example of a bank statement. As seen below, OpenBots Documents with GPT has an easy-to-follow, visual point and click system, that can be used to automatically upload, classify, read, and extract data from a bank statement. When you upload the statement, the document is presented on the left side of the screen and its data is automatically extracted from the document and presented on the right-hand side of the window.???

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?Figure 2: Document window with extracted data.?

Why is that important? Today, training machine learning models for classifying and extracting data from documents is a huge problem for the Intelligent Document Processing (IDP) industry.?

Customers expect quick and accurate answers and OpenBots Documents with GPT delivers results instantaneously - redefining the IDP industry landscape as we know it. Businesspeople no longer need to worry about each vendor having their own quirks, as OpenBots Documents with GPT can extract document data with up to 100% accuracy.??

OpenBots Documents with GPT acts as a digital ‘document assistant’ resulting in a whole new world of non-technical professionals – for example, mortgage or insurance underwriters, lawyers, bankers, healthcare staff, accountants, or financial analysts - now able to classify, read and extract data from documents.???

How is this possible???

OpenBots Documents with GPT ’Select A Function’ helps make it possible for non-technical staff to complete complex tasks that are normally difficult to achieve, need extensive machine learning model training or a data scientist skill set.???

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For example, as you see below, the ’Select A Function’ tool enables businesspeople to extract QR or bar codes from documents; complete sentiment or emotion analysis; undertake face, object, or shape detection; as well as describe image, redact faces or read magnetic ink character recognition (MICR) lines at the bottom of checks or other documents by pointing and clicking the screen.?

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Figure 3: Function options.?

Information in documents, including tables which are normally difficult for normal IDP applications to ingest, can easily be extracted from documents using the ‘Extract Tables function. This can, for example, save financial analysts hours of monotonous copy-paste typing, which is highly prone to human error, and gets information flowing into financial applications a whole lot faster. This speeds up financial decision-making processes and that drive business performance.?

Figure 4: Extracting a data table from a document.?

Alternatively tabular data can be immediately passed to Excel – as seen below - or any other business application using RPA robots, a built-in feature of platform that is usage based without bot licenses. No longer do businesspeople need to copy data to Excel, then transfer this data to a CRM system, ERP or patient medical record application like an EMR. Instead, the OpenBots business automation platform can seamlessly do that for them and create or update digital records.?

Figure 5: Extracted Excel.?

Data can also be transferred to a JSON or text file.? If your business has a software development team, this opens a huge range of automation options that may not have been available before.?

Businesspeople can also chat with documents in real-time and ask specific questions they want answers to. This makes documents living, breathing things to be interacted with, as can be seen below.???

For example, financial analysts can ask ‘what is the account number, closing balance, total among or the name of the bank?’. They can then rapidly locate the information they need and create reports or summaries or copy the data into web applications using OpenBots business automation platform.?

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?Figure 6: Chat function.?

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What does this mean for businesses everywhere??

OpenBots documents with GPT technology offers businesses an array of benefits.?

• It’s quick and secure. Documents can be securely uploaded, automatically read, classified and data extracted in minutes. Key data fields can be redacted to prevent unauthorized users accessing data they should not see. In addition, OpenBots documents with GPT is also GDPR compliant - users can define their data region when they subscribe to the service. And the OpenBots platform itself, which it sits upon, is SOC II certified, HIPAA compliant, and uses Microsoft Azure’s API to access GPT for added security.?

• Everyone in any business can now be empowered with the ability to scan digital documents using OpenBots Documents with a simple GPT drag and drop interface.? ?

• Anyone can interact with document data in real-time meaning businesspeople can get answers to their questions immediately, without the need for a development team to extract the data for them.?

• Data can be extracted and automatically pass the data to OpenBots RPA robots to input into a backend finance system, Excel, CRM system, ERP application, web-based application, or whichever application you want saving huge amounts of manual copy-paste work. This frees businesspeople up to complete more important and strategic work.?

• Most vendors use proprietary machine learning models that require significant implementation and training, but even with that effort, the accuracy and effectiveness of most IDP products is simply not there. OpenBots documents with GPT delivers up to 100% accuracy out of the box, by utilizing Large Language Models like GPT and LLaMA as next-generation AI Technology to automatically extract and classify information. A process that used to take months to train IDP models is now reduced to minutes saving businesses considerable time and expense.?

• Time can be reinvested by non-technical staff in more valuable, complex or strategic work which can lead to significant operational or financial gains.??

• If data downloads are required, then there are multiple download file formats available (e.g., text file, Excel, and JSON files).?

These benefits help businesses streamline and automate their document ingestion workflows, improve data quality, reliability, and availability, and ultimately enhance their business decision-making capabilities.???

Are there any risks to using document scanning applications??

There are countless benefits to using scanning software applications but there are also risks. For example, OpenBots documents with GPT relies on LLMs, OCR, IDP, and other technologies to extract data from scanned documents. This may not always be 100% accurate, as some digital documents may have poor-quality image data, complex layouts, or handwritten text that can affect the data extraction process. ?

That said, OpenBots documents with GPT has already thought of that! It provides a ‘human in the loop’ data validation process to validate and correct the data it is processing.? For example, where low-image quality digital documents require human intervention, document data can be validated and altered in real-time.???

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A vision for data-driven businesses?

At some point, every document will be digital. In the meantime, businesses require highly efficient solutions to effectively categorize and extract data from digital documents, resulting in saved time and money. The classification and extraction of document data play a vital role in the success of a business, as it aids in attracting new customers, retaining existing ones, and optimizing the allocation of resources. The latest generative AI applications can perform a huge range of tasks and save significant amounts of time2. As a result, a broader set of stakeholders can use generative AIs to make an impact on business and society more quickly than ever before.??

The era of generative AI is just beginning. Thanks to OpenBots documents with GPT, individuals in any business role, across industries, can now effortlessly scan documents, extract data, ensure its accuracy, interact with it, and seamlessly transfer it to other business applications. This enables businesspeople to make better, faster business decisions, which can lead to significant efficiency, cost reductions3, tangible ROI4, and strategic gains5. And those are the things that quite rightly excite every business.

What do you think? What is your experience?

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