Why is Document Understanding an efficient way to process your documents?

In today’s business, most of the employees spend their time on mundane, repetitive tasks that consist of reading, reviewing, and transcribing documents such as manuals, handbooks, reference guides, changelogs and others. This consumes a lot of time and also the process is subject to problems of accuracy and reliability. Intelligent document processing automates data extraction from unstructured documents through a variety of methods, including optical character recognition, natural language processing, and machine learning, thereby improving accuracy, customer experience, compliance, and employee satisfaction.?

Gartner predicts that intelligent document processing can save up to 22,000 man-hours annually in the Finance Department, equating to nearly $850,000 in savings for an organization with a full-time, 40-person team.?

How does Document Understanding work?

Document Understanding combines AI and RPA to automatically process any type of document with high accuracy and reliability. It allows the automation of complex and cognitive processes which are highly manual.?

In particular, Document Understanding can handle complex details including:

• Various structured, semi-structured, and unstructured documents?
• Handwriting, signatures, and checkboxes
• Different file formats such as PDF, PNG, GIF, JPEG, etc

Features of Document Understanding:

Document Understanding Framework

When developing a solution, factors such as robustness, scalability, and time-saving need to be considered. Document Understanding comes with a pre-built framework that makes it easier for developers to perform drag-and-drop activities while building a solution.

Data Extraction

Data extraction depends on rules and savvy formats completely handling records with fixed structure, tables, signatures, and checkboxes. Pre-prepared AI (ML) models in Document Understanding can process less structured records with insignificant arrangement time.

Human Validation

When we place a low-quality document and expect to process it with a good outcome, a BOT may or may not be able to deliver the expected result. This is where human validation is needed to verify the data which is pulled out by the bot.

Retrain Capabilities

Consider a stage where we trained a template in a certain format and later changed that format. Does the developer need to create a new template? Not required, when there are retrain capabilities in Document Understanding. Retrain Capabilities are pre-built models for document templates, which can be used as is or built as a custom template by editing the pre-built template to get the best results.

Automation of document processing offers numerous benefits across many industries and business functions, including:

• Reduction in time and costs associated with document processing?
• Effective audit trails, ensuring compliance
• Free up human resources from manual and repetitive data processing activities
• Faster and prompt document processing due to 24/7 run times
• Digitalizing the data to make it indexed, analyzed, and stored more effectively

While unstructured data accounts for almost 80% of an organization’s data, businesses will need powerful solutions that can automate the entire process of capturing, extracting, and processing documents with minimal human intervention. Document Understanding delivers the flexibility needed to process documents of various types and formats for extracting data. Built with AI with ML models, it can work with many different use cases, thus saving a lot of time and costs spent on manual document processing.