We’d like to think of ourselves as living in the digital age but did you know that most companies still rely heavily on paper for conducting their daily business? In fact, when it comes to mission-critical tasks, employees waste a lot of time chasing paper.
Paper always introduces latency and an element of sluggishness in business processes. Even if one were to make up for lost time due to missing documentation or incorrect data entry, the cost of re-doing an entire process or task is too significant to ignore. Moreover, you would be engaging your skilled workers to complete repetitive, time-consuming tasks rather than contribute towards strategic, growth-oriented initiatives.
Digitalization is the answer to doing away with the inefficiencies associated with paper. Optical Character Recognition (OCR) has for a while been the popular technology to digitize paper documents. However, this method of recognizing and capturing data from paper documents falls short when the quality of the image is not great. OCR fails to retrieve all vital data from paper if the image is poor and requires a suitable image preprocessor to prepare the document for near 100% recognition and capture. Additionally, data may come in different types and formats and so, businesses require a multichannel capture solution that can extract data from unstructured and semi-structured data sources automatically.
...Enter Document Process Automation.
The purpose of digitalization is to reduce manual intervention as much as possible — with a simple OCR engine, businesses are still left having to manually separate, validate, verify, and approve data before being able to use it in a business application like a CRM or accounting software.
All these impediments have necessitated the development of an application that can take care of both the capture and process implementation of data from classification to final approval. That means, apart from being able to intelligently capture documents from any source, the application should be able to employ Robotic Process Automation (RPA) coupled with AI and Machine Learning to effectively process that data from capture to approval. And all of this must be accomplished in a single workflow. Enter Document Process Automation.
Document Process Automation combines digital transformation technologies including Intelligent Data Capture, AI and Machine Learning, Business Process Automation, and RPA to effectuate a continuous, single platform solution for any document-dependent process like accounts payable, order processing, healthcare claims processing, etc.
Intelligent Data Capture combines the power of OCR/ICR and Machine Learning to enable multi-channel, template-agnostic data capture.
This is where the similarity between your traditional capture application and an intelligent data capture solution ends.
The AI and Machine Learning part of data capture comes into effect and is most useful when handling unfamiliar or new document formats. To elaborate on this, say, your software application processes invoices from the same vendor every month — the algorithm to capture, extract, validate, verify, and approve the data from these invoices pretty much remains the same, and so the invoice would have been processed in a pre-defined workflow according to set business rules without any human intervention. Once your application encounters a new invoice that is unfamiliar in format and type, it fails to recognize essential form fields on the invoice from which to extract the relevant details. This is when a user steps in to manually key-in essential details from the invoice.
This is where the similarity between your traditional capture application and an intelligent data capture solution ends. An intelligent capture tool embedded with AI and Machine Learning, remembers the user actions performed on the new invoice and applies those on encountering the same invoice type the next time. This way, user intervention for handling new invoices is reduced progressively.
This is the intelligence that is applied when handling documents that makes Document Process Automation truly transformational. Additionally, Document Process Automation allows for image preprocessing before the prepared image is ready for intelligent data capture. Powerful image preprocessing tools facilitate image clean-up and upgrade by applying various enhancement techniques including noise removal, de-skewing, auto-rotation, color adjustment, etc.
Document Process Automation also facilitates post processing where the data or image once captured undergoes auto-correction for common letter/symbol misinterpretations, and auto-formatting before being assigned a workflow for further processing.
Document handling is a never-ending routine for organizations. Why not establish a smarter way of doing things that’ll save you costly man-hours as well as ensure efficiency and compliance?
Invest in Document Process Automation, Invest in Artsyl.