For most high-performing businesses, efficiency is key. And with increasing transactions, processing forms and documents manually has become a major challenge. It’s time we find a better alternative and adopt smarter OCR technologies to automate form processing. With this in mind, let’s look at some of the major industries which regularly need to extract data from different types of forms, and how it can all be automated.
OCR finds its application in almost every industry, but there are certain sectors that are more data-intensive. Let us look at some of them.
Mortgage lending has strict guidelines for paperwork that must be met to satisfy both mortgage insurers and investors. But given the lack of standardization, processing these documents is mostly a manual operation.
Several of the forms — Form 1003 (industry standard Mortgage Application), Form 710 Fannie Mae (application for mortgage assistance due to financial hardship), and Form 1008 (Uniform Underwriting and Transmittal Summary) are extremely crucial documents for assessing risks related to mortgage lending. And processing these forms manually means a delayed time frame added to the possibility of human errors.
Data extraction solutions, like Docsumo help expedite these processes by extracting and validating data in real-time. This ensures that the documents provided by the borrower are secure and that the data extracted from these documents is actionable, thus automating the mortgage lending process.
Manual data entry is a costly and time-consuming affair, more so during the tax season when thousands of tax documents must be processed in a given time frame. Docsumo’s intelligent document processing capabilities expedite tax form processing and help you put your man-hours to better use. Here are the tax return forms Docsumo can process instantly:
Using Docsumo, you can automate the processing of all the above documents in no time and with minimal setup — all the while maintaining accuracy and improving workflow speed.
Handling monthly payslips in an optimized manner is a challenge HR personnel in almost every industry sector face. And this is mostly because the payslips are processed manually. On top of being incredibly tedious, manually handling these salary slips adds to the operational costs of a company. And here’s where Docsumo comes into the picture.
With its payslip automation API, all fields from payslips, including employer and employee names and addresses, salary period, days/hours worked, gross salary, tax deductions, etc., can be seamlessly extracted with more than 98% accuracy and within 30 seconds.
The present infrastructure for processing medical and healthcare forms manually is inefficient. Data takes hours to be fed into the system in an industry where time is of the essence. This directly adds to your patients’ misery, thereby hurting your bottom line. While traditional OCR has been considered as an alternative solution for text mining, machine translation, and text to speech — it struggles to perform as per expectations in the healthcare sector.
The medical industry is riddled with duplicative and redundant manual processes which are dependent on organizational data silos. And with everything being data-intensive, achieving digital automation is of the utmost importance. With the help of automation tools, the processing of the following forms can be expedited significantly:
Insurance, like other industries listed above, is paperwork-intensive. Dealing with forms is a part of the daily routine for an insurer. And out of all the forms, we’ve all heard of the ACORD forms. ACORD, or Association for Operations Research and Development, is an international non-profit organization that aims at standardizing insurance forms, getting rid of all the noise and clutter. Nonetheless, copying and entering data from these forms isn’t an enjoyable process, hence the need for a smart OCR.
ACORD forms are available in all formats, including eForms, PDFs, and electronic fillables. Here are some of them:
With Docsumo, Acord forms can be processed in real-time with over 98% accuracy, thereby saving insurance agencies a ton of time, effort, and capital.
We can classify any given form into either the fixed-structured or the unstructured category.
Fixed-structured forms follow a strict layout and placement and contain the same type of data on every page. Regardless of whether it’s a single page or a multi-page form, as long as the number of pages remains constant, it falls in the fixed-structured category. These generally consist of special registration fields and have boxes for better data placement.
Example: Registration cards, Surveys, DMV form, etc.
In semi-structured or unstructured forms, the data is usually similar but its position varies with every form. To that effect, forms can contain multiple pages, with a varying number of pages in every form, depending on the volume of content. Some of the data might be missing too, and other times, it may occupy different spaces, often appearing for more than one instance.
Example: Invoices, Bank statements, etc.
For obvious reasons, setup procedures for unstructured forms can work for fixed-structured forms, but not vice versa, as fixed-structured forms require strict data placement.
Again, there are certain external factors that might make an originally fixed-structured form more suitable for the unstructured category. Say, a PDF was sent to multiple clients to be printed, filled out, and returned to you - a lot can go wrong. Some users might scale the PDF, printing in different sizes, others may use different printing margins or have varying color intensity, and again, there are going to be glaring differences between the forms that are faxed, scanned, and sent in original.
All these external factors add to the woes of agents responsible for entering data manually or using traditional OCR to scan these documents. But there is a way it can all be automated.
Forms are essential in almost every industry for simplifying daily operations. But since the data in these forms needs to be digitized for further processing, we need a more permanent solution than manual data entry. Here’s how Docsumo’s form processing software facilitates automation:
After signing up on the Docsumo platform, upload the forms on the portal in either image or PDF format. You can choose to drag and drop the documents either directly from your email or the local system.
Through a combination of reverse image search and neural networks, the entries in the forms are extracted using OCR. The extracted data can be edited manually if required.
Docsumo leverages NLP, Computer Vision, and advanced Deep Learning to assign each extracted bit of information the right data type. Not only does this help improve the accuracy of value extraction but makes the data ready for consumption directly by third-party APIs or software.
After the entire data extraction and validation process, Docsumo prompts you with a few optional key-value pairs. You can choose to either ignore or accept the prompted suggestions. But as soon as you approve the suggestions, the file is saved.
Now, your file is ready to be downloaded in CSV, Excel, or JSON format. While CSV works well for contact information and databases, you can either choose Excel for analytics or JSON to send the data to other software. The system can process multiple forms or documents simultaneously — simply select the data you want to capture and leave the rest to Docsumo.
As a business, you must constantly be on the lookout for improving your operations. With Docsumo’s Document AI and Intelligent OCR technology, automation drives form processing. Whether it’s insurance forms, tax returns, or mortgage lending — all your high-volume and redundant operations are taken care of with a drastically reduced turnaround time. Request a free demo today!
In today’s dynamic business world, filing and archiving official documents in the digital form makes it handy, and works wonders in the future or in unforeseen circumstances.
With an automated data extraction solution, loan documents can automatically be processed end-to-end without any human errors and delays. Automation in loan document processing prevents downtimes, eliminates data redundancy, and allows companies to respond faster to client queries. By combining machine learning with deep learning and OCR, companies can eliminate huge costs, derive actionable insights, and streamline loan processing and approvals through efficient data extraction and analysis.
Mortgage lenders receive multiple identity and income verification documents along with different forms from loan applicants in a variety of formats and styles. Traditional OCR solutions fail to extract data from these semi-structured documents and that’s why more and more lenders are adopting intelligent document processing solutions. IDP solutions not only extract data correctly, they are able to validate extracted data against predefined rules in order to improve accuracy.
Intelligent Document Processing is an automation technology that captures information from a myriad of documents and data sources, extract data, and organizes it for further processing. IDP solutions enable businesses to seamlessly integrate with core processes, eliminate manual labour, address challenges faced in reading different document layouts, and meeting legal & compliance requirements. Accurate data is the foundation of every organization, and IDP assists businesses in dealing with the complexity of processing huge volumes of documents, helping them automate manual data entry processes, and move away from traditional semi-automated OCR workflows.