The Covid 19 pandemic has been the biggest driver for digitization. To provide services, machines need to understand you data stuck inside of documents.
The biggest challenge lies in digitizing data and speeding up the process as the majority of our tasks still happen on paper or PDF files. From getting signature on a report card to filing for a loan there is a huge process of documentation which is highly time-consuming and requires a lot of manual processes.
Companies spend a huge amount of money and resources in managing these documents and keeping track of them. In all the highly regularized sectors like healthcare, banking, legal, supply chain, etc, it becomes even more critical especially during audits. So automating this process becomes of utmost importance.
What is document processing automation?
Document process automation is the design of systems and workflows that assist in the creation of electronic documents. These include logic-based systems that use segments of pre-existing text and/or data to assemble a new document. This process is increasingly used within certain industries to assemble legal documents, contracts, and letters. Automation systems allow companies to minimize data entry, reduce the time spent proof-reading, and reduce the risks associated with human error.
How are AI and Deep learning winning this game?
The document process automation is the need for the digital era. A lot of work was happening in this field but recent developments using cutting edge technologies like deep learning and Artificial Intelligence have completely revolutionized this domain.
The earlier approaches were more focused towards extracting features from images using different techniques like edge detection, Gaussian filters, etc which had many limitations in real-world use cases. However, with the enhancement of deep learning models, you do not have to explicitly extract features from the image using any pre-processing techniques, rather you need to train your model using input and output images and your model automatically learns features from those images.
For example: The above algorithm represents the most advanced model that uses Optical Character Recognition (OCR) service to extract the text and layout information, which allows you to work with native digital documents, such as PDFs, and document images (e.g., scanned documents).
How is AI automating the documentation process workflow?
Document process automation workflow comprises of following steps:-
- Data Ingestion: The data source is the primary channel of extracting information (data), whether the data is structured, non-structured, or is in any other format. Data Ingestion is the process of reading data through various channels including PDF, Excel, Mails, Word, Scan file etc.
- Data pre-processing: This step requires image and data pre-processing steps like cropping, noise reduction, and filtering which eases the data extraction process.
- Data capture – One of the most critical steps of whole workflow is extracting relevant information. OCR is one of the most advanced technologies and is backed up by different machine learning algorithms. Different computer vision models and libraries like CNN and OpenCV are available which help in detecting and extracting text.
- Data classification / Indexing – After extracting information and text from the source, classification, or indexing that information according to the template is a major challenge. For instance: while extracting text from invoices, it is vital to differentiate Date, Amount, Name, and other fields from the text you have extracted. Here, Deep learning models come to the rescue that label the data according to its category and automate the whole process.
- Data extraction: Now, the information that you extract from the above process could be in different formats and also could be text or an image. Techniques like NLP and computer vision contribute to understanding the underlying data.
- Data validation: The most important step is the verification of data and the quality check. This step can be automated using a template-based approach.
Document Processing Automation Use Cases
1. Finance : Extracting data from bank statements for reconciling records and comparing them against the company’s own records was manually done via complex spreadsheets.
2. Insurance: Claims processing is at the heart of every insurance company. Since customers make claims at a time of misfortune for them, customer experience and speed are critical in claims processing. There are numerous factors that create issues during claims processing such as
- Manual/inconsistent processing: Claims processing often involves manual analyses completed by outsourced personnel.
- Input data of varying formats: Customers send in data with various formats
- Changing regulation: No insurance company has the luxury of not accommodating to changes in regulation in a timely manner. This requires constant staff training and process update.
3. Logistics: Trade finance involves multiple parties coordinating and ensuring the delivery of goods and payments. Banks and companies communicate through letters of credit and other documents that need to be processed.
The processes that have been talked about above can easily be automated.
We at Docsumo, can do that for you and can save you the trouble of doing everything manually. We not make automation possible, but also ensure accuracy and adaptability. While we work on making our product even better, get in touch with us and sign up for a free trial now!
Hi, I’m Rushabh.
Everyday I speak to people who use our product to automate their workflow. Contact us and we will be happy to see how we can improve your processes.
Download PDF File
We’d love to show you how you can increase your productivity, process your documents faster and save operations cost!
A guide to automating data capture from reports, payroll or any other HR-related document into actionable format Accuracy?
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.
Financial Statement Spreading — Everything You Need to Know
Financial statement spreading is a time-consuming, repetitive, and yet quite a fundamental process for banks on multiple fronts. In this article, we are going to expand on the meaning of the term, talk about what this process hopes to achieve, and how it helps in credit analysis.
Robotic Process Automation (RPA) in the Finance and Accounting Industry and Latest Trends
RPA solutions make it convenient for bank employees to process enormous volumes of customer data without sacrificing accuracy or precision. RPA has also introduced recent innovations which make it possible for firms to process transactions seamlessly.
Benefits of Loan Processing Automation with Docsumo and How it Works
Financial institutions and NBFCs are always looking to diversify their investment portfolio, enhance customer experiences, and scale up by generating enough profits. They can meet these milestones by using Robotic Process Automation (RPA) and other automation technologies for loan processing.