Docsumo Blogs - Intelligent OCR Document Recognition and Extraction

April 6, 2022

All you need to know about the importance of RPA in mortgage loans

Processing mortgage loans requires tons of paperwork, followed by a lengthy waiting period for document verification, resulting in a tiresome customer experience. Automation, specifically RPA (robotic process automation), helps you perform these routine tasks more efficiently so underwriters spend more time doing what’s essential. With RPA, enterprises can reduce heavy expenses, fight against fraud and improve customer experience.

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DATA-ENTRY

December 31, 2021

Best 10 automated data extraction software in 2022

Despite dedicating a whole lot of resources to manual data extraction for businesses, it could result in slower turn-around time, especially if the number of documents processed per month is simply too high. There’s always the angle of ‘human error’ involved with manual document processing. So, if you’re trying to automate data extraction for your business but you cannot find a vendor to help you with, this article is for you.

DATA-ENTRY

December 31, 2021

Significance of Straight Through Processing in Insurance

The fact that STP promises shorter cycle times, quicker turnarounds, and better customer satisfaction makes them a great tool to have for businesses that need to process high volume of documents on a daily basis.

DATA-ENTRY

December 30, 2021

Influence of OCR Based Technologies in Financial Industry

Tons of financial data is being generated and collected every day which is being manually processed and extracted to organize. This article focuses on one of such applications that may reduce this manual work by processing the data with the use of AI and Computer Vision, and its Optical Character Recognition (OCR). While we accelerate further with this blog we’ll discuss the type of data that is usually being generated in the financial industry and how OCR can facilitate processing with higher efficiency. Also, we’ll dive into most of the common use cases and applications of OCR with its limitations.

LENDING

December 20, 2021

How does Automated Underwriting Work?

With the help of Artificial Intelligence, Machine Learning Algorithms, and other related technologies, an automated underwriting software helps lenders in making underwriting decisions with quicker turn-around time, improved accuracy, and minimal human intervention. Compared to manual underwriting, it is faster, more accurate, and reliable. The automated underwriting system streamlines the entire loan approval workflow from automating data extraction from different underwriting documents to matching the extracted data against third-party data from banks, creditors, lenders, and other financial institutions to give an analysis report.

ACCOUNTS-PAYABLE

December 20, 2021

Best Invoice Scanning Software in 2022

Despite dedicating a whole lot of resources to manual invoice processing for businesses, it could result in slower turn-around time, especially if the number of invoices processed per month is simply too high. There’s always the angle of ‘human error’ involved with manual document processing. So, if you’re trying to automate invoice scanning for your business but you cannot find a vendor to help you with, this article is for you.

OCR

December 20, 2021

How does OCR tax form processing work?

Tax documents make a large part of the whole underwriting document set, whether it’s a personal loan, small business loans, or mortgage loans. While processing these tax documents, lenders care about the quality and accuracy of extracted data more than anything else. Another fact worth looking at while choosing an automated tax document processing solution is its adaptability to different layouts and changes to form templates.

OCR

December 7, 2021

A step-by-step guide to OCR form processing

Optical Character Recognition(OCR) is a technology widely used to convert handwritten, typed, scanned text, or text inside images to machine-relatable text. Because of its ability, the technology is used for form processing amongst other document types. Based on the form use-case, different OCR solutions are used - for structured forms, template-based OCR is the answer, whereas for semi-structured and unstructured forms, a more sophisticated data extraction solution is required.

OCR

November 23, 2021

Making Digitization Easier for Lenders with OCR Check Scanner

Lenders need to extract data from bank checks amongst other documents for account verification, and several technologies are used for this purpose. The data extraction from checks starts with scanning image/pdf files. After the check is scanned, OCR comes into picture that works to extract all the key-value pair and line items from the check based on the trained model. The algorithm of the check identification and OCR method does the rest of the job.

ACCOUNTS-PAYABLE

October 13, 2021

Invoice Data Extraction using OCR

Invoice processing is done 2 ways: manual and automated. The manual invoice processing requires inputting information, confirming accuracy, and archiving documentation. On the other hand, Optical Character Recognition (OCR), a text-extracting technique is used to automate invoice processing that turns digitized documents into files that can be edited. In automated invoice processing, invoices are unit routed through centralized points of entry in an automatic system, therefore whether invoices arrive via email or other sources, the system processes them. This frees up time for team members to focus on more specialized jobs.

LENDING

September 13, 2021

A Guide to Automating Loan Document Data Extraction

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.

LENDING

September 13, 2021

A Guide to Automating Mortgage Document Data Extraction

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.

IDP

September 2, 2021

Overview of Intelligent Document Processing (IDP) and its Benefits

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.

IDP

August 9, 2021

All you need to know about Hyperautomation and How it works

Hyperautomation is a blend of AI, RPA, and Machine Learning to automate repetitive tasks for businesses and improve operational workflows. The term was first coined in 1910 and Forrester dubbed it as intelligent process automation based on the way multiple technologies were used to automate business functions and processes. Gartner predicts that the worldwide spending on hyperautomation markets will reach USD 600 billion dollars by 2023 as more and more organizations are adopting digital transformation in the post COVID-19 world.

IDP

August 9, 2021

Retail Automation : Use-cases and Benefits of Automation in Retail Industry

Retail automation helps business owners develop better customer loyalty programs, predict upcoming market trends, and facilitate data merge across different channels. In this blog, we give a breakdown of its use cases and show how retail automation can benefit your business.

IDP

August 9, 2021

Insurance Automation for Claims Processing and How it Works

From underwriting, policy renewal, onboarding, claims processing, and more, RPA is changing the way insurers work and streamlining core business processes. Industry analysis reveals that businesses can speed up claims processing by up to 75% by using RPA technology. Paper-based claims processing slows down workflows and poses a risk of losing documents, which RPA automation is not prone to. The implementation of RPA makes it easier for companies to do credit profile analysis, identify exceptions, process transactions, and reduce time taken for claims processing.

DATA-EXTRACTION

August 9, 2021

Best Insurance Claims Automation Software in 2021

Insurance claims processing deals with the extraction and processing of data from a variety of documents and requires employees to go through intricate details. Automating claims processing has been a challenge faced by companies because of the level of complexity involved in processing insurance documents. However, intelligent document processing using claims automation software is revolutionizing the sector and changing that by leveraging OCR and AI models to scan and interpret information from documents.

IDP

August 9, 2021

Importance of RPA in Insurance Claim Processing and Why it Works so Well!

RPA in insurance claims processing connects disparate applications and works with legacy systems to automate claims processing without causing any disruptions. The biggest benefit of using RPA for claims processing is that it ensures up to 99.5% data accuracy, organizes information, and makes it easy to migrate or navigate data across different systems. Automatically generated compliance reports, live audits, seamless integrations, and dashboard analytics are some of the various perks associated with using rpa insurance claim software.

INTELLIGENT DOCUMENT PROCESSING

April 6, 2022

What is an IDP solution? - Why do you need one

Businesses have to process a plethora of digitally typed, printed, or handwritten papers. To deal with it, businesses require efficient and flexible automated document processing solutions that produce accurate results - this is where Intelligent Document Processing can help your business. An IDP solution incorporates the powerful features of Artificial Intelligence and Machine Learning technologies to automate the tasks that once required human intervention, thereby making document processing scalable, robust, and credible.

RPA

April 6, 2022

Top 10 Use Cases Of RPA Accounting

RPA (robotic process automation) is like a sword that slices through tedious and repetitive tasks in high volumes for your company. Except, it's not a sword - it's tiny robots performing repetitive and routine tasks so that you can focus on core business functionalities. So, whether you're looking to automate the financial auditing statement or you wish to speed up tasks like account receivable and payable, RPA is one of the easiest ways to go about it. You can utilize RPA for plenty of purposes.

DATA-ENTRY

April 6, 2022

How to automate data entry?

Data entry is the tedious process of manually inputting values into a company’s system or ERP software. This article will help you understand how costly and time-consuming data entry can be turned into an asset with the help of modern automation software. Not only can this streamline your documentation in an organized format, but also contribute to raising employee satisfaction. Data entry automation is quickly becoming the savior of small and big businesses alike with its focus on gathering structured data, accurately and rapidly. Currently, its scope is in every field from finance, content creation to research and development. Find out all about how to automate data entry, what it is, and the whole range of benefits through this blog.

INTELLIGENT DOCUMENT PROCESSING

April 6, 2022

What is Document Processing - How to automate it?

Document processing involves the conversion of manual and analog forms of information to the digitized format to integrate them into the daily business processes. Every company considers manual data to electronic document conversion as the core step in their digital transformation journey. A document-processing system can help organizations digitally replicate the original structure, images, and layout of a document. Intelligent Document Processing (IDP) solutions aid businesses in the data extraction from unstructured and complex documents. IDP manages the document variation and complexity through the automation of document processing with the use of Machine Learning and various AI technologies.

OCR

March 25, 2022

A Quick Introduction to Automated OCR Data Capture

Optical Character Recognition (OCR) is an automated process that converts text-based images into computer-ready text that you can then edit and manipulate. It’s a faster way of capturing data that works by scanning documents and converting them into text, and pushing extracting data directly into a database or third-party software

IDP

March 4, 2022

IDP Financial Services - Uncomplicating, Accelerating and Streamlining your organization

Intelligent Document Processing is the avengers-unite moment of OCR, Artificial Intelligence, and Machine Learning. It involves processing and capturing data from various sources and managing them on a comprehensive platform. Financial systems conceptualized decades ago couldn't have imagined a future that included technology like IDP, but here we are.

IDP

March 4, 2022

Capabilities of Intelligent Data Processing - A Showcase of IDP Use Cases

Intelligent Document Processing takes advantage of Artificial Intelligence and Machine Learning along with OCR and Computer Vision to help various paper-intensive industries digitize their business. The use of Artificial Intelligence and Machine Learning for highly-accurate data extraction is revolutionizing how businesses operate in 2022.

OCR

March 4, 2022

A Quick Guide to Using OCR Software

OCR software allows you to convert a scanned image into an editable format like word or excel. This article introduces the basics of OCR software, available features and options. We’d show how to navigate through Docsumo’s interface, generate editable files from image files, and save the results. With so many powerful OCR applications available, choosing the right one for you can be confusing.

INSURANCE

March 4, 2022

How does Intelligent Document Processing for Insurance work?

This blog will walk you through the aspects of automation of insurance claims in the insurance sector and the benefits of intelligent document processing vis-à-vis manual claim processing. It will further guide you on the use of Docsumo in data extraction.

ACCOUNTS-PAYABLE

March 4, 2022

How does Invoice Parsing work?

This article discusses challenges involved with manual data extraction from invoices. The workflow of semi-automated invoice parser, and why prefer intelligent document processing solution for invoice parsing - we answer all the questions in this article.

SAAS

February 28, 2022

Docsumo Is Here To Help Enterprises Get 10x Efficient At Document Understanding

Docsumo raises $3.5 Million in seed capital. The round was led by Common Ocean with participation from Fifth Wall, Arbor Realty Trust & existing investor Better Capital. Read this to learn more.

ACCOUNTS-PAYABLE

February 7, 2022

Accounts Payable Automation: All You Need to Know

Automating Accounts Payable reduces the time it takes to receive, process, and pay invoices and helps drive business intelligence by bringing together information from various sources. It helps unify your entire organization around key metrics by automating processes and eliminating manual tasks, so everyone can focus on the things that matter — growing revenue and managing costs.

OCR

February 1, 2022

A Quick Insight into Document OCR

In this article, we help you get an insight into automated data extraction with OCR using Tessaract. We’ll walk you through the entire workflow and discuss advantages and disadvantages of the approach. In the end, we help you figure out the best approach to automate data extraction for your business.

LENDING

February 1, 2022

An Overview of Mortgage Underwriting and Data Extraction

This blog aims to help readers with a quick summary of data extraction and all the procedure and steps involved with mortgage underwriting & loans. To make things clear, we take the example of Fannie mae/Freddie mac form 710 and discuss the mortgage underwriting workflow and ways to automate it.

OCR

January 25, 2022

A Quick Comparison of Best OCR Software in 2022

In this blog, we gather collective insight into industry-best OCR software and draw a comparison. We're not trying to determine the best OCR solution in the industry but help you familiarize you with different features of most-popular automated data extraction solutions and help you find the most suitable one for you.

ACCOUNTS-PAYABLE

January 11, 2022

Capturing Invoice Data to Leverage Business Solutions

In this blog, we focus on invoice data capture using fast driven technologies like OCR and Artificial Intelligence and help businesses to find faster ways to capture data from invoices and reduce manual efforts. By the end of the article you’d be able to figure out the better algorithm to process invoice data.

DATA-ENTRY

December 31, 2021

All you need to know about Hyperautomation and How it works

Hi, I’m Rushabh.

Each day, I speak to people who use our tool so I can learn to make it better. Extract a few PDF’s and let me know what you think.

Let’s see how Docsumo extracts data for you.

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All you need to know about the importance of RPA in mortgage loans

Hi, I’m Rushabh.

Each day, I speak to people who use our tool so I can learn to make it better. Extract a few PDF’s and let me know what you think.

Best 10 automated data extraction software in 2022

Significance of Straight Through Processing in Insurance

Influence of OCR Based Technologies in Financial Industry

How does Automated Underwriting Work?

Best Invoice Scanning Software in 2022

How does OCR tax form processing work?

A step-by-step guide to OCR form processing

Making Digitization Easier for Lenders with OCR Check Scanner

Invoice Data Extraction using OCR

A Guide to Automating Loan Document Data Extraction

A Guide to Automating Mortgage Document Data Extraction

Overview of Intelligent Document Processing (IDP) and its Benefits

All you need to know about Hyperautomation and How it works

Retail Automation : Use-cases and Benefits of Automation in Retail Industry

Insurance Automation for Claims Processing and How it Works

Best Insurance Claims Automation Software in 2021

Importance of RPA in Insurance Claim Processing and Why it Works so Well!

What is an IDP solution? - Why do you need one

Top 10 Use Cases Of RPA Accounting

How to automate data entry?

What is Document Processing - How to automate it?

A Quick Introduction to Automated OCR Data Capture

IDP Financial Services - Uncomplicating, Accelerating and Streamlining your organization

Capabilities of Intelligent Data Processing - A Showcase of IDP Use Cases

A Quick Guide to Using OCR Software

How does Intelligent Document Processing for Insurance work?

How does Invoice Parsing work?

Docsumo Is Here To Help Enterprises Get 10x Efficient At Document Understanding

Accounts Payable Automation: All You Need to Know

A Quick Insight into Document OCR

An Overview of Mortgage Underwriting and Data Extraction

Top 5 OCR Finance Solutions of 2022

A Quick Comparison of Best OCR Software in 2022

Capturing Invoice Data to Leverage Business Solutions

Best 10 automated data extraction software in 2022

Significance of Straight Through Processing in Insurance

Influence of OCR Based Technologies in Financial Industry

How does Automated Underwriting Work?

Best Invoice Scanning Software in 2022

How does OCR tax form processing work?

A step-by-step guide to OCR form processing

Making Digitization Easier for Lenders with OCR Check Scanner

Invoice Data Extraction using OCR

A Guide to Automating Loan Document Data Extraction

A Guide to Automating Mortgage Document Data Extraction

Overview of Intelligent Document Processing (IDP) and its Benefits

All you need to know about Hyperautomation and How it works

Hi, I’m Rushabh.

Each day, I speak to people who use our tool so I can learn to make it better. Extract a few PDF’s and let me know what you think.

Let’s see how Docsumo extracts data for you.