Docsumo Blogs - Intelligent OCR Document Recognition and Extraction

September 28, 2022

Analysis and Benchmarking of OCR Accuracy for Data Extraction Models

Optical Character Recognition (OCR) is the technology to convert an image of text into machine-readable text. It is the underlying technology for various data extraction solutions including Intelligent Document Processing. However, OCR is not smart enough to figure out the context in a document - it works simply by distinguishing text pixels from the background and finding a pattern. This limitation could cause inaccuracy in captured data that could directly impact the output of your data extraction model.

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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

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

July 12, 2022

Intelligent invoice processing: A complete guide

Accounts payable is a key financial function for any business. Corporations can have thousands of suppliers; even for relatively smaller businesses, the number of suppliers could be in hundreds. All the invoices they receive from these suppliers come in multiple formats, layouts, and templates - some semi-structured, some unstructured. Therefore, firms expend time and resources to capture invoice information through manual data entry and verification of accounts payable. Manual data entry is not feasible in the long run, definitely not on a large scale. Before we talk about how intelligent invoicing solves the problems associated with manual invoicing, let’s discuss the challenges in much detail.

INTELLIGENT DOCUMENT PROCESSING

July 12, 2022

Everything You Need to Know About Intelligent Data Extraction

As most of an organization's information is available in an unstructured format, processing it requires an automated system that can handle documents with minimum human interaction. OCR is one such technology, but its scope is limited as it requires human interaction and is highly dependent on the layout and structure of the document to be processed.These limitations are overcome by Intelligent Data Extraction.Using artificial intelligence, the Intelligent Data Extraction technology extracts data from documents and transforms it into useful information through the extraction process. It functions as a singular tool for extracting information from any type of document and aids in optimizing company operations.

ACCOUNTS-PAYABLE

June 27, 2022

Your Complete Guide to Automated Invoice Processing

An automated invoice processing solution helps businesses streamline their accounts payable operations by automating tasks ranging from data extraction from invoices to data validation, and entering data into a database for further analysis and processing. Processing invoices may be one of the most time consuming tasks, but it can’t be ignored as it is directly linked to the finances of the business. Automation solves this problem by improving turnaround times for invoice processing, and improving the quality of data.

INTELLIGENT DOCUMENT PROCESSING

June 14, 2022

Substantial Growth with Automated Document Processing

Automated document processing involves capturing components present on a document with the help of softwares. It utilizes technologies like Machine Learning, Computer Vision, Natural Language Processing, and OCR. Automatic processing of documents in an organization helps reduce manual labor, compliance requirements, eliminate challenges, and offers speed to the workflow environment. In this article, we cover different techniques used for document processing along with their pros and cons. This comparison will help you choose the best automated document processing software for your organization.

ACCOUNTS-PAYABLE

June 14, 2022

Step-by-step Guide to Calculating Accounts Payable

Accounts Payable (AP) is a current liability representing money owed to customers. Analysing the AP turnover (how long does the organisation take to pay the creditors) regularly can help organisations meet deadlines and avoid delinquencies. Accounts Payable influences a company's financial performance, credit conditions, and capacity to recruit investors and provides essential information about its general financial health. When deciding whether to invest or lend money, investors and lenders use these measurements to evaluate a company's solvency and management consulting procedures. In this article, we discuss how to calculate accounts payable, what to interpret and conclude from it, and the limits it has.

ACCOUNTS-PAYABLE

June 14, 2022

Best Practices to Implement in Accounts Payable Automation

Given the immense benefits it has to offer, more and more companies are inclined towards automating their accounts payable (AP) processes. Studies show that automating accounts payable can reduce the operational costs by 81% and improve the efficiency by 73%.Using cutting-edge technology, enterprises are automating the time-consuming task of manual entry into a process that can be carried out using modern software to deliver precise results efficiently. However, accounts payable automation needs to be aided by certain practices to ensure that maximum benefits can be derived from the automation process.

DATA-ENTRY

June 2, 2022

A complete Guide to Optical character recognition software

OCR is excellent at reading text straight from digital documents such as pdf and images. There are several desktop and mobile OCR applications available for this purpose. They all differ in terms of features and use-cases they cater to, and of course, pricing. If you're always surrounded by papers and getting to research about OCR software, this article is for you. We've curated a list of the best OCR software in the industry, and discussed their pros and cons to help you find a suitable fit for your organization.

OCR

June 1, 2022

Optical Character Recognition: What you need to know

Optical Character Recognition is the process of reading and transforming written, printed, or scribbled characters into machine-encoded texts or anything else a computer can alter. It is a subset of image recognition and is typically used as a kind of data entry with printed documents or data records, such as financial records, sales receipts, passports, portfolios, and business cards, as input. The application is responsible for recognizing the characters and producing a written document from a digitized or scanned document.

ACCOUNTS-PAYABLE

June 1, 2022

Understanding Accounts Payable and AP Workflow

When you purchase any product or a service on credit with an unsaid promise of paying for it in the near future, it can be termed as Accounts Payable. This account is created to record all due payments and is treated as a liability. Different companies treat this within their own workflows.

ACCOUNTS-PAYABLE

June 1, 2022

Top 10 Accounts Payable Automation Software in 2022

Each accounts payable automation software has its own pros and cons and is suited to certain specific use cases. With so many options of software to choose from, it can indeed be very hard to make the right choice.In this blog, we have compiled a detailed list of the top 10 AP automation softwares of 2022 to help you choose the one that meets your needs.

ACCOUNTS-PAYABLE

May 31, 2022

Understanding Accounts Payable Automation

Accounts Payable automation comes with increased efficiency, accuracy and reduced cost. While adopting automation for accounts payable processes it is important to understand what goes behind the scenes, its benefits, and best practices to implement it smoothly. To make it easier, we have compiled a list of to-do’s and simple hacks to help you with the effective implementation of AP automation in your business.

ACCOUNTS-PAYABLE

May 31, 2022

Accounts Payable and Accounts Receivable - What Makes Them Different?

Accounts Payable states how much a business needs to pay out, whereas accounts receivable discloses about how much a business can expect to receive in the near future. They create a different impact on the company's liquidity in the short term. There are also some key differences in accounts payable and accounts receivable that have been discussed in this blog. We have also mentioned small and simple examples inspired by real use cases, which will enable better understanding of the concept of Accounts Receivable and Accounts Payable. Furthermore, the blog highlights a few common practices that organizations use to ensure they are able to manage their AR and AP well.

RPA

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.

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

IDP

March 4, 2022

IDP Financial Services - Uncomplicating, Accelerating and Streamlining your organization

IDP

March 4, 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

OCR

February 1, 2022

A Quick Insight into Document OCR

LENDING

February 1, 2022

An Overview of Mortgage Underwriting and Data Extraction

OCR

January 25, 2022

A Quick Comparison of Best OCR Software in 2022

ACCOUNTS-PAYABLE

January 11, 2022

Capturing Invoice Data to Leverage Business Solutions

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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Analysis and Benchmarking of OCR Accuracy for Data Extraction Models

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.

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?

Intelligent invoice processing: A complete guide

Everything You Need to Know About Intelligent Data Extraction

Your Complete Guide to Automated Invoice Processing

Substantial Growth with Automated Document Processing

Step-by-step Guide to Calculating Accounts Payable

Best Practices to Implement in Accounts Payable Automation

A complete Guide to Optical character recognition software

Optical Character Recognition: What you need to know

Understanding Accounts Payable and AP Workflow

Top 10 Accounts Payable Automation Software in 2022

Understanding Accounts Payable Automation

Accounts Payable and Accounts Receivable - What Makes Them Different?

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

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

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.