Data extraction can be an arduous, time consuming task that overworks employees and introduces the risk for errors. There is a better way, and it’s evolving every single day to help revolutionize the way businesses harness, extract, and utilize information.
Artificial Intelligence is disrupting almost every industry across the world. Many business leaders are still in the early stages of exploring how best to leverage it for their business. If your business spends a lot of resources processing documents — including invoices, tax forms, contracts, and more — AI document processing can be a great option to alleviate this drain on your company resources. It will help reduce costs, alleviate stress, and increase accuracy in processing documents.
What is AI Document Processing?
Data forms the backbone of every organization’s workflow, as it facilitates growth, boosts business processes, and, ultimately, helps you make sales. But as a business owner in Dayton, you know you have to cut costs where you can and comply with regulations, all while meeting increasing customer demand. This all adds pressure to your business processes that depend heavily on data and information – particularly in regards to unstructured data within documents, PDFs, images, and emails.
Fortunately, there is a faster and more efficient way to extract, classify, and utilize that data without overworking employees, risking errors, and wasting time. That’s where AI document processing comes in. AI technology is able to automatically extract critical details from business documents. This can increase efficiency and accuracy as the documents can be processed automatically using an AI document processing solution.
Also known as intelligent document processing, AI document processing is the next generation of automation because it has the ability to capture, extract, and process data from various document formats. To achieve that, it uses AI technologies such as natural language processing (NLP), Computer Vision, machine learning (ML) and deep learning. As a result, it becomes faster and easier to not only classify and categorize relevant information, but also to extract and validate it.
Traditional software solutions are limited in that the documents must be very structured and contain a predictable format. But that is often not the case. This is where AI excels. With proper training, the AI solution will be able to overcome differences in format and syntax, and still get the information needed.
Many companies receive a large number of invoices from various vendors each month. They come in various formats as every vendor has a unique platform. But despite the cosmetic and formatting differences, there are many common data pieces present on each invoice, such as invoice number, company name, amount owed, date due, and more. There may be differences with where the information appears and how it looks. But even if the invoices are slightly different, the AI will be able to handle the nuances and find what you are looking for.
Is Your Business a Good Candidate for AI Document Processing?
There are three questions you can ask to help decide if your company is a good fit for AI document processing in Dayton OH and beyond.
What is the volume of documents processed?
If your company processes a small number of documents, it likely does not make sense to invest in AI document processing. There are two exceptions. First is if there is a significant cost and time for the resources that are currently processing them. The second exception is if a quick processing turnaround is essential for your business.
How much variation is there in the documents?
If the documents vary significantly in content and format, AI processing likely is not a viable solution. As mentioned, the AI can handle some differences but not drastically different formats.
Can a web portal or alternate solution be built to replace the documents?
Before proceeding with an AI document parsing solution, it may be worth exploring the options. If your company is in complete control of the documents (for example, if your company authors them and is sending them to clients to complete), it may be worth building a website to capture the information instead. In situations where the documents are out of your company’s control (such as external invoices sent from vendors), this is a strong candidate for using the AI document solution.
How to Get Started
In part 2, Implementing an AI Document Parsing Solution, we dive deeper into how to get started in implementing a solution. We’ll cover everything a business leader needs to know without boring you with technical details.
Need an Expert? We Can Help
Are you tired of losing valuable time sifting through mountains of business documents? An AI document solution could help save you time and money. Contact us today to schedule a consultation. We can evaluate your situation and help you determine if an AI document parsing solution is right for you.