In this article, you’ll find all the information you need on solving your business problems by automating data extraction from documents.
This is for you if you are experiencing:
- Stressful data extraction from compliance documents.
- Trouble digitizing paper applications.
- Strain due to overload of information and a need for document classification.
- Difficulty getting an inbuilt system for identifying ghost and tampered documents.
The reality is, for many businesses, extracting the information they need to perform operations such as regulatory compliance, insurance claims verification and false document detection, is a task that takes a lot of time and requires effort from a large team. These businesses have employees whose major job description is to manually extract information from documents.
The problem with manual data extraction is the risk of human error, prolonged processing time and the huge capital requirement it costs to operate this mode of data extraction. However, automated data extraction by taking advantage of machine learning tools solves this problem.
Here is what Frost and Sullivan; a business consulting firm involved in growth strategy consulting, has to say about automated extraction.
‘’Automated processing improves customer service, drives competitiveness, increases productivity, helps companies meet compliance requirements and lowers costs.’’
Let’s Start by Defining Information Extraction.
Information extraction is a set of tasks aimed at the automatic extraction of structured information from documents of any type. The information is structured so that computation can be done on these documents.
Information Extraction For Documents?
The reality is documents are an important part of many fields such as finance, law, and insurance.
These documents are used in several processes such as ensuring compliance, processing claims and processing payments. In the past, handling these documents involved manual work, which was labour and cost-intensive.
An automatic understanding of documents such as invoices, contracts, and ID papers is the way forward. The process of automatically extracting this data is called information extraction.
Why Manual Extraction Stopped Being an Option
The list of documents to process to meet compliance requirements can be endless. Extracting data from these documents and transferring the data to the right departments is a stressful process.
So many businesses resort to manually extracting the data they need. This manual process consumes time and incurs a lot of costs to pay labour.
Also, it is prone to human errors. Errors that can cost you profit and make you lose customers because the onboarding process takes a long time.
Automated Extraction? How Does It Work?
In an environment where speed is of the essence, it makes little sense to manually extract information from documents, hence the need for automated extraction. Information (which is usually in text format) can be automatically extracted from documents using tools and techniques like OCR, NLP, etc.
The Role of Optical Character Recognition
OCR allows you to extract both handwritten and printed text information from image documents like scanned receipts and forms. Its applications range from written text in small documents (e.g. receipts) to large text in images.
Storing and Transferring the Extracted Data to the Right Departments
Extracting data from these documents doesn’t stop at extraction alone. Where do the documents go after they’ve been extracted? This is where transferring the data to the right departments comes in. Choosing the right automated tool for your regulatory processes should also mean you’re looking to see if it has provisions for easy transfer and storage.
Practical Applications Across Industries
Businesses in the health, financial, insurance and pharmaceutical industry face heavy compliance burdens. Financial firms, for example, dedicate 10-15% of their workforce and spend a combined $270 billion on regulatory compliance annually. These companies are switching to artificial intelligence to save time and reduce costs.
Traditional data analytics techniques can’t handle regulatory documents. Off-the-shelf tools lack critical supporting technology to parse the structure and content of these files. As a result, they can leave behind valuable data or overlook the important context that compliance professionals rely on.
Voyance Vision can identify, extract and understand all of this data. Our machine learning experts use natural language processing, semi-structured data parsing, and machine learning/AI to build semi-custom applications that solve specific compliance challenges for our clients.
Industry Application: Information Extraction For Regulatory Compliance
A compliance check is a key aspect of many business processes. It requires the extraction of compliance requirements from legal documents. Besides the time and costs incurred in processing these documents manually, most identification documents are embodied in natural language that cannot be understood by the traditional computer system.
Also, though a regulatory document has many words, not every word is required to automate compliance checking requirements. Extracting only the essential content from the regulatory document helps to shorten the process of compliance requirement retrieving.
Industry Application: Insurance Claims Verification.
From recognizing and evaluating the extent of property damage to scanning documents and extracting needed information, Vision can be applied to many aspects of the insurance claims process to minimize errors and improve speed.
Industry Application: Automated Invoice Capturing.
The process in many Accounts Payable departments is usually manual, time-intensive, and error-prone. With Vision, the details from all important fields on an invoice are automatically and accurately extracted, and made available to be stored or used for payments.
More Industry Applications of Information Extraction
Digitizing paper applications
Implementing KYC requirements
Automated investigation of claims - detect falsified Insurance Claims
Validate property feature
E-commerce and Marketing
Count and track inventory
Information Extraction as a Service
What is better than automated information extraction? Automated extraction that is available 24/7 without having to set it up yourself!
This lets you bypass the cost and complexity of buying and managing physical servers and computing infrastructure.
Along with automated data extraction, a good tool should also provide access to a connection hub for easy data management and a machine learning-based prediction tool.
Each resource is offered as a separate service component, which means you only pay for a particular resource for as long as you need it.
Benefits of Using laaS to help Help with Document Extraction
Reduces costs- The pay-as-you-go subscription model helps avoid building from scratch and reduces hardware costs.
Allows you scale- This tool is built to expand as you grow. It is useful when you’re processing 1000 documents a day and flexible enough to accommodate processing 10,000 the next.
Enhances security- you get better security for your data than you’ll get with an in-house tool.
Faster Innovation- With this tool, the necessary computing infrastructure you need for that new project is available in minutes or hours rather than weeks or months.
Get faster results by Extracting Document Data with Voyance Vision
We’ve done this before. We provided Appruve with an AI model for document analysis with abilities such as image tampering, MRZ detection and ghost image detection.
A task that would have taken them 8 months to do, was completed in days, and at a reduced cost. You can do this too! Start for free here.
Voyance Vision takes out the slow, manual, and error-prone system and replaces it with AI-powered infrastructure that cuts out expensive intermediaries and manual work. It also provides access to a connection hub for easy data management and a machine learning-based prediction tool.
All the tools you need are available to you in a single platform, helping you save thousands of dollars you’d have spent on multiple vendors.
Let nothing stop you from getting these results for yourself. Start saving your business time and money now. Begin your free 14-day trial now.
Want to learn more about information extraction its practical applications?