INTELLIGENT DATA CAPTURE
INTELLIGENT DATA CAPTURE
Paper-based processing exists in a good 25-30% of business operation scenarios. The paper based environment is majorly recurrent in Finance & Accounts and Procurement sections of almost all BFSI, Manufacturing, Telecom, Supply Chain, and Research & Analytics companies. The challenges it poses to business, enforces you to compromise on speed, efficiency, and quality.
As we have accepted over the years that Optical Character Recognition (OCR) helps to digitize paper based enterprise assets. However, the fact remains that OCR has its own challenges due to inherent quality issues.. The OCR challenges are resolved by adopting the Intelligent Document Processing, more popularly known as Intelligent Data Capture. Intelligent Data capture solutions assist in mitigating these issues and provide 99% accurate output.
WHAT IS INTELLIGENT DATA CAPTURE (IDP)?
Today, Intelligent Data Capture is a strong business enabler, not only saving revenue in terms of millions but also allowing you to do more with the same number of resources.
Intelligent data capture exhibits the process capability of capturing data from all types of documents including “unstructured ones” such as email, text, PDF, scanned documents, etc., classifying it into categories, and extracting relevant information for further processing. Intelligent Data Capture applies Artificial Intelligence algorithms to extract the data in a template free mode, process it and then feed it into different applications, databases, and downstream systems.
The pre-processing features of Intelligent Data Capture comprise of brightness & contrast optimization, despeckle, noise removal, auto-rotate, deskew, resize, etc. among many others.
The post-processing features of Intelligent Data Capture has been built using Artificial Intelligence and fuzzy logic include but are not limited to template free data capture, auto-micro zone, auto-determine, auto-correction of OCR issues such as s/5, i/1, B/8, O/0, Z/2, auto-format, auto-validate to ensure accuracy, etc. In addition to these features, Intelligent data capture also validates based on pre-defined business rules; e.g. in a alpha-numeric string such as PAN number, the fifth alphabet is always the first alphabet of the surname.
Post the pre-processing and post-processing functions, the resultant effect is intelligent data capture with much higher throughput and accuracy. It extracts all the necessary information including metadata, indexes it, and converts it into a format required by the next downstream system for integration with SAP, ERP or RPA.
IDP IN ACCOUNTS PAYABLE & RECEIVABLE
Process involves different documents such as invoices, purchase orders etc.- IDP helps in digitizing, indexing and reading other critical information
- Minimizing human labor
- Increase in data accuracy
IDP IN CLAIM PROCESSING & POLICY ISSUANCE:
Process involves different documents such as Health claims, Insurance claims, Medical reports, Policy documents etc.- Increases internal efficiency in both the new policy & claims processing workflows.
- Minimizing human labor
- Improves customer service & attracts more clients.
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