Intelligent Document Automation (IDA) is also known as Intelligent Document Processing (IDP). IDA uses software technologies such as Artificial Intelligence (AI) and Machine Learning (ML) to extract data from any document format. The extracted data contents are then presented in a usable manner for business purposes. Many businesses are data-centric, using data as a core business component. The available data dictates business operations. But most available data exists in a variety of formats such as legal forms, emails, social media postings, SMS texts, spreadsheets, and even tables, graphs, and charts. This is labeled as unstructured data. Unstructured data is not usable for businesses if manually harnessed. Manually extracting data is labor-intensive, costly, inefficient, and prone to human errors. Software that can intelligently read the data in any format and rearrange it in a structured, usable presentation is an invaluable tool. Company data is money. Using a software tool like IDP within a Robotic Process Automation (RPA) platform is a great way to garner the profitable data.
Intelligent Document Automation Examples
Data From Non-standard Reports
Companies’ annual financial reports come in many formats and styles. There is no universal standard format. They vary every year and might contain charts and graphs. The structure proves too complex for an Optical Character Recognition (OCR) solution. In the past, the reports were reviewed by bank personnel, which was an inefficient and costly effort. The data extraction was done manually or by some type of OCR system. But these OCR tools would bog down with overly complex formatting, text, or difficult handwriting. But with a robust software platform utilizing AI, these complex documents can be quickly read, the data extracted, and rearranged in a usable, structured output.
Data From Panel Drawings
Panel drawings are plans with diagrams, components, and lists, such as an electrical panel. These are notbstraightforward information. But the data contents of these panel drawing are necessary for an electrical contractor to propose a bid for new work. Gathering the data manually will demand time and be susceptible to error. Even an OCR tool will not be able to tell the different line thicknesses, read the differently oriented texts, or discern between letters and symbols. But with an AI-powered data extraction platform, such complex contents can be quickly extracted and presented in a user-friendly format.
Data From Tables
Tables are found in many documents such as bills, receipts, financial reports, and manuals. They vary with different layouts, have different fonts, have a mix of letters and numbers, and could be many pages long. People can be informed by simple tables, but complex and long tables can be misread, and mistakes will be made. But the software technologies supplied by AI can make easy work of data extraction from tables.
Intelligent Document Automation Benefits
· AI technologies can process any complex document for data extraction quickly and easily. Extracting valuable data from any document empowers companies to be beneficial to their customers, ensuring success.
· AI software serves as a tool to make a company smart and accurate. Intelligent automation improves efficiency with data management. This will lower costs of operation and increase revenue.
· The advantages of AI software solutions are providing a more satisfying work environment for personnel.
A company using intelligent document automation as part of their software arsenal will be transformed. The business of efficient data content management will make that company stand out. AI empowers businesses to manages data comprehensively, improve efficiency, work smarter, lower operational costs, charting a successful course.