A Guide to AI Document Extraction

A Guide to AI Document Extraction

During the COVID-19 epidemic, an automated AI document extraction pipeline could have been useful. A lot of data had to be manually put into a database, such as the number of persons tested, the test reports of each individual, and so on. The document extraction process may have been automated to save time and human resources.

Here is why manual document extraction has to be replaced with AI document extraction technology:

  • Errors: Errors are inevitable while doing a difficult and repetitive operation like manual data entry. Identifying and rectifying these errors, later on could be costly.
  • Slower processes: Manual data entry is a slow operation compared to automated data extraction, and it could block the entire production pipeline.
  • Data Security: When dealing with sensitive data, a human data entry method might lead to data leaks, damaging the system.

Key Benefits of AI Document Extraction Solutions

When organisations know their stance and the most important elements in their documents, they perform better and make better judgments. KlearStack also uses artificial intelligence in the form of AI document extraction of essential data points, resulting in structured data that improves the quality of your services.

  • Enhanced productivity: Increase productivity by reviewing more documents and focusing on value-adding tasks rather than routine document processing.
  • Improve quality: Using quality assurance processes and an auditable procedure reduces human error and measures accuracy.
  • Lowered cost: Reduce costs by streamlining and automating document processing operations to get information into the right hands faster for analysis.
  • Reduce lead time: Identify risks and opportunities sooner to make faster, more informed business decisions.
  • Reduce the danger: Make accurate decisions knowing that all relevant facts and information has been considered.
  • Improve your performance: To enable a quick, educated response to change situations, share learnings and extracted data.

Demand for AI Document Extraction for a Wide Range of Industries

The automated AI technology for document extraction can be used in a range of industries and for various purposes. Because it works without a pre-set template and imposes little limits on document structure, the technology can be used to:

  • Financial documents: extract taxpayer information, organisation names, and financial numbers from tax forms, balance sheets, and bank statements.
  • Invoices and receipts: extract account and invoice numbers, issue and due dates, quantities and amounts of products from grocery receipts, restaurant bills, utility bills, and purchase orders.
  • Documents of Insurance: Examine insurance policies, claims, contracts, and agreements to obtain personal information about the insured individual, information from an insurance claim, and other documents.
  • Medical documents: extract patient personal data, doctor’s name, lab results, prescribed medicine names from medical records, surgical reports, and doctor prescriptions.
  • Documents of Judicial needs: Extract identification details, dates, addresses, and incident kinds from judicial papers.
  • Documents related to Shipping: Extract origin and destination addresses, package weight, shipment class, and contents description from shipping papers such as packing lists, certificates, and shipping labels.
  • Added Analysis: The extracted text is delivered in a structured manner, ready to be imported into your preferred document management system. You can automatically import extracted structured data into your ERP/EHR/CRM or accounting system for additional analysis and processing.

Conclusion

AI is marking its territory with enhanced utility and productivity for various industries and processes. Document extraction is one of them! Utilising AI document extractions helps your organisation in numerous ways, easing the overall process for you. By digitising documents, eliminating error-prone human data entry, and cutting expenses, the KlearStack data extraction tool lets your firm automate document processing.

Ashutosh Saitwal
Ashutosh Saitwal
www.klearstack.com/

Ashutosh is the founder and director of the award winning KlearStack AI platform. You can catch him speaking at NASSCOM events around the world where he speaks and is an evangelist for RPA, AI, Machine Learning and Intelligent Document Processing.