Smart extraction of data and classification documents is the need of the hour. Gone are the days wherein data was manually inserted into the systems. Traditional OCR software also has plenty of limitations. They only extract data on the face value and fail to contextually data on the documents.
KlearStack leverages artificial intelligence to contextually understand data on different types of documents such as invoices, receipts, purchase orders and so on. Irrespective of whether the documents have a template or not, data from such documents will be extracted accurately by KlearStack and will be entered into the system automatically.
KlearStack AI has another major advantage over other data extraction and document intelligence software: Day Zero Accuracy.
For most data extraction and document intelligence software, data extraction gets better as more and more documents are scanned and processed through the software. That is not the case with KlearStack AI.
If a document from a supplier or a vendor is uploaded on KlearStack AI for the first time, data is extracted with almost 90% accuracy in the first attempt itself. Benchmarking with the industry standards and other data extraction software that provide an average of 75-85% data extraction accuracy, is a massive advantage for your business.
Day Zero Accuracy can reduce time and cost on data extraction and document classification drastically and is bound to increase productivity for your business. It also allows you to focus on core activities of your business as mundane and monotonous tasks are automated through KlearStack AI.
Below are examples of how KlearStack AI achieved nearly 90% accuracy in the first attempt of processing documents from different suppliers of which documents were never uploaded before.
Dashboard showcasing the name of suppliers of which invoices were uploaded for the first time on KlearStack AI
Below are images of an invoice. This is the first time KlearStack AI has received an invoice from this particular supplier. Let us look at how accurately KlearStack AI has extracted data from the invoice.
Figure 1: General data extracted from the invoice
Figure 2: Supplier data extracted from the invoice
Figure 3: Customer data extracted from the invoice
Figure 4: Line item data extracted from the invoice
Figure 1 shows the general information that KlearStack AI has pulled from the invoice. Figure 2 & 3 show the customer and supplier information that has been extracted and Figure 4 show the line item data that has been extracted from the invoice.
The accuracy of data extraction in this particular invoice has been 100% in the first attempt itself. Customer name, supplier name, invoice number, purchase order number, addresses total amount, currency, line item field data, everything has been extracted accurately.
Contextual AI of KlearStack enables data to be picked up from the most relevant place of document. Therefore, KlearStack AI enables accurate data extraction from template-free documents.
This is another invoice that has been uploaded on KlearStack AI for the first time from this particular supplier. Let us see if data extraction from this document has taken place with as much accuracy as the previous one or not.
Figure 5: General data extracted from the invoice
Figure 6: Supplier data extracted from the invoice
Figure 7: Customer data extracted from the invoice
Figure 8: Line-item data extracted from the invoice
Similar to example 1, Figure 5 extracted general data from the invoice. Figures 6 & 7 extracted customer and supplier information. Figure 8 extracted line-item field data from the invoice.
If you notice carefully, the invoice number in Figure 5 has not been captured accurately. Apart from that, all the information such as customer name, supplier name, line item data, purchase order number, invoice data and so on has been captured accurately.
Contextually, KlearStack AI assumed that “EIN” is the invoice number. But the actual invoice number is labelled as “INV”, which is slightly below “EIN”. Therefore, in this particular example, KlearStack AI was able to capture data with more than 90% accuracy in the first attempt.
Figure 9: General data extracted from the invoice
Figure 10: Supplier data extracted from the invoice
Figure 11: Customer data extracted from the invoice
Figure 12: Line-item data extracted from the invoice
In this particular example, there were multiple line item fields. Apart from the customer name, invoice name, invoice number and all the other data (refer to Figures 9,10 & 11), all the line item data was accurately extracted from the documents in the first attempt (refer to Figure 12).
KlearStack AI has therefore achieved 100% accuracy for all the data from an invoice of a supplier which was never uploaded before.
The KlearStack Edge
With the above three examples from three different suppliers, we have observed that KlearStack AI can achieve more than 90% Day Zero Accuracy. In the first attempt itself, achieving more than 90% data extraction accuracy from a supplier whose documents KlearStack AI has never scanned before is highly remarkable. This gives KlearStack AI a competitive edge over the rest of the intelligent document processing software that also offers OCR data extraction and document classification.
Machine learning models of KlearStack AI are self-evolving. Therefore, KlearStack AI only gets better with time and may also achieve 100% data accuracy for data extraction of your documents in the first go itself. Schedule a demo to learn more about the Day Zero Accuracy of KlearStack AI.