Artificial Intelligence is revolutionizing every sector of the economy today. However, one benefit of AI which is common across different work environments, and sectors is its role in providing much faster and efficient document analysis.
Businesses are heavily dependent on documentation, but the lack of efficient handling and the fact that the continuous influx of data has led to the creation of a huge pile of documents – electronic or physical – in almost every company makes the use of Artificial Intelligence for automated document analysis critical.
Contrary to popular belief, Document AI or AI based document analysis is not just an automation of data processing operations, but it is also a means of improving the accuracy and efficiency of the data that is interpreted from each document. With this quick guide, let us learn more about the role of AI in document analysis. Follow along!
Data Extraction makes use of Artificial Intelligence approaches and methodologies to extract specific parts of a document, convert them into digital text, and then use it for other relevant purposes. Basically, here we use AI to scan documents and access relevant data from them as per our needs.
Companies that have existed and operated for years have a lot of crucial data stored in hand-written or printed sheets. Many of these companies have elaborate mechanisms for preserving highly classified data stored in such physical documents, but the main problem arises when the employees have to search through all the documents to get hold of a particular component of this data.
With Document AI, specific components can be retrieved automatically, and can even be converted into a searchable text document so that for subsequent usage, employees do not have to go through each and every document in the company’s repository to find something important.
The Document AI model is so accurate, that it can also be used to generate actionable insights, which would have otherwise taken quite a lot of days to get processed manually.
Classification of documents is important to ensure that they are handled and preserved carefully. Usually, such a classification is imperative to allow employees to access the documents whenever they require a particular set of data from the previous company records. With the traditional methods, manual classification was prevalent which would take too much time to complete, required a lot of expenditure, and was subject to many errors too.
Artificial Intelligence provides a method of automating document classification with extremely high accuracy. Machine Learning models are most commonly used for such document classifications. These models are in a way trained to identify characteristics in each document, and then interpret the results to finally place them in a particular category.
Intelligent Document Processing, as it is called, makes the processing of complex documents much simpler such that the usually difficult task of obtaining insightful outputs gets completed within seconds, and with higher accuracy. Intelligent Document Processing utilizes several subsets of Artificial Intelligence like Machine Learning, Natural Language Processing, Computer Vision, Deep Learning, etc.
A common way in which this type of document processing operates is where Natural Language Processing and Computer Vision methods help in recognizing or understanding details in the text and visual information, followed by the interpretation of these results by Machine Learning models which ultimately give a precisely analyzed output.
Once these steps in Intelligent Document Processing get completed, data can be easily consolidated into specific documents. These documents can be secured with various mechanisms, and can also be shared seamlessly within departments. A smart search can be performed on the consolidated files, and can even be utilized to generate analytics and insights.
KlearStack has emerged as the number one choice for users when it comes to Document AI. Our solutions not only offer intelligent processing benefits, but they are affordable and provide highly accurate results too. KlearStack’s Document AI offerings are enriched with self-learning abilities that work in tandem with Machine Learning models. These machine learning models are trained to analyze data with full precision, and deliver error-free results. To enjoy AI data extraction, classification, and processing without worrying about templates and formats, contact KlearStack for a free demo today.