How Do We Achieve 90% Accuracy in 90 days in Document Data Extraction?
18 Jul 2020 Yogesh J
Data Extraction

KlearStack is an Intelligent Document Processing platform embedded with artificial intelligence and machine learning to provide seamless extraction of data from documents like invoices, payment orders, and receipts. 

KlearStack solutions are developed to solve the challenges of manual processing of documents which is a time-intensive and error-prone process and is carried out in most of the industries. We are innovating the office workflow by significantly enhancing the optical character recognition (OCR) technology with artificial intelligence. Without our smart technology, it would take a lot of time to process the documents and still require 100% human interference for data entry. With KlearStack, you can automate the processing of the invoices, purchase orders, expense receipts and can significantly save time and effort. The solution helps to optimize the redundant processes and bring more efficiency to the system.

As most of the data present in the organizations are unstructured and there is no particular template or format followed to process this data, it becomes a barrier in quick processing/automation of the processes dealing with such documents. It leads to overutilization of resources which further results in errors in the manually processed invoices,  delays in payments, and reworking on erroneously processed documents. 

KlearStack provides template-less data extraction from the documents that removes the huge task of creating and maintaining different data extraction templates. Unlike the traditional OCR which gives a string of data with no scope of analysis, KlearStack’s intelligent data processing, and machine learning technology enables a business to use the data for carrying out data analysis for further technological advancements. 

KlearStack Solutions

KlearStack’s leading-edge technology has shown to increase the productivity of the organization by 200% with its intelligent data extraction system which utilizes artificial intelligence, computer vision, optical character recognition, and NLP (Natural Language Processing). The platform can read the information from the unstructured documents and convert them into structured data which can be fed directly into the customer forms and enterprise resource planning tools. Currently, KlearStack is solving the below industrial challenges with its innovative and deep learning tools.

Invoice (Accounts Payable) Automation

Industries throughout the world are inundated with the invoices which are processed through the slow and cumbersome manual supplier invoice processing. Due to the lack of visibility and limited control, manual AP invoice processing leads to late payments, missing out on invoices, and delayed approvals. By automating the process, KlearStack can automate a plethora of documents while capturing the data with high accuracy and decreasing the reliance on human resources for auditing.

Purchase Order Automation

The accounts receivable department has the laborious task of matching and reconciling the purchase order data with the cited invoices. The manual process is prone to errors, expensive, and requires meticulously checking the information for details. The increasing load of manual processing slows down the department and results in multiple errors and rework. By enacting KlearStack PO automation, you can automate capturing the information from the free-form purchase orders with faster execution, high efficiency, and low-cost mechanism. The system involves deep learning and increases the accuracy of the extraction with consistent use

Receipts Capture Automation

Maintaining the expenses of an industry is a strenuous task and requires scanning multiple documents and inputting the data into the expense reports. The manual process of capturing the receipts is error-prone and the mismatched entries can result in a lot of rework and departmental approvals. Automating the receipts capture with KlearStack can eliminate the trouble of matching and referencing to the documents by effectively capturing the data from the receipts. The automated free-form data capture optimizes the process resulting in fewer errors and decreased costs.

Achieve 90% Accuracy in 90 Days with Intelligent Data Extraction

KlearStack relies on machine learning to enhance the efficiency of the system by increasing the accuracy of the data extraction and reducing the errors and easing out the validation processes. The system is equipped to learn from the user feedback process with the continual extraction of data from the uploaded invoices and purchase orders and is expected to achieve 90% accuracy in extraction within 90 days. It is easy to monitor the accuracy of the tool from the available dashboard and one can check the increase or decrease in the accuracy from the available graph. The number of uploaded and approved invoices can also be checked in the same portal.

The increased accuracy of the tool reduces human interference and enables faster processing of documents. In case, the system doesn’t achieve the accuracy in the defined period (despite the required input image quality standards being maintained) , KlearStack guarantees to provide free data extraction services until the data extraction accuracy hits the 90% target.

KlearStack’s intelligent data processing with deep learning technology gives power to our clients  to shift from manual processing to automated data extraction and optimize their business processes with a platform that increases its accuracy with more use. To know more about OCR and Intelligent Data Extraction solutions by KlearStack, Download the free e-book today.

Conclusion :

It’s high time that organizations across all domains and irrespective of the organization size should adopt such AI based tools to reduce the wastage of resources and leakages in the cash-flow. 

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