Intelligent document classification and accurate data extraction, validation, transformation, and reconciliation are the key for enterprises if they want to achieve lean business growth. By automating document processes, enterprises need not engage in the mundane and monotonous task of data entry and keep track of invoices and payments manually.
The biggest challenge that enterprises face, when it comes to data extraction, is the fact that invoices, purchase orders, delivery notes, shipping documents, receipts, etc. that they receive are in a variety of formats and it may take weeks or months for them to create templates using the traditional data extraction software.
KlearStack uses intelligent OCR and machine learning for document processing wherein data from unstructured documents can be extracted with more than 90% accuracy on day zero itself in several cases. So, if an unstructured invoice or a receipt is uploaded for the first time on KlearStack AI (that means that particular document was completely unseen by KlearStack AI), it will extract data from almost all the fields accurately in the first attempt.
KlearStack AI does not simply extract data from documents on the surface value. KlearStack AI contextually understands the data on the documents and only then does it extract information from it.
Following technological aspects of KlearStack AI are what make high Day Zero Accuracy achievable:
Similar to how our eyes operate, computer vision scans and interpret documents and images contextually. Computer vision requires a lot of data and therefore, KlearStack AI models have been trained to understand datasets present in a document. Computer vision not only scans images but using deep learning technology, it self-learns and evolves as more and more data is fed into the system. Deep learning in computer vision also helps to break down each document or image pixel by pixel and interpret data by keeping the context of the document or image in mind.
This helps KlearStack AI easily differentiate between various types of documents and enable accurate data extraction on day zero.
The computer programming language is very different from the everyday language that we humans use. Natural Language Processing enables the interpretation of textual words, just as the human would intend to. Machine learning or deep learning are combined with NLP to wholly interpret textual data in its original form.
In the case of KlearStack AI, NLP’s main function is to interpret the text as intended which then leads to accurate data extraction in the first attempt itself. One of the many use cases of NLP that is applied in KlearStack AI is Named Entity Recognition (NER). This identifies the entity of the words. For example, when NER encounters the words “Fred & Co.”, it will understand it as a name of an organization and not the name of any person.
In the multi-layered approach to document interpretation, Heuristics plays an important role. Heuristics helps to make logical guesses instead of following a step-by-step algorithm. Combining this with machine learning and deep learning, outcomes over some time are not only generated quickly but also accurately.
As KlearStack AI receives unstructured documents, heuristics, with machine learning and deep learning, can make accurate educated guesses in no time to extract data from documents. This is yet another factor that enables KlearStack AI to achieve very high accuracy on day zero.
Benefits of Day Zero Accuracy with KlearStack AI
Faster Document Processing Time:
When data is extracted from documents on day zero itself with very high accuracy, your enterprise can process documents at a much faster rate than earlier. Apart from this, you will have the ability to process more documents faster with higher accuracy, even during peak business seasons. This will not disrupt your daily business operations and help in growing your business.
Increase Focus on Core Business:
By automating document-centric processes using KlearStack AI, you will save plenty of business hours and utilize this time to create a new strategy for your business to grow. Mundane activities such as tracking invoices, receipts, and many other documents, hiring data entry operators, and other such activities take up a lot of time.
This can be easily eliminated when you switch to KlearStack AI and its ability to extract data from unstructured documents accurately in the first attempt itself. With KlearStack self-learning technology, the accuracy continues to improve as you use KlearStack AI more and users provide correction feedback.
Payments Cleared on Time:
With invoices and receipts processed on time, payments to vendors and other partners are made on time as well. This means that business runs as usual, and vendors and suppliers do not stop dealing with you due to delayed payments. This strengthens the trust and relationship you have with your vendor partners and assures them that payments will be made on time, every time.
Reduction in Operational Costs:
As invoices and receipts are processed accurately on day zero itself, enterprises do not need to spend anything on hiring additional resources for data entry tasks. Enterprises can outsource document classification and data extraction to KlearStack AI and reduce their day-to-day operational costs. Enterprises can process more documents with higher accuracy at speed by keeping costs at a minimum by leveraging KlearStack AI.
The KlearStack Edge
Day Zero Accuracy is a one-of-its-kind, game-changing concept in the space of intelligent document processing and data extraction. KlearStack AI has cracked the code of providing very high accuracy on day zero while extracting data from unstructured documents.
KlearStack AI solutions are self-evolving as we utilize various aspects of machine learning, artificial intelligence, and advanced OCR technologies. To schedule a demo or know more about KlearStack AI, click here.