Importance of Cognitive Document Processing

Importance of Cognitive Document Processing

A study into the minds of various back-office workers has revealed a hidden pattern that has long been ignored in the corporate workspace. This research aimed to study the nightmares back-office workers are prone to having. And in a not-so-surprising turn of events, the study has revealed a range of monsters that back-office workers face.

Maximum screen time (read: dream time) was given to the realization of misfiling an invoice or inventory, tossing out an important document by mistake, and re-editing an already approved file. Back-office workers report waking up all sweaty and alarmed after having such a bad dream. Our heart goes out to every back-office employee, and through countless efforts and consideration later, we’ve finally found the culprit behind a draining work environment.

Efficiency and client and employee satisfaction are key to any business’ growth. However, the age-old tradition of keeping invoices, forms, and onboarding documents on paper is now a time-killer. What was once the heart and soul of every business’ key to growth and management has become a rote, repetitive and exhaustive task. Yet many companies still rely on the methods of manual document processing. So, to keep up with the new technologies of the Gen Z generation, let’s have a quick rundown of the pain points of manual document processing. Rather, in a true Gen Z fashion, let’s play a game. Put a finger down if you’ve encountered these pain points in a manual document processing system!

Deceiving Tricks of Manual Processing: Put a Finger Down Edition

Space That You Don’t Have

An organized space is a delight to work in, but offices can get messy with the number of documents already filed and still ongoing. An environment like this can quickly have your best employees working in a chaotic space, spending more time searching for files in a confined space than getting actual work done. Moreover, despite having a well-lit back office with shelves upon shelves of identical-looking files, storage space is always running out.

Shuffling And Mishandling of Paperwork

A skilled employee with a keen eye for detail can easily mishandle, misfile, and misplace an important document on their best days. And the previously discussed environment only lays grounds for bad and messy days. The number of errors in this scenario increases by a significant amount. A corporate’s worst nightmare is tossing out an essential piece of paper that cannot be retrieved. An error that can easily translate to a significant material loss.

Efficient in Killing Time

Manual document processing takes hours upon hours to properly file a document and organize it with maximum retrieval ease. However, this documentation, invoicing, and filing method can cause delays in vendor payments, translating into penalties or missing out on payment discounts. For instance, a receipts journey from being enrolled into the database to getting approved for compensation can take up a large chunk of time as it’s being passed around from department to department for errors.

Editing Can Be A Pain

Suppose you want to change/add an inventory item to an existing invoice. The most efficient way to edit an invoice requires numerous signatures, printing, mailing, and approval. Basically, starting from scratch with the added pressure of not being thorough the first time. Have this happen twice, or god forbid thrice in a week, and your employee is distraught towards the weekend because of no fault of their own.

If you put even one of your fingers down, we, as fellow corporate employees, are obliged to offer you a solution with a personal touch. So, let’s talk about…

How Cognitive Document Processing Saves the Day?

Our work in the field of nightmares and document processing systems has led us to the solution to all the problems of the present-day manual document processing system. The technology of pen and paper has been around since time immemorial; from writing on papyrus sheets to working on well-structured invoices, not much has changed in the way we document. However, that is only if we look at one side of the coin.

The other side of the coin holds myriads of reliable and efficient technologies in all kinds of documentation. However, so far, the king of all technologies has to be Intelligent Document Processing (IDP) or Cognitive Document Processing technology. This method has made digitizing existing invoices and making new ones more accessible than ever before. With the use of technologies like:

  • OCR (optical character recognition) software recognizes characters from images.
  • NLP (Natural Language Processing), which understands data from a human perspective
  • Computer Vision interprets data by dissecting and analyzing it piece by piece.
  • Self-Learning Models use data and extract valuable information to correct past errors and learn from their mistakes just like humans do.

The documentation process has been simplified to minimize the number of nightmares a back office worker faces. With all these technologies and the pain of our very own office operators, we at KlearStack could barely sit on the sidelines and watch our brilliant employees fade away in paper.

KlearStack: The Hero Without a Cape

So now, for the personal touch, at KlearStack, we’re offering a solution to all previously discussed pain points of manual document processing. However, the personal touch is at KlearStack; unlike many OCR technologies that half recognize images and process data, our software offers AI-powered OCR technology. Besides cutting the processing time in half and making the editing a cake walk here’s how KlearStack is taking the already state-of-the-art technologies to the next level:

Distinct User Categories

The KlearStack supports three user categories: admin, approver, and creator. With this approach, different levels of users have limitations on access and editing of documents. In addition, this process helps minimize errors promptly.

Feedback & Retraining KlearStack

One of the most distinguishing features KlearStack offers its fellow back-office employers is the ease of retraining the KlearStack if the document is not up-to-the-mark. Using a simple draw method, KlearStack users can change the record. But that’s not the best part! This change is swiftly translated into the Backend, wherein after careful observation, the KlearStack model is retrained to suit the user’s need. This change is usually seen within a month!

Insights

The insights section is made available to all users to keep track of how the KlearStack software is performing. This segment depicts a graphological view in three parameters: accuracy, uploaded and approved, and field-wise accuracy.

Split PDF and Other Features

KlearStack comes equipped with a pdf splitter tool that allows users to upload only parts of a pdf. Some other cool features of KlearStack that enhance its utility is the different type of documents this AI-powered Cognitive Document Processing software supports. The document types include invoices, receipts, purchase orders, insurance, NACH, and RFQ.

If you are looking for cognitive document processing for your company, you are at the right place. Ask for a demo today to see how it works for yourself.

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.