3 Industry Use cases of Mobile-Based receipt data extraction on the go

3 Industry Use cases of Mobile-Based receipt data extraction on the go

We live in a digital age where almost any monotonous work is mundane. Today, recurring processes are performed by computers and software and not humans.

When it comes to observation, one can start from small companies to multi-billion dollar organizations like Google, Apple, and Microsoft. One thing that remains common is that all kinds of businesses today are using document automation one way or another.

Earlier, data used to be collected and analyzed manually, resulting in slow operations, delayed decisions, and ultimately slow business growth. It is very old school to have data entry personnel copy/pasting or typing numbers, customer names, prices, and other details, feeding them into the computer for later use. This whole process is extremely time-consuming and highly prone to errors.

Automated data extraction includes various sources like invoices, emails, and contracts. Automating data extraction receipts and similar documents on the go helps companies automatically pull data from various sources from anywhere, thus saving time and costs while improving their data-driven decision-making processes.

If your staff is entering large amounts of data daily, there is a high chance of errors and inaccuracies. Hence, automating data entry processes for repetitive tasks can improve the accuracy of your data inputs by reducing human error. This is great for the business and the employees, allowing them to focus on other tasks.

Whether you run a Banking business, an insurance company or any other business that handles data and documents, automating data extraction is a boon.

1. Consumer behaviour analytics through expensive receipts:

Automated data extraction is a compelling mode of customer communication and is far less likely to be lost or misplaced by the customer and the company.  Yet, only 34% of retailers offer and utilize digital receipts in this age of pervasive digital disruption.

Benefits of Automation: 

  • Mobile-Based receipt data extraction benefits consumers and retailers alike, allowing their relationship to grow long after the sale by improving customer experience in critical areas. 
  • This directly benefits consumers and enables better insights and business intelligence for retailers.  
  • Automated data extraction, over time, allows retailers to create better-merchandising strategies and become more efficient and profitable. 

2. Logistics document processing :

Logistics service providers extract and analyze loads of data from invoices, bills of lading, and other documents. They can also manually feed in updates. Commodity traders, shippers, food producers, and logistics providers 3 must process hundreds of mobile-based receipts and bills daily. This process is executed manually and is prone to delays and errors.

Benefits of Automation:

  •       Automating mobile-based receipt data extraction on the go helps process bills and other logistics documents in real-time, acquiring over 99% accuracy from anywhere, saving time, and costs and rendering less scope for error.

3. Commercial Real Estate:

Real estate investors analyze historical sales data for specific properties and compare it with similar properties on distinct parameters to estimate their investment potential.

Most property managers extract historical data from various document types and categorize them into a  structure before comparison. However, manual extraction is prone to all kinds of errors, thus resulting in inaccurate data sets and estimates. 

Benefits of Automation:

  •       Mobile-Based receipt data extraction helps you extract historical sales data from various non-standard property documents and streamline sales comparisons. You can process CRE Models in real time and receive error-free reports even when working remotely.
  •       You can extract standard fields like property details, building details, and adjustment details with the simple convenience of adding, moving, or even deleting any field.

Benefits of mobile-based receipt data extraction :

Compliance:

One of the significant benefits of extracting data receipts on the go is compliance since they pertain to deadlines. Employees who might sometimes be on leave or traveling must comply with the same. Hence data automation enables them to comply with their deadlines from anywhere.

Instant approvals:

Wanting last-minute approval and decision-making from seniors, or instead having to provide your company with one, is all a part of the business! What would you do in situations requiring instant decisions but stuck in traffic with a 30-minute delay to your workplace? Automating data extraction on the go allows you to access and process data from anywhere.

Remote Working:

Many tech-based firms have been focusing on remote working to acquire expertise from all over, and remote working requires access to data anywhere, one of the significant benefits of automating data extraction on the go!

Exception Management:

KlearStack’s mobile-based receipt Data Extraction helps deliver quick, error-free, smooth operations. This is a benefit, especially when working with remote teams.

Conclusion

With remote working and exceptional chances of instant decision making, Mobile-Based receipt data extraction is something that several industries have already adapted to while some are in the works seeking the same. KlearStack renders automated and enterprise-ready AI-driven Data Extraction.

With KlearStack, you can leverage the power of proprietary AI and deep learning technology to extract data accurately, at scale, and 500x faster than manual data entry. Be it any format or any source; we give you data Intelligence, re-engineered and free of any errors!

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.