Automated document processing or rather Intelligent document processing is a process of seamlessly extracting data from documents that can be easily dumped into an Excel sheet or can be directly integrated with an ERP system using API.
Document extraction involves a step-by-step process for extracting meaningful data from documents, though no system can claim to be 100 % accurate with time the system will evolve and will be more accurate using artificial intelligence.
We will specifically look for the features and comparison where you can do document processing at scale. Most of the RPA software lacks great OCR engines, either they integrate with 3rd party OCR solution like Google vision, Amazon extract or other OCR which makes your data vulnerable to be shared with 3rd party service.
The switch from manual indexing to an automated OCR process by itself would have resulted in a reduction in the resources required to onboard data. Additionally, it would have reduced errors and omissions introduced by manual data entry from five percent to as little as two.
Let Docextractor help you do that. Docextractor uses state of the art algorithms to extract curated data from documents like invoice , receipts , id card , shipment data , loan processing data etc.
Docextractor algorithm is battle tested to extract date , amount , total purchase , tax data address etc from invoices which is not even template driven .The data extracted can be directly synced to ERP system using API.
Docextractor uses a two way process to extract the exact word you require from the invoice. This includes text detection and text localization which ultimately boils down to extract curated text from pdf, text from image or documents.
ICR uses is called Supervised Machine learning, Supervised learning (SL) is the machine learning task of learning a function that bridges an input to an output based on example input-output pairs.
OCR is used to extract data from scanned images in the form of texts and store them in text files or JSON files. ICR is more advanced than OCR Systems because it can detect and properly identify handwritten characters one at a time.
To make the OCR more accurate and to tackle problems like alignment and format of the text we are using an AI driven OCR system where the work of the AI is to properly identify the fields of the images.
KYC or Know Your Customer check is a process used to identify and verify the identity of a customer or client when someone tries to open an account in a bank and tack the person over time.