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Heena Dawnak

Document Processing Made Easier

87% of senior business leaders say digitalization is a company priority, yet only 40% of organizations have brought digital initiatives to scale, as per Gartner.

The conversation is mostly programmed in such a manner that chatbots can process certain information from the user and give the output respectively, hence they can handle messages which are target based specific. So, a different style of conversation is not possible in the output process of chatbots.

Information is power. For many companies and organizations these days, plenty of valuable business data is captured in documents. Given the variety of documents in terms of document sizes, types, and various formats that companies often manage – efficiently processing and storing them in a secure and reliable manner is often challenging.

We, at V2Solutions, understand this challenge. Owing to our newest Intelligent Data Processing Platform – Neutron, our customers can now easily –

  • Optimize Document Processing – Retrieve, digitize, edit, share, and collaborate on all kinds of documents in one place.
  • Extract and automate a wide range of documents despite their type, format, or volume.
  • Digitize the Workflow – Integrate paper documents into a digital workplace with AI-based OCR technology to simplify daily work.
  • Streamline Costs – Gain more benefits from one-time payment and progressive volume discounts to leverage the impact of Neutron across your organization.

Wait, what’s Neutron?

It all starts with Data. How you analyze, extract, enhance, verify, and integrate the right data in the right process to generate value for your organization. With Neutron you do just that, it is an Intelligent Data Processing platform to boost your digital transformation initiatives. Neutron:

  • A bridge between two opaque data sets and systems
  • Understands document topology and gives you a higher degree of control
  • Extracts data from a structured or unstructured document, images, scanned copies
  • Generates machine-readable data in JSON, XML, EXCEL formats.
  • Integrates data to any third-party system (Salesforce, Google docs, custom webhooks)
  • Saves up to 50% of the time by reducing manual and redundant task and frees up resources

Neutron brings the best of latest technologies together ML, NLP, Computer Vision, RPA, and more in a secure SaaS platform with RPA Bots.

In this blog, we’ll:

Assess different document types and classifications. Analyze rule-based and model-based data extraction methods

Look at some of the challenges companies when implementing each of these standard approaches to document extraction

Based on the type, structure, and format – documents can be classified into:

  • Many documents such as tax forms, surveys, claim forms, questionnaires, etc. – stay fixed in format, these are called structured documents.
  • Others such as contracts, letters, articles, and memos don’t follow a defined structure – these are called unstructured documents.
  • Lastly, documents that have different layouts or designs but include a similar type of information are called semi-structured documents. (for example, Invoices, Purchase Orders, Bills of Lading, Explanation of Benefits, Invoices)

Rule-based vs Model-based Approach

Based on the above classification of the documents, there are two common types of approaches when it comes to document processing and data extraction.

Neutron arms users with a human-in-the-loop capability so these models can learn on-the-fly and adapt themselves to changes in the data.

Interested?

Having an efficient and accurate document extraction and processing capabilities is crucial. Through our emphasis on multi-approach data extraction, we want to make document processing and analyzing as easy as possible for our customers.

Currently, extended features and functionalities of our Document Understanding capabilities will be available soon.

Heena Dawnak

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Tags: AI, Chatbots, Conversational Interface, Conversational UX Customer Support, Digital Transformation, Education, Healthcare, Information Technology And Services, Internet, Machine Learning, NLP, User Interface

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