Automate data capture at scale to reduce document processing costs
Intelligent document processing or Document AI is the result of AI innovation. Document AI is a document understanding, document classification and document processing solution all encapsulated into one cloud platform service.
Document processing can consume any kind of unstructured data (documents, forms, etc.) and seamlessly make the data easier to understand, analyze, and consume by providing structure through content classification, entity extraction, advanced searching, and a whole lot more.
The solution has already processed tens of billions of pages of documents across lending, insurance, government and other industries.
Using Intelligent Document Processing AI, you can easily perform:
- Conversion of images to text format
- Classify documents (Procurement, Lending, Contracts etc)
- Identify and extract text from various types of documents.
Here are a few use cases :
Mortgage document processing
The mortgage industry requires data accuracy. A typical mortgage application processes income and asset documents. Document AI has the ability to speed-up loan applications. Processing of such applications have traditionally been a notoriously slow and complex process. Thus, the AI can be easily focused on document types typically used in mortgage lending, and automate routine document reviews so mortgage servicers can focus on the more value-added decisions.
Procurement data automation and capture at scale
Procurement departments are one of the highest volume processors of documents. They provide the highest volume and highest valued business processes—the procurement cycle.
Documents starting from invoices and receipts to contracts, legal notes & various other documents of every kind and in a variety of formats are needed to be processed and return cleanly structured data.
The mortgage industry requires data accuracy. A typical mortgage application processes income and asset documents. Document AI has the ability to speed-up loan applications. Processing of such applications have traditionally been a notoriously slow and complex process. Thus, the AI can be easily focused on document types typically used in mortgage lending, and automate routine document reviews so mortgage servicers can focus on the more value-added decisions.
Contract lifecycle acceleration
Intelligent document management AI has the ability to perform natural language processing, graph technology, and optical character recognition (OCR)—for parsing contracts at scale. Time bound start and end date based rules, conditions, parties, types, venues or SLA’s can easily be handled.
Verification of identity cards
Intelligent document AI can automate identity verification and easily incorporate fraud detection workflows that include specialized parsing and processing.
The cloud architecture solution allows rapid improvement of processing speeds and reduces cost by eliminating redundancies via extraction, classification and processing of information with a high degree of accuracy.