What is IDP12 April 2021
Botminds’ Intelligent Document Processing - The Steppingstone to Intelligent Automation
The traditional document-driven processing needs extensive manual churning through stacks and stacks of records in a typical document format. This method is slow and vulnerable to errors, leading to problems pertaining to cost, power, efficiency as well as employee dissatisfaction and needs to be revolutionized using Artificial Intelligence (AI). Although, organizations are skeptical about developing and implementing AI technologies as it needs considerable investment in talent and technology. Most organizations begin their automation journeys with Robotic Process Automation (RPA) and work their way toward Intelligent Automation once they witness tangible results. However, our firm belief in the AI-first approach toward automation offers the luxury of experiencing intelligent data capture and automation to reap significant benefits.
The staff at your enterprise can concentrate on value-added activities by integrating the best of individuals, techniques, and AI, without getting bogged down by repetitive data extraction. Nevertheless, several technical advancements have made it possible for computer-trained robots to search, translate, and comprehend digital and paper documents as humans do today. In such fields, this technology, called Intelligent Document Processing or IDP, is gaining traction in recent times.
What is IDP?
Intelligent Document Processing or IDP is an efficient way to process large volumes of documents by using artificial intelligence without SME intervention. In each step of document data integration, it improves human knowledge of unstructured data through artificial intelligence techniques like computer vision, optical character recognition, artificial learning, and natural language processing.
To accomplish rapid fine-tuning for your domain needs, Botminds’ IDP components are pre-trained with loads of data. Using easy point & click operations, every part comes with no-code customization. The components are backed by APIs, a deep connection between extracted data and the source text, and an intuitive human loop verification interface. Transparent AI components allow you to consider the success of the components in terms of efficiency.
Challenges with Document Capture:
Intelligent document processing is undoubtedly one of the nascent technological advancements in the field of data understanding and extraction. Our IDP platform is ready to address some of the prominent challenges in data extraction and understanding that hinder its operability to deliver an error-free dataset from a document. Some of the key challenges are listed below:
Heterogeneity in document types:
The on-boarding procedure of the customers or suppliers involves different types of documents submitted by them. The data can range from passport details, identity numbers, application forms, statutory declarations, constituent documents, invoices, and much more. The documents submitted within the framework of the above procedure are of diverse designs, types, shapes, and styles. Our IDP platform is capable of classifying documents by form and design, understanding them, and extracting the appropriate fields from the individual document by applying a highly sophisticated and trailblazing approach, depending on the type of document fed to the system.
Most organizations deal with 80% unstructured data and 20% structured data. Our IDP platform is tailor-made for businesses that would demand to expedite processing unstructured data within minutes.
Inconsistent approach and an actionable market purpose
Organizations like yours might find this enticing to automatically start leveraging the technology and create a proof-of-concept while starting with IDP. The danger in this approach is that you might either adjust your models after a year to get to the precision of > 99% or end up with a bunch of derived data without any actionable intent, which gets out of date and worthless faster than you would expect. At Botminds, we recommend you build a fool-proof business case that draws the technologies based on our expertise. It may also be a one-off study – either a new step in a process that is already automated or a whole new automated process. To keep the investment costs at bay, a simple end goal by providing the right idea of progress will also ease the process of creating a plan and chalking out a solution.
The requirement of human-in-the-loop
When you deploy IDP to simplify the meaningful data extraction, one must bear in mind that these systems are highly advanced and can deliver a highly unmatched level of precision under the action of human cognitive capacities. It might not provide the anticipated results to the fullest credibility if the document processing is offloaded from the monitoring of a physical person rather than fully relying upon the automated framework. On the contrary, bootstrapping an infrastructure that holds crucial measures from the Human-in-the-Loop (HITL) has a significant effect on the overall efficiency of the process. It actively designs the adaptability of your processing pipeline, makes iterative flow changes, and introduces precise tracking and monitoring of the system's accuracy and efficiency. Management and controlling GUIs/dashboards are standard HITL interfaces that are well taken care of with our IDP solution.
Components of Botminds’ IDP Platform
The biggest problem faced by process automation is the documents and their unstructured content. Processing such documents with a profusion of available information to be fetched out requires human intelligence to decipher the same. The introduction of Artificial Intelligence provides you a simplified, yet effective way of extracting information from the entire unstructured bundle and convert them into actionable insights. In order to solve the unstructured-document conundrum and improve efficiency, the 6 components of our IDP platform allow you to unfold your organization’s true potential. The 6 components constitute:
Botminds’ IDP platform can effectively help you identify and extract the required attributes from some complicated unstructured documents to offer insights. Within a few minutes, our platform intelligently automates the tiring paper management pipeline, which otherwise takes measures of manual labor that is vulnerable to human errors. By leveraging our AI-first platform, you can easily convert unstructured and complicated data into an organized format by defining multiple attributes and key custom insights. To route the correct content to the correct position in your operation, IDP can identify records, pages, paragraphs, or other text elements, tables, formats, and checkboxes flawlessly within a few minutes.
The Document AI component also performs the following:
· Provides an easy linkage between extracted summaries and unstructured datasets for validation and reference.
· Summarizes the estimates with a lively overview and organize them according to your company's needs.
· Within minutes, IDP juices out the structure of complicated free-flowing text from your documents and exports them for your own use in any format. Using our platform, we tend to improve our bots using the feedback from our clients to continuously elevate the quality of predicted segments.
In a short amount of time, organizations can constructively automate the time-extensive process of manual data extraction of data from PDFs through automated data processing using artificial intelligence.
Botminds is ready to help you with the following:
· Gain perspectives based on visual, architecture, semantic signals like how people interpret PDF documents manually.
· Extract insights from PDF quickly by defining numerous headers, segments, tables, etc using highly advanced and intelligent bots that provide nuanced knowledge to be readily understood.
· Our IDP solution can bring up the information quickly from PDF documents from a few to 1000+ pages and arrange information with versatile and innovative Al algorithms.
· With our self-curated AI bots, we offer OCR capabilities to our clients for converting any scanned PDFs to searchable and interactive PDFs.
Botminds’ IDP solution can classify and retrieve data quickly from huge stacks of text. With an AI-powered deep semantic understanding of text documents, our platform is capable of the following:
· Accelerate perspectives by free-form text processing of structured information that can be collected by downstream processes.
· Extract data from free-flowing text and convert them into a standardized form, ready to be used in the business processes.
· By leveraging our intuitive GUI, you can train custom models to identify text and extract values with a limited number of examples.
· Using our over-the-top intelligent document processing, you can expect top-notch segmentation of text into logical blocks using the pre-built AI bots.
· Our fully trained AI bots will assure you the best in the market and warrants 100% error-free results as they have been conditioned in with thousands of test scenarios.
· Our document processing coupled with artificial intelligence can imitate human comprehension to the maximum by learning the unique style and requirements of every user.
Our Table AI component comes with intelligent information understanding and retrieval from complex tables in various documents.
The Table AI component offers the following features:
· Define and derive critical information from tables.
· Enhance the sales operations for quicker processing of data from tables.
· Table recognition to retrieve the necessary knowledge using AI bots by reading and understanding tables with an analytical approach towards data extraction.
· Perception for the cells, rows, columns, formulas and the entire table semantics helps our users gain the required impactful insights more easily.
· Organizations can channelize their valuable workforces to more beneficiary tasks and avoid wasting hours reading and gathering data because, in a fraction of time, our AI can do much more.
The Form AI component extracts and organizes the textual content from a multitude of application forms. Listed below are the capabilities of the same:
· Draws the core information from your custom forms easily with Botminds IDP solution.
· Speeds up the data compilation process of your custom forms using intelligent training from Botminds to learn complicated and custom-type frameworks using AI-driven technologies with a few basic clicks.
· Extensive ability to understand form's text fields, checkboxes and structure help users gain the information they require, just the way a normal human can extract off by reading it.
· Organizes the inferences accurately from any kind of forms such as registration forms, application forms without any coding or maintenance.
Web Page Understanding:
The webpage AI component can constantly monitor web pages of different nature to derive meaningful data for our customers. Here’s how the webpage AI component works:
· Automate the retrieval of information from web pages across the internet with AI.
· The IDP solution from Botminds has a DOM and semantic understanding that enables the rapid and the most accurate extraction of data from websites providing vital information.
· Our robust and innovative document processing solution provides page recognition that can read and identify all dynamic and static pages effectively and can extract relevant information.
· Any website with or without the dynamic extensions can work flawlessly with our custom-built AI solution.
Benefits of Botminds’ IDP Platform
At Botminds, our proprietary IDP components helps you automate document-centric process workflows at scale, increase ROI, and improve customer relationships.
Our AI-first IDP platform is easy to install as our AI bots are equipped with the following:
1. Pre-Trained Base Models: Our bots are trained from massive datasets derived from thousands of examples and equipped with state-of-the-art Deep Learning algorithms.
2. Rapid No-Code Customization: Equipped with a simple point and click features, our bots can understand the feedbacks and customize within hours to create document-specific solutions.
3. Human-In-The-Loop Verification: With the extracted attributes integrated into the source document, SMEs can instantly provide feedback and improve the quality of cognitive understanding.
4. Transparent AI Components: SMEs can monitor and measure the performance of each of the six components in our IDP platform.
Application Areas of Our IDP Platform
Although our unified platform is industry-agnostic, our rapidly growing small-scale organization has already wreaked havoc in the following industry landscapes:
· Finance and Accounts
· Legal and Compliance
· Operations and Digital Transformation
· Research and Analysis
· Risk and Governance
· Sales and Support