The most difficult part of data extraction is that documents (e.g. supplier invoices) have different formats. Each department uses different types of documents to process documents in the email inboxes of the Finance and Legal departments. Those of you in the back office who spent hours sifting through documents and extracting data know how slow and laborious this work can be. The data is in paper form, which makes the whole process inefficient.
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With the help of Intelligent Data Extraction technology, we can now automate this repetitive process. The software is prepared to process the documents automatically and extract key information from them and store it in a database for future use.
Intelligent document extraction can be useful for companies that process a large number of documents. Organizations can automate the process by leveraging RPA and other automation technologies, such as machine learning and artificial intelligence, to achieve end-to-end automation.
For example, Ernst & Young has used RPA to automate its financial accounting and attributes the technology to the company’s financial and accounting performance. The use of RPA and other automation technologies, such as machine learning and artificial intelligence, can help to capture data from invoices without much human intervention and provide further support for workplace automation.
The financial accounting sector produces a lot of paper documents, invoices, contracts and receipts are usually produced on paper. This leads to low efficiency and reduced productivity, especially in the case of the financial and accounting industries. However, using IDE technology, your accounting team can automatically extract and edit key information from these documents.
To know more about Gleematic’s Intelligent Document Extraction, try out Gleematic’s FREE TRIAL!
Written by Celine Decella