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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Benefits of Intelligent Document Processing (IDP)
With the help of Intelligent Document Processing (IDP) 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 processing 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.
How Intelligent Document Processing (IDP) Works
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 IDP technology, your accounting team can automatically extract and edit key information from these documents.
How does intelligent document processing software make this automation possible? Gleematic is an AI-based platform that turns your customers’ unstructured documents into a competitive advantage by automating data extraction from various financial documents without human intervention or encoding. Gleematic processes any document, regardless of format or language, from a variety of formats.
To know more about Gleematic’s Intelligent Document Processing (IDP), try out Gleematic’s FREE LICENSE!