20-22 Wenlock Road, LONDON, N1 7GU
20-22 Wenlock Road, LONDON, N1 7GU
Do you remember when Accounts and Finance teams were staffed with scores of data entry operators? All they were supposed to do was spend incredible amounts of time and effort punching in data from invoices, purchase orders and contracts. Worse still, the data extracted from the documents was often strewn with errors because well – to err is human!
Over time, technology has played a pivotal role in streamlining the data capture and extraction process. The adoption of OCR and allied applications made it possible to speed up data extraction and reduce data entry errors. However, OCR-driven technology & infrastructure can be prohibitively expensive to buy and manage. Moreover, documents processed using OCR needs to rigidly adhere to pre-defined structures.
So this is great if your business can dictate terms to suppliers and customers. But if you’re a business with low leverage and/or a wide range of vendors and buyers, the odds of having them restructure their document formats to suit your needs is rather unlikely! Further, creating and maintaining new templates using OCR technology can be resource-intensive and, in the end, corrode the value you’re getting from the solution.
To protect businesses from the rigidity and costs of OCR solutions, there are now products like our own CAELUM : Text AI that are harnessing the power of Artificial Intelligence (AI) and Machine Learning (ML). AI-driven technology has unlocked the potential of cognitive data capture that delivers high-accuracy results with human-like ability to adapt and learn.
So with cognitive data capture tools, it is possible to automate data capture and extraction no matter the structure of the document.
Unlike many technology investments, cognitive data capture tools can keep delivering increasingly superior performance over time with their ability to automatically learn and adapt. Cognitive data capture uses deep neural networks to identify data patterns just like humans do. And being a self-learning technology, the more documents you run through it, the better it works!
Compared to other prevailing manual and automated data extraction alternatives, cognitive data capture technology brings together precision, speed and flexibility or, in other words, unmatched value to your business.
If you’d like to make AI real for your business, get in touch with a Mindrops consultant today!