Automating Data Extraction with Machine Learning (ML)

People talk about Artificial Intelligence (AI) and Machine Learning (ML) like it’s the best thing since sliced bread, but AI and ML, or more correctly, deep learning, was first introduced to the world way back in 1986 by Geoffrey Hinton. Known as the ‘Father’ of AI and machine learning, Hinton, to really simplify it, discovered it was possible for computer programs to find patterns in data and apply these patterns to new data.

What began with Hinton in 1986 has now led to the ubiquity of AI and ML in the world and in our lives today. So whether it’s recommendations on Netflix or the next likely match on Tinder, there’s many little bits of machine learning that are becoming part of daily living. Let’s look at how it’s changing the workplace…

The Impact of ML on Document Processing & Accounts Automation

One of the biggest obstacles to achieving greater automation in document processing has been data extraction. While businesses the world over have managed to eliminate or minimize manual intervention in data processing and management, data extraction has remained a key hurdle.

The emergence of AI and machine learning has made it possible to extract data from documents with over 99% accuracy. And with solutions like CAELUM : Text AI, automated data extraction has been brought within the reach of small, medium and enterprise-level businesses.

Automated Data Extraction for Your Business

There are a wide range of machine learning-based data extraction solutions in the market today. But does automated data extraction justify the investment for your business? Here are some factors to consider:

• Cost of Data Extraction: What is it costing your business to extract data from documents right now? It need not be a precise number, but you can get an idea of your spend by considering the number of people engaged and infrastructure deployed in data extraction & document processing and the complexity of documents your business handles.
• Cost of Document Processing: What happens after the data is extracted? Who is checking the data? How long is it taking to verify details? How quickly is your business able to use the extracted data?
• Product Suitability: Is there a product in the market that can solve your problems? What kind of money will it take to fix the problem? Most importantly, how soon are you going to see ROI?

In CAELUM : Text AI, you will find an automated solution that has perfected the science of data extraction. It’s affordable, enterprise-ready and can be customized to suit your unique business workflows. If you’d like to make AI real for your business, get in touch with a Mindrops consultant today!