Document management and data extraction encompass the processes that collect and organize data. Ideally businesses want to do this in a way that allows them to best analyze the data and make educated decisions on the direction of their business. Documents contain data. It is well-known that every business relies on data to make decisions about their future.
Document Management, Data Extraction, and Verification
Stemming from document management are the processes of data extraction, verification, and classification. These processes take up a lot of time and resources in every business due to the archaic methods through which they are achieved. That’s where artificial intelligence can step in to improve accuracy & efficiency. Data extraction is the process of collecting disparate types of data from different sources. This process makes it possible to merge, measure, and refine information so that it may be put away into a centralized storage space to be stored and rearranged for analysis. These locations may be cloud-based, on-site, or hybrids of both. Document classification is the process of sorting and labeling documents by category depending on their content and context. Data and document verification is where the authenticity of data and documents are verified. The legitimacy of individual information like name, age, and address is reviewed.
In the early days of document management and data extraction, the processes relied almost entirely on human input. Relying solely on humans left their results riddled with miscalculations stemming from human errors and confusion. “Data analysis” back then was mainly providing monthly reports and looking backward, not much creation of business projections.
These processes can costs companies millions of dollars in labor every year because they need to be done, and up until now they could only pay people to perform these tasks manually. Artificial intelligence allows these processes to become automated, allowing humans to focus on higher-level analysis and to worry less about human error.
Inaccurate data can cost businesses productivity loss and missed opportunities on a regular basis. Documents and data need to be stored and organized in a way that allows analysts to easily sort and search.
Optical character recognition, aka OCR, has been a popular technology to aid with document management and data extraction. Recently, artificial intelligence has pushed OCR to new heights – Businesses are benefiting substantially from this technology. The convenience they are gaining by moving to digital document management is facilitating growth, organization, and accuracy across the board.