AI-Powered Document Processing Using Astera ReportMiner
Enterprises deal with a lot of business documents — available in different layouts and formats — across several business units, ranging from accounting and finance to sales and marketing. A major issue is that more than 80% of these documents are unstructured.
Now, processing documents manually is a resource-intensive undertaking and perhaps not the best option for modern organizations. The need of the hour is automated solutions that can extract unstructured data at speed and scale — without compromising the data integrity and quality.
Fortunately, Artificial Intelligence (AI)-powered document processing solutions can help businesses overcome this problem. Today, organizations can make sense of their unstructured data with maximum efficiency and cost-effectiveness. Let’s find out more!
What is AI-Powered Document Processing and How Does it Help?
AI-powered document processing involves analyzing and extracting data from unstructured documents such as invoices and purchase orders using AI technology and turning it into a structured format. It also entails using the same technology to automate the entire data extraction process.
Automated document processing powered by AI makes the information extraction process seamless and guarantees high accuracy. Leveraging AI technology like machine learning, companies are able to extract data from unstructured and semi-structured documents with high speed and accuracy.
Captured data from invoices, receipts, feedback forms, feedback forms, employee onboarding, and various other documents can further be validated and loaded into a database in a standardized format to derive meaningful insights and enable data-driven decision-making.
From finance to healthcare, organizations operating in any industry can benefit from unstructured data analytics to improve different business practices at a strategic, tactical, and operational level.
AI-powered Document Processing Use Cases
AI can help speed up document processing for all types of businesses, especially those that handle a large amount of paperwork.
A telecom company receives hundreds of purchase orders for its services daily. Processing each PO separately will take too much time and cost. With the help of AI, they can reduce the time by 15x and digitize each order in minutes.
Similarly, an insurance firm must process claims quickly for maximum customer satisfaction and business efficiency. Again, manually processing each claim is too expensive. Using AI-powered document processing software, they can achieve time savings of 50%.
These are just some of the examples of utilizing AI for document extraction.
Astera — An Enterprise-grade Data Extraction Solution
Astera ReportMiner is a code-free data extraction solution designed to automate and streamline unstructured data extraction. Powered by an enterprise-grade ETL engine, the document processing solution allows organizations to pull important unstructured data trapped in business documents with excellent efficiency and precision.
With it’s AI-powered data extraction capabilities, Astera ReportMiner helps users capture important data from business documents in a matter of seconds. Here’s how you can turbocharge your unstructured data analytics using our data extraction solution: