When you enter your finance department, are the corridors full of boxes of documents, the tables overflowing with paper? Employees busy looking for scraps of paper and entering in data? How do you streamline this process? You can use optical character recognition (OCR) or intelligent document extraction to help you.
OCR converts images and text into digital data, converting them into text. They can then be reformatted for use in a wide range of applications.
This is where intelligent document extraction comes in. Extracting from a document is the most important part of the OCR process and one of its most powerful capabilities.
The most difficult part of intelligent extraction is that documents (e.g. supplier invoices) have different formats. The extraction of data from a document is to extract text and classify it by type, content and format. Although the formats are similar, the tables in an invoice are different from the tables of contents in a business document, such as a financial document.
When you use our software, all of these functions are already included. However, they must be trained to recognize different letterheads, stamps and signatures. It will also check a few times whether there are company stamps and whether the signatures look genuine.
It also helps to keep your employees motivated when they are doing interesting work and do not have to enter the same data every day. Using a software also helps you to save costs on human labour, giving you more time to do other more important tasks.
Written by: Elicia Yeo