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Using OCR & Intelligent Document Extraction to Help You

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.

What is OCR?

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. The most common format for OCR processing is searchable PDFs, but the information in a PDF file cannot be used yet. When an image is processed with OCR, it consists of many pixels and the text cannot be copied. The digital text layer is placed on the image. The information needs to be in the right structure. You will need to know which text is the invoice number, date, etc. 

What is Intelligent Document Extraction?

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. After extracting data from tables, intelligent document extraction uses natural language processes to understand the contents of tables.

Benefits

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

Automation software to get info from documents

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