Financial documents are crucial in business processes as it plays important role in keeping track of transactions made within an account. Each day, these documents are piling up to be processed. Manual processing is not an option anymore because of its drawbacks, especially human-staff fatigue that can lead to data error. Now the question emerges: how to process financial documents more efficiently?
Intelligent document extraction is a solution to transform and digitize your documents, quickly and cost-effectively. It has advanced artificial intelligence features to recognize and understand the text and structures in your documents.
A.I. features allow it to intelligently extract information in multiple different forms and templates. It is quick, easy, and can be trained to understand the pattern of documents just by showing samples of that template.
Zapbot is an intelligent document extraction software that combines OCR (Optical Character Recognition) and A.I. (artificial intelligence) Machine Learning to extract information from various types of documents (eg invoices, bills, ID cards, etc.). Machine Learning and NLP allows Zapbot to self-improve, to learn, identify, recognize, and analyze information from structured/semi-structured/unstructured data. It can read information from digital documents or use OCR to convert scanned images from documents into digital data, and in turn identify the type of data. This will help to automate information extraction and document processing in various sectors such as banks.
Intelligent document extraction be used in account receivables by extracting data from invoices. Every time you receive a invoice, you need to update the accounts receivable system, entering and tallying the amounts. With Zapbot, you no longer need to manually extract the data from them, reducing human errors and save time. Let Zapbot extract the data for you, while you focus on more important tasks!
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Written by: Elicia Yeo