One of the main promise of RPA is freeing up data trapped in documents.
Every company in the world has to deal with documents, especially in industries like banking, finance, insurance, manufacturing, and the public sector.
Every selling process involves repetitive document processing (accounts payable & receiving, invoices and receipts, sales orders, shipment tracking)
Automatically capturing data from the scanned / digital documents, validating and interpreting it, eliminates costly process steps, leading to improvements in productivity, customer satisfaction, accuracy of information, and better governance and compliance.
Automated Document Processing:
The Automated Process
Once documents are accessible to the bot, they can be automatically digitized and classified, using a combination of technologies to maximize accuracy. Data extraction uses optical character recognition (OCR) technology to recognize and extract data which is then validated using a customizable validation station to ensure accuracy. The validated data is then utilized in the business environment giving the customer unlimited flexibility on ways to utilize their data.
Typical Use Case
For example, in AP departments each vendor will have its own document layout, but this can easily be processed with full data extraction. The Bot automatically locates and captures data, such as invoice number, total due, line-item details, terms, due date, etc. then validates it against the user’s business rules and data already in the system to ensure data accuracy. Custom solutions allow hundreds of rules to be applied.
Benefits of Document Understanding
Reduced manual labor costs
Increased data accuracy
Lower per-document processing cost
Speeds access to critical data
Saves time and supports compliance with automatic indexing
Faster response to customers
Better Customer Experience
Achieve Unprecedented Levels Of Productivity
Cost reduction compared to manual document processing
Decrease in errors that mitigates the risk of rework and related losses
reduction in time employees spend on document processing