How can Idexcel AIDE solve Data Extraction Challenges for Public Sector Organizations?

AIDE for Public Sector Organizations

Data Extraction from documents has evolved significantly since the OCR days of the 1990’s. Several template-based approaches have been replaced with Artificial Intelligence and Natural Language Processing guided systems, offering intelligent data extraction from complex unstructured documents. Typically, Intelligent Data Extraction is a component of an overall Intelligent Automation strategy that combines various processes to give the organization a complete, automated end-to-end solution.

Idexcel’s new revolutionary framework, AIDE (Automated Intelligent Data Extractor) is an Artificial Intelligence (AI) powered Data Extraction solution that enables rapid processing/extraction of unstructured data from scanned documents, PDFs, handwritten forms, and images for financial operations, application processes, and any procedures requiring the intake of data in an unstructured format. With our AIDE solution framework, an enormous number of paper-based documents in different formats, varying layouts, and multiple languages are digitized into various formats that can be stored and analyzed more easily.

Our intelligent framework can identify data like a human would: quickly, accurately, and within unstructured documents. Whether extracting data from unstructured financial records, purchase orders, or government documents, our platform gets the job done quickly and accurately. Not only can we automatically extract information, but we can also output the data into a final destination of your organization’s choosing, enabling easier search capabilities. The AIDE framework is seamless and scalable, simple to operate, and easy to manage.

Idexcel’s AIDE Framework can extract data from the following unstructured documents especially for Public Sector Organizations (but not limited to):

  • Tax Forms
  • Grant Requests
  • Court Documents
  • FOI Request
  • Handwritten Text
  • Standard Forms (Census, Employment) and
  • Many more

Although the aforementioned documents are easily interpretable and differentiable by humans however, they are difficult for simple data extraction solutions to understand. Traditional OCR which works on a rules-based extraction approach is not a practical solution owing to the complex nature of its disparities and the features. This complexity in extraction increases further when the input has handwritten and multilingual text and content. As we are aware, automating a data extraction process is quite simple when all the documents have similar layouts. A simplified template-based approach can help in this case. In other cases, though these documents have similar layouts, the information within them may vary vastly. Idexcel’s AIDE helps process all these different documents at a much more precise and quicker rate.

Major Data Extraction Challenges posed by both manual and primitive Automation Tools in Public Sector Organizations solved by Idexcel’s AIDE:

  • Minimizes manual errors that compromise data integrity and improves accuracy rates to up to 95%
  • As the processing of data becomes easier, faster, and more accurate it eliminates the time and complexity of processing unstructured data
  • Eliminates both external/internal application compatibility issues that lead to more costs by integrating commonly used applications which helps develop a tailored integration process with unique applications.
  • With automation and powerful continuous learning, the processing time is reduced from days to minutes thereby eliminating manual workforce costs and resource management challenges.
  • AIDE framework scales easily to accommodate larger workloads at minimal or no additional costs helping get rid of the inability to scale during seasonal/event-driven influxes.
  • With AIDE, human worker burnout and exhaustion with manual and redundant tasks are overcome, as only minimal employee oversight is required to manage ongoing tasks.

Potential Benefits derived from using AIDE for Data Extraction:

Digital Transformation Starts with Data Extraction

Potential of Language Agnostic Data Extraction: By leveraging the power of Artificial Intelligence, AIDE can excerpt information from various physical documents across multiple languages. This is in turn very helpful for supporting, optimizing, and elevating processes in large multi-national corporations having multilingual workforce.

Considerable Time Savings: AIDE performs large volumes of data extraction at a faster rate with no compromise on efficiency and accuracy. This in turn allows Public Sector Organizations to focus their manual resources more into building meaningful services, innovation, and creative thinking.

Enhanced Data Quality: Idexcel’s AIDE captures the right data, reducing data errors and improving the overall quality of the data.

Easy Access to Data: Do away with the inconvenience of paper documentation and embrace the simplicity of organized digital data.

Improved Speed & Accuracy: With AIDE, there’s no need for error-prone manual data entry. Public Sector organizations can vastly improve the speed and accuracy of their digitization process using Idexcel AIDE, our intelligent and automated data extraction solutions.

Greater Security: Powered by AWS Cloud solutions, our framework adheres to strict security guidelines and the industry best practices.

Why Idexcel AIDE?

Every day, at every organization, at every level of management and operations, employees need to extract details from contracts, leases, tax forms, surveys, and other documents. The good news is that Artificial intelligence offers ways to perform these complex, integrated tasks far more efficiently. What we are talking about here is a decidedly less flashy and, at face value, more pedestrian use of Artificial Intelligence aimed at reducing costs and optimizing operations. Idexcel’s AIDE is a smart and intelligent data extraction framework that can process unstructured documents rapidly and digitize data from handwritten forms and papers. Besides, it can also perform unstructured data extraction from structured data such as financial statements information, extract information in Excel format, texts from image files, and extract tables from PDF documents.

The AIDE solution framework can execute data extraction from various paper-based documents in different formats, layouts, features, and languages. These documents are processed and digitized into various formats that can be analyzed and stored very efficiently. Built on top of Amazon Textract, a powerful machine learning tool, this smart solution’s storage, and security protocols are one of the best in the industry. In this way, previously inaccessible data are made available to anyone within a few mouse clicks.

Most organizations want to grow. It’s no big stretch to assume yours does, too. More satisfied customers, more revenue, more innovative ideas springing from the minds of employees. But growth for growths’ sake – as appealing is it may sound – is neither scalable nor sustainable. Without an intelligent automation strategy and the tools to back it up, there will come a tipping point at which your organization’s well-intended growth begins working against itself.

To know more about Idexcel’s AIDE, Schedule a Free DEMO

Digital Transformation Starts with Data Extraction

Digital Transformation Starts with Data Extraction

An Allied Market Research report published in March 2021 showed that digital transformation in the BFSI industry globally generated USD 52.44 billion in 2019. Between 2020 to 2027, it is expected to register a CAGR of 15.4 percent, reaching USD 164.08 billion by 2027.

The outbreak of Covid-19 has accelerated the adoption of digital transformation in the BFSI sector. For example, borrowers are now more inclined to upload the requisite documents onto an online application to apply for loans rather than visit the lenders in person.

An example of how Digital Transformation is changing the BFSI landscape

According to a report published by forrester.com in 2020, banking would be purposeful, insights-driven, connected, and invisible by 2030. Soon, trust between the financial institutions and their customers would be indispensable for business success.

Unfortunately, an error-prone and time-consuming onboarding experience erodes this trust. According to Thomson Reuters, 89 percent of the surveyed corporate customers reported a poor KYC experience. As a consequence, 13 percent of them changed financial institutions.

Thankfully, digital transformation initiatives such as digital KYC can vastly improve customer experience in the banking sector. Instead of employing teams to verify and extract data, FinTechs and banks can use comprehension and data extraction tools to accelerate their paperwork. These tools can extract data and digitize documents from both structured and unstructured documents powered by machine learning and AI.

Achieve Digital Transformation Success with Idexcel AIDE

According to a report by researchandmarkets.com, 2.5 quintillion bytes of digital data are globally generated in a single day. Therefore, organizations worldwide have to ensure that such large volumes of information are efficiently and accurately processed.

Digitization of data is the first step towards Digital Transformation. This means data extraction from the non-digital medium is the first step for Digital Transformation.

Digital Transformation Starts with Data Extraction

Handwritten forms and text-based documents were never designed for electronic workflows. As such, extracting information and converting the same into digital data poses inherent challenges. Traditional solutions such as OCR are often niche and do not offer widespread application benefits.

If the nature of the document to be converted has complex features and variations, a rule-based extracting information approach such as OCR is not feasible. In addition, multilingual content and handwritten text can make the digitization process even more difficult.

Idexcel AIDE is an intelligent and automated data extraction framework that can process documents rapidly. It can digitize data from handwritten forms and papers. It can also perform unstructured data extraction from structured information such as data from financial statements, extract data in Excel, texts from images or extract tables from PDF documents.

Just like humans, AIDE can execute data extraction from multiple formats, features, and layouts. In addition, it can process documents across numerous languages and digitize them into machine-readable formats that can be analyzed and stored efficiently. Using Amazon Textract, a powerful machine learning tool, AIDE’s storage, and security practices are the best that the industry has to offer.

Why AIDE Is A Good Tool For Data Extraction

  • Save Significant Time: AIDE can perform large volumes of data extraction at a rapid rate without compromising accuracy. This allows the organization to focus its manual resources on building meaningful services, innovation, and creative thinking.
  • Improve Accuracy And Speed: When humans perform data extraction and entry, they become error-prone and tedious. Using intelligent and automated data extraction solutions such as AIDE, organizations can vastly improve the speed and accuracy of their digitization process.
  • Enhanced Data Value: With fast and more accurate data in hand, organizations can make informed decisions and not miss market opportunities. This enables them to generate higher RoI from their data extraction processes.
  • Language Agnostic Data Extraction Power: Leveraging AI data extraction, AIDE can efficiently extract information from physical documents across multiple languages. This is very helpful if your company is a large MNC spanning multiple geographical locations and having a multilingual workforce.
  • Better Security: Powered by AWS cloud solutions, AIDE comes equipped with state-of-the-art security features. Your crucial and confidential business data is safe and well protected.

Accelerate your digital transformation and make your data extraction process more accurate using our AIDE framework.

Digital Workers Are a Necessity in Our Post-Pandemic World

Digital Workers

Modern growth depends on automation. Any routine task that can be automated gives an enterprise an edge over the competition in the beginning and then becomes a necessity for survival.

Excel macros were once a boon to any data-driven enterprise. They allow data analysts to automate processes that involved a lot of error-prone copying, pasting, and time. The problem with Excel macros is that they are limited to automating Excel and other Microsoft products.

A modern enterprise will have a suite of software that will benefit from automation, software that must work together to get the job done. Robotic process automation, or RPA, can automate routine processes at the user interface level regardless of the underlying software stack and takes automation to the next level, automation of any software an enterprise uses.

But automation has evolved even further than RPA. Let’s look at what digital workers are and how they can change your business.

What Are Digital Workers?

Using robotic process automation, you can create bots. Bots automate very specific processes and usually have a narrow range of functionality. Note that digital workers are not bots. Digital workers can handle a broad range of tasks that would roughly correlate to a human job description. You can think of them as a fleet of bots that you deploy for a complete task.

Use cases for a digital worker include:

  • Data entry
  • Updating CRMs, ERPs, and billing
  • Employee onboarding
  • Client onboarding
  • Claims processing
  • Account reconciliation
  • Invoice processing

Digital workers are designed for specific job roles, so you don’t have to track down all the repetitive processes you use and map RPA bots to each task. Instead, you just download a digital worker, configure it, and put it to work.

The Benefits of a Post-Pandemic Digital Workforce

The pandemic brought many businesses to a halt. For others, it took a while for employees to adjust to working remotely. Business models changed forever, and digital workers have become an invaluable asset for organizations to thrive in this new world and adjust to changes quickly.

Here are some benefits of using digital workers:

Accurate Data

Many of the jobs you can replace with a digital worker involve data. Human data entry has always been susceptible to errors. It’s just the nature of being human. Digital workers take error out of the equation by cross-checking information and flagging any issues for a human to review.

Faster Processing

A digital worker can work faster than a human can type. Jobs that once had to be calculated in working hours can now run unattended in a fraction of the time. Digital workers also don’t need breaks and can work all day long.

Increased Productivity

Automating tedious, manual tasks like data entry will free up employees’ time to focus on more important tasks. Employees will be motivated to work on more interesting tasks when they aren’t interrupted by menial work. Digital workers can work 24/7 and don’t take sick days.

Lower Costs

All the other benefits of digital workers add up to a lot of savings. Without human error, tasks won’t have to be done twice. Because digital workers can process tasks faster, your business can get more done each day. And employees can work on important tasks while digital workers automatically and economically take care of all the menial tasks.

Conclusion

The pandemic changed the way business is done. Businesses are undergoing digital transformation to keep up with the changes in the pandemic’s aftermath. Digital workers are an important part of this transformation. They can automate processes once done by employees with more accuracy, faster processing, and lower costs while freeing employees to do more important work.

Our team at Idexcel offers Automation and AI services for your business. With over 21 years of experience in every aspect of intelligence, automation, and AI, we can help you digitally transform your company. Get in touch with our team to schedule your free assessment.