The Current Digital Automation Climate
Digital disruption in the form of automation has caused a massive change across the globe that has affected all industries in various ways. AI-powered automation solutions reduce the time spent on repetitive tasks and offer massive benefits to stakeholders. Currently, the manual extraction of data from hundreds of documents, creation of spreadsheets for record-keeping from that data, and analysis to confirm a business outcome happens on a massive scale every day. It can be so time-consuming and frustrating, especially with the possibility of errors and duplications. If left undetected and uncorrected, these discrepancies can magnify into much larger issues downstream.
If these manual tasks could be accomplished in a fraction of this time by a digital resource, imagine how much time can be freed up for the most critical aspect to business success: human intelligence. More and more organizations are shifting from manual processes to solutions that leverage AI-powered data extraction tools that become more intelligent over time using ML (Machine Learning). Business executives are turning to AI to cut out repetitive tasks such as paperwork (82%), scheduling (79%), and timesheets (78%) (Source: PWC). By harnessing the power automation and ML, Idexcel data extraction solutions can identify, extract, and analyze data from all types of sources at phenomenal speed with tremendous accuracy.
How does AI fit in with Data Extraction?
It is extremely important for companies to have a strong, data-driven strategy in place as the foundation to build AI solutions on. Statistics reveal that businesses engaging in data-driven decision-making experience almost 6% growth in productivity. This reinforces the importance of understanding how smart data extraction can improve business operations. The challenge is that the actual process of mining and analyzing the essential data has become extremely arduous due to unstructured data. In fact, IDC projects that 80% of the total data will be unstructured by 2025, which will pose a challenge for organizations that are not properly prepared with a data strategy in place.
Data extraction using AI works in a self-sustaining way by training itself on billions of relevant data pieces, understanding formats, and evolving to optimize performance over time. Using NLP (Natural Language Processing), Deep Learning, OCR (Optical Character Recognition), and our customized proprietary framework, this solution delivers ready to use data for analysis to drive valuable business-critical insights.
Impact of AI-Powered Data Extraction in Banking and Financial Services
Banking and Financial services operations include processing millions of documents that are filled with both unstructured and structured data every day. These organizations must hire a huge and expensive workforce to complete the necessary data extraction, data processing, retrieval, and storage procedures. ML-powered solutions reduce this need to drive greater efficiency and productivity across multiple operational areas in the financial services and banking sector:
- Speeding up the extraction of relevant information from mortgage documentation, contracts, financial reports, and other sources.
- Accounting operations including AP & AR Statement Data Extraction
- Payroll processing of timesheet reconciliation for Invoice creation and submission
- Financial reporting to ensure compliance with regulations on contracts, applications, and other requisite documents.
The possibilities for applying this solution are endless. Supply chain management, retail, ‘marketing, insurance, and real estate are also key industries in which an Invisible Automation solution can be used to elevate operations.
Key Advantages of Data Extraction Solution
- Earn More Customer Loyalty: Loyal customers are the most significant assets for any organization. Taking considerate, data-driven steps to make the experience better for them fosters a positive and long-lasting bond based on trust.
- Accelerates Information Processing: Automation of manual and repetitive tasks like extracting data points from invoices and forms significantly accelerates the information processing procedures, resulting in faster information to be analyzed for stakeholders to make critical business decisions.
- Saves Significant Time: Time is one the most indispensable resources for any organization. In a world that is constantly bombarded with billions of data at a rapid rate, relying on the speed and accuracy of manual labor introduces operational vulnerability. Automation gives back time and energy to team members to focus on creative thinking, innovation, and building meaningful services.
- Cost optimization: With consumer demands, habits, and buying behavior shifting while the market competition increases, it has become exceedingly difficult to reduce costs. Manual extraction of data and unnecessary staffing will pose an even bigger challenge. Try a data extraction solution and you can get the same job done accurately, economically, and promptly.
- High Accuracy: Data extraction and data entry are highly error-prone tasks. Even if done with much diligence and precision, small mistakes are bound to happen. These small mistakes in thousands of documents might amplify into issues and future regret for the company. Also, you will end up jeopardizing the much-needed time and money to no avail. But by just using a data extraction solution, you can be assured of zero errors and prompt execution.
- Focus on Primary Objectives: Optimal productivity of employees is of paramount importance for any corporation’s prosperity. Forcing employees to perform monotonous and exhausting tasks, which provide no real value to the company, lowers their productivity and enthusiasm drastically. This also reduces job satisfaction and will slowly but surely, negatively impact the company. Incorporating automation will remove this unnecessary burden from the employees’ shoulders while enhancing productivity. This will spare the much-needed time for employees to focus on more meaningful tasks. This will transform into a win-win situation for the employees and employers.
- Improve Data Accessibility: An intelligent and automated data extraction tool enhances the visibility of the incoming data, its storage, and retrieval, making it readily accessible whenever necessary. A survey by Forrester suggests a 10% increase in data accessibility can augment the net revenue by a whopping $65 million for a typical Fortune 1000 company.
In a time where consumers are changing the way they interact with companies’ digital infrastructures, it’s imperative to consistently transform your organization to equip it with the latest technology. Processes will continue to become automated, more intelligent, and enable human resources to focus on elevating product/service delivery and driving business success. By leveraging ML-powered AI with automation tactics, data extraction solutions can skyrocket productivity and churn explosive revenue at a fraction of the original time and costs incurred. Ready to get started building an elegant operational infrastructure to optimize resource allocation, reduce overhead costs, and establish a competitive edge? Get connected with an Idexcel expert today.