Acord Form Processing: All You Need to Know
A quick guide to all the major Acord forms, their importance, processing, and automation. Learn how you can automate data extraction from different Acord form with Docsumo's intelligent OCR API.
Automated document processing combines AI with deep learning or artificial intelligence to eliminate manual document processing and classifies and extracts information from business documents quickly, easily, and accurately.
In this article, we discuss how automated document processing works, and what are its key components.
So, let’s jump right into it:-
The process of converting manual and analog forms of information into digitized format involves different automated document processing technologies such as:
Computer vision is a technique that enables machines to "see" by mimicking human eyesight. While first appearing futuristic, computer vision is a natural extension of artificial intelligence (AI) and deep learning swiftly taking over all different industry types.
We can recognize objects and visual patterns quicker with computer vision than with the naked eye. Computer vision also lessens employee fatigue by reducing rote, repetitive activities from being performed by staff members.
Computer vision-based document processing automation recognizes patterns. Here’s how computer vision-powered document processing helps:
The second generation of optical character recognition (OCR) technology is called zonal or template-based OCR. It is used when certain portions of a document need to be extracted preferentially or "zonally."
In other words, regular OCR extracts all data from documents and converts it into digital format with no differentiation based on relevance. This means, the data requires further manual processing to extract relevant information from the original document.
Whereas zonal OCR extracts specific fields from the scanned documents such as tables and columns, and stores them in a structured format for further processing.
Here’s how zonal OCR works:
Intelligent document processing is defined as automated data capture from multiple documents and data sources and organizing it for further processing. IDP deals with the complexities of processing huge volumes of data accurately and within seconds.
The typical IDP workflow involves:
An IDP platform should be:
Intelligent document processing software uses machine learning to extract data from documents. There are five steps in the intelligent document processing workflow.
The first step in IDP is capturing data from multiple content types and preparing it for processing. Preparation involves merging or splitting of documents, data validation, and correction. Some tools also allow data labeling and annotation for improved accuracy with human-in-the-loop.
Data is classified into different categories based on content and structure. Advanced solutions possess the capability to accept documents at scale and classify them to be routed to appropriate work queues. Alternatively, the software offers suggestions for categories based on existing taxonomies. At this stage, humans can create categories and data validation.
Machine learning allows the document processing software to extract data from various content types and allows the handling of diverse formats. Advanced intelligent document processing software like Docsumo require less training than other ML models to quickly and accurately extract data. Humans can train ML models and APIs to identify fields for extraction.
IDP validates extracted data against business rules, document comparisons, and internal/external data to make sure that it is accurate. From here, the validated data goes for further processing whereas the data that fails validation is sent for correction.
Firstly, the validated data is sent to third-party software and downstream applications for use. Data enrichment tools, customer service platforms, and RPA solutions are common IDP integrations.
This data is then used for gathering insights, decision-making, and business process improvements. Ensure that the IDP software generates insights and can integrate with business sources for data to flow between different applications without manual intervention.
Some reasons for the widespread adoption of intelligent document processing solutions include:
Firstly, the benefits of implementing IDP span across businesses of all sizes and industries. In a nutshell, the most important advantage of automated document processing includes avoiding errors commonly associated with manual data extraction. To know more, keep reading.
Intelligent document processing software processes, ingests, validates, and classifies data within 30-60 seconds. Using automation, it can process structured, semi-structured, and unstructured information across multiple formats without human interaction. Human-in-the-loop can be used to review exceptions.
Unlike humans, the software can process documents at scale without being subjected to fatigue, thereby improving efficiency by 10X.
Advanced software eliminates data entry errors and enables the output to be accurate to more than 99%. What’s more, automated document processing is scalable with the same efficiency 24/7.
With improved accuracy, the same quality of output is maintained throughout the data extraction process leading to a reduction in the wastage of time and resources for data aggregation and validation.
Modern intelligent document processing software have added functionalities of flagging errors, data verification, and more that play a major role in ensuring streamlined document processing.
Docsumo improves the STP with completely automated document processing by eliminating human intervention, the cost of manual processes and errors.
In absence of STP, a business has to go through multiple touchpoints to process data from unstructured documents and manually enter them into the accounting system or ERP.
With STP, using OCR or intelligent document processing, all transactions are made within seconds and error-free.
Implementing IDP software may have an upfront cost as well as a learning curve for employees. But the long-term ROI gains are unmatched.
Here’s how IDP reduces operational costs:
All data extracted from documents and file types get stored over a centralized repository in the IDP. Different teams such as accounting, payments, and so on can access and pull this data within seconds. The single source of truth stores purchase orders, goods received notes, lease agreements, and any documents from which data is extracted.
Unlike the manual processes that could take weeks or days, the IDP extracts, classifies, ingests, or sends the data to third-party software within 30-60 seconds.
IDP also enhances data for RPA/AI consumption by turning streams of unstructured data present in documents into streams of cleansed, structured data. It saves resources on data input, makes essential information available faster, and allows enterprises to establish a digital workforce.
In addition, the IDP improves interdepartmental communication as the required documents are available over the cloud, freeing up the employees’ time to focus on value-driven activities.
In a nutshell, the overall efficiency of your operations increases significantly.
At a time when enterprises are adding regulatory safeguards to their compliance, fine-grade security offered by intelligent document processing software like Docsumo ensures that the critical data is secured. Features like audit trail, version control, and data encryption along with GDPR and SOC–2 compliance are some of the measures to provide a secure experience to users.
Another benefit of intelligent document processing systems is their ease of integration with current software and hardware which allows for the flow of data from different sources, saving time on data consolidation.
For businesses that still rely on paper-based workflows, document processing automation is an effective solution to eliminate inefficiencies, reduce workload and enable smooth document processing. AI-based IDP tools for automated document processing like Docsumo streamline document processing for improved operational efficiency and profitability.
Docsumo’s intelligent document processing automation software enables businesses to extract data easily and efficiently from both structured and unstructured documents. The self-serve interface comes with pre-trained models for most common business documents so that you can get started immediately.
What makes Docsumo the best document processing software are the following features:
If you’re planning to implement an IDP solution to automate your business’s document processing, sign up for a free trial.