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Let’s get real – most of us HATE paperwork. But documents are also the foundation of how our business gets done, from contracts to records to paper applications. Extracting and processing information from these documents involves operationally intensive processes. Or to put it simply, it’s a pain. Let’s get to the numbers involved:

  • 80% of a company’s information resources exist as unstructured data. 
  • 9 in 10 employees waste up to 8 hours a week looking for data within documents
  • Companies spend 15% of their revenue on creating, managing, and distributing paper documents

And the results? Unplanned delays, errors, wasted time and even financial implications when documents are processed poorly.

Introducing: Intelligent Document Processing 

Intelligent Document Processing by Blox.ai leverages AI with programmable automation. And what can you do with it?

  1. Convert data from semi-structured and unstructured documents into usable, structured formats.
  2. Enable faster and more accurate processing of documents across use cases (Listed at the end!) with organized data that is optimized for downstream processes.

How It Works

The Blox.ai Intelligent Document Processing solution uses Natural Language Processing (NLP), Computer Vision (CV), Optical Character Recognition (OCR) and machine learning tools to identify, label, and extract relevant data from any input document.

The extracted information is mapped into a structured format while the AI configures a model which can be applied to all similar document types.

The structured data is then matched, qualified, and reconciled against specified guidelines, thresholds, or other documents based on business needs.

The output is pushed to downstream systems automatically.

Blox.ai’s AI-on-AI layer enables real-time selection of the most relevant algorithm for a particular use case from the model library, leading to a more robust solution that is capable of handling diverse scenarios and edge cases.

Where You Can Use Intelligent Document Processing

According to IDC, 43% of knowledge workers say that paper-based workflows make their daily tasks less efficient, costlier, and less productive. With Blox.ai, enterprises have seen:

  • ~ 90% accuracy in extracting key values from documents
  • 85% decrease in time taken to organize data
  • 50% reduction in resource costs

Maximize human potential in your business with Blox.ai

Posted By : neethu neethu // in Information Technologies