There is no question that artificial intelligence (AI) is revolutionizing the way organizations approach data capture. While data capture technology is already used in the workplace in the form of basic optical character recognition (OCR), “intelligent” data capture leveraging AI and robotic processes can be substantially more accurate, quicker and less expensive. Intelligent capture software moves away from templates, keywords and indexing. It extracts and understands the data, without the need for zoning and manual intervention.
Leveraging AI data capture, employees are freed up to focus on higher-value tasks and exceptions only, instead of processing documents and invoices manually.
Automated processing can be taken even further, leveraging robotic process automation (RPA) to take actions that humans would other take. Combined, AI capture and RPA can be incredibly powerful for document and data automation.
There are a number of core steps in the data capture process that can be improved using this technology:
Classification of documents is critical to the process, and AI data capture learns to recognize different types of documents. Automated machine learning engine improves over time and reduces the need to interact with documents or systems at the classification level, helping the system determine if a document is an invoice, estimate, purchase order or packing slip, for example.
The largest impact of AI is in data extraction, whereby both semi-structured and unstructured documents, including handwritten documents, can achieve success in automated extraction. As opposed to a human doing data entry or form templating on a repetitive basis, or developers spending weeks training systems, AI data capture systems now learn themselves. The machine learning system trains itself to understand context to ensure a high degree of accuracy.
The most complicated part of data extraction using AI has historically been line items, however modern AI systems now absorb and understand table structures, spacing and false positives, avoiding the need for manual zoning and data entry where zoning fails.
Leveraging AI in data validation and as part of the matching engine (i.e. 3-way matching) can be tremendously valuable and can materially reduce manual intervention. Octacom leverages as scalable accounts payable engine to validate data fields and alignment with our clients’ ERPs, to manage client-specific data handling instructions and to run 3-way matching based on complex algorithms.
“Intelligent” data capture leveraging AI eliminates guesswork, minimizes development effort and improves cost efficiency, and can be deployed in-house or with a business process automation partner like Octacom. When coupled with great software, such as Octacom’s AP Automation software, processes can become fully streamlined.
The goal of AI data capture is not to replace humans, but to drive as much automation as possible. Ultimately, employees are freed from mundane manual tasks, and can take on high value and strategic tasks as well as exception management (which should be managed in a sleek UI like our Odiss Software)!
Octacom is a SOC 2, Type II Audited enterprise software and services company focused on document and data automation solutions, including automated data capture. Founded in 1976, Octacom specializes in accounts payable automation and automated invoice processing, among other digital / automated business process outsourcing services.
If your organization is looking to learn more about our solutions and services, please contact us and we would be glad to help.