Businesses, today, have to process data regularly, of which almost 80% is structured. The origin of this unstructured data is the information captured from numerous sources. A common example would be the data from lengthy financial paperwork, claim forms, contracts, and emails.
Companies have traditionally handled unstructured document understanding by employing the only method available: manually discovering the pertinent data and feeding it into the intended destination system. However, this process becomes prone to error on a large scale.
What is unstructured data?
Simply put, any data not kept in a conventional database or spreadsheet is considered unstructured. It can be classified into two types:
- Text (such as user reviews, documents, or chat history from social media)
- Non-textual data (such as visuals and sound)
Recently there has been a third category of unstructured document: geographic and IoT streaming data.
While these files are essential for companies, most firms still struggle with unstructured document understanding.
The following information was discovered through several studies:
- Almost half of the respondents (42%) don’t know where some types of organizational information are housed.
- 99% of respondents say they have trouble handling unstructured data sets.
- 76% of respondents say their organization has problems with unstructured data.
With Raconteur predicting 463 exabytes of content to be generated each day by 2025, we can safely say that the amount of data generated is only going to increase.
The question is, can you automate unstructured document understanding? Read further to know how intelligent document processing helps.
Tackling unstructured data with intelligent document processing
Even though optical character recognition (OCR), whose accuracy is about 60%, helps in searching unstructured data, its inherent quality problems are difficult to ignore. Intelligent document processing (IDP) solutions convert unstructured data into structured formats that can then be processed using AI.
Intelligence automation integrates RPA and document capture and processing capabilities with artificial intelligence (such as natural language processing, machine learning, and computer vision). IDP solutions are utilized for unstructured document understanding and ingesting it into workflows for end-to-end automation. Not only this, AI/ML capabilities for unstructured document understanding increase the straight-through processing (STP) with accuracy.
Pre-built AI and ML capabilities and business rules by an intelligent document processing software automate data verification and validation and improve algorithms based on user input.
Intelligent document processing automates the retrieval, comprehension, and integration of documents needed for a business process by combining OCR, data capture, and AI/ML. End-to-end process automation is possible when RPA, IDP, and APIs are used. IDP enables data-led automation of documents, including unstructured and semi-structured data, in contrast to RPA’s focus on processes.
In general, users of IDP software should only require a minimal amount of training for template updates. However, businesses working with hundreds to thousands of vendors each month know that updating invoice templates is time-consuming. The consultation time required to set up and use templates for different documents can drastically increase total costs.
In such circumstances, it is simple to see how an IDP without templates can radically lower the total cost of ownership (TCO) and enable a quicker time to automation. There is no need to wait months to create templates, let alone automate documents.
The important question here is, can OCR software comprehend documents to gather, analyze, and process unstructured data for you, even from handwritten documents, photos, scans, and PDFs?
The answer is, yes. Using Docsumo’s Intelligent OCR technology, unstructured document understanding is now like a cakewalk. The software handles your digital paperwork and improves your understanding of unstructured documents by quickly capturing and analyzing them. Get automation that adapts to your demands so you can easily scale your business while spending less time on paperwork and repetitive tasks.