Intelligent Automation Starts with Data
by Amit Jnagal, on May 16, 2020 9:21:46 AM PDT
Enterprises today have no time or resources to waste. To be successful, they have to make smart choices when it comes to maximizing efficiency and innovation to stay ahead of the competition. AI is offering new and exciting ways to make better, more informed business decisions.
But it all starts with the data, and much of yours could be trapped where your systems can't make use of it. What can you do about that?
Data You Can’t Afford to Miss
Enterprises can’t afford to miss out on valuable data locked in their unstructured documents, or overlooked because it’s too complex for their current systems to extract and analyze.
You’ll Be Forced to Automate... Everything
Today, firms are under pressure to transform their processes to be more competitive. Executives are constantly being asked to do more with less... and that will never change. But most execs have already maxed out the productivity increases they can get from manual labor. They're in the zone of diminishing returns.
The only way to leap forward is to make more effective use of automation.
Hyper automation--a major market trend that predicts everything that can be automated, will be automated--promises such transformative business results that executives will have no choice but to go all-in on this strategy.
Because this trend will put competitive pressure on businesses, as those that automate will pull ahead of those that don't. And that will create immense pressure to be competitive, as those who automate begin to pull ahead from those who don't.
Skeptics might say people are a necessary part of some critical business processes, such as extracting data from complex, unstructured documents. But skeptics also didn’t believe there could be a self-driving car. Today, there are fleets in development. Transformation is on the horizon for enterprises that harness these automation capabilities.
Even processes that have long required a skilled human to perform a task are ripe for automation.
Allowing Staff to Be Augmented and Redeployed
There is no reason enterprises shouldn’t be able to take full advantage of all of the information they’ve collected. And with automation opening a new frontier for businesses, enterprises can now use data to better predict, strategize and inform their decisions. Internally, they can also redeploy resources to work smarter.
The process of extracting data from documents is a good example of how the next generation of automation is delivering real business value, today.
There is a limit to how much you could automate with legacy technology- OCR solutions can handle only so much variation or complexity and until they basically hit a performance wall. But once you look beyond OCR, it's possible to break through that performance wall. A new type of solution can pull and analyze data from any document, no matter its form, without people running the process. Technology has finally broken through the barriers that have held back legacy solutions, and can now cognitively process documents as well as, or better than, a skilled human.
There’s data just waiting to be freed from your unstructured documents and images, so you can put it to work and create value.
Everyone has data hidden in unstructured formats, but the enterprises poised to succeed are the ones that know how to access and deploy it to power their processes and leverage it in pursuit of their visions.
Making Sense of Data in Complex Documents
Intelligent Document Processing (IDP) is a new solution segment, and a true calling for players that want to make sense of complex documents and unstructured data beyond OCR’s reach. Its ability to process data in text, image, video, number, symbol, and handwritten forms makes it superior to the extraction options that came before it.
IDP Doesn’t Break
Instead of a new document format breaking the algorithm, IDP can handle it. It can take the data available and use it to provide insights and predictions, even going so far as to use AI to let someone know what’s not in the document that’s supposed to be there. With that information, it can use AI to make predictions and recommendations based on what it understands.
Squeeze the Machine: Not the Humans
That’s only part of what makes IDP such an exciting new wave of automation that will save companies lots of money. Through its broader adoption, companies will be able to make better use of data, which can be used to inform their processes.
It also beats trying to make people become more efficient to match a company’s growth.
Scale to Success
The first consideration was how to capture data. Now, the race is on to classify documents and extract data quickly and accurately so enterprises can scale as their needs and their customers’ needs grow.
There’s also the savings -- processing a page of complex documents can cost just a fraction of what it did, and that’s money that can go back to customers, as well as profits that can go back into the business. That’ll be more important in the months and years ahead than ever before.