What Insights Could Be Derived From Extracted Data?
by Amit Jnagal, on July 13, 2017 2:45:00 PM PDT
Our company extracts insights from Receipts, Invoices, and Documents of all kinds by running OCR extraction and then runs that output through Machine Learning algorithms for high accuracy. A by-product of this extraction is the analytics that you can derive from the extracted data. Some of these are truly amazing!
Here's a brief list:
1) Restaurant Receipts:
• You can tell which servers are good at their job by figuring out how many tips they usually get.
• By the same logic, you can also tell which of the servers are not doing a good job.
• You can predict which deserts go with which entrees and what customers like to order on different days of the week.
• The number of entries gives you a fair idea of the size of the party and the number of drinks tells you how many people walked out above legally permitted alcohol volumes.
• You can also tell if a given restaurant is popular for breakfast, lunch, or dinner by using the time on the receipts.
2) Cab Receipts (with start and destinations filled in):
• The day, time, and fare of the cab ride can tell you if the cab driver took an unusually long path to drive someone to their destination.
• With multiple receipts from different cab companies, you can figure out which is the most efficient cab company in a city… or which one is the worst.
3) Corporate Social Network:
• Which employees of which company traveled on the same flight on the same day.
• Employee affinity - which restaurants and hotels do customers of a given company use? What do they order the most from these restaurants?
• Did an employee overpay for a flight ticket?
• Predictive budgeting - how much is a company likely to spend in a given city in a given quarter or year. Perhaps use that to negotiate corporate rates at hotels, etc.
• Predictive Expenses - When a person uploads his first receipt for travel, you can predict what else is he likely to upload and pre-fill his expense report in part. Most business travelers have a fixed pattern to their travel - the places they stay, the cab services they take, and the coffee joints they go to.
1) Professional Services Invoices:
• Gives you an understanding of what region has more demand for what type of service which helps in marketing your business in that particular region and also hiring people based on the industry demand.
• Helps you understand the rise and fall of a particular service within a time and predict what kind of service will hit the market in the future.
2) Consumer Good Invoices:
• Product recommendations to a particular customer based on his pattern of purchases in the past.
• Insights into brand loyalty for customers - which customers love which brands.
• Cross Sell Opportunities - what other products is this customer likely to buy next.
• What region has demand for what product at a particular time of the year and deploys production and manufacturing accordingly?
Contracts and Business Documents:
1) Insurance Documents:
• The time of the day and route in which maximum accidents are reported can be analyzed and this information can be leveraged by other industries to help drivers be cautious.
• The speed of driving which is the safest and the riskiest for a given type of automobile and a certain weather condition.
2) Healthcare Documents:
• The growth rate of a certain type of disease and the age group that is most prone to getting hit.
• The type of drug that is most suited for a certain ailment and the drug that is most prone to causing allergies.
• Health reports can extract information about a patient’s past patterns and predict his future health condition.
Receipts, Invoices, and Documents contain an amazing wealth of information about spending habits, potential frauds, loyalty management, networking opportunities, and operational efficiencies. So do not miss the opportunity of extracting all the valuable insights and use it for growing your business.