Co-authored by: Wishrant Mukesh Tuli
A deluge of unstructured data presents a complex challenge for enterprises to uncover underlying business value. While it is usually lauded as the next fuel, on its own, data has no power. The exhilarating industry-wide rise in digital transformations have increased the IoT numbers and accelerated data generation. But, that would only fill data centers and elevate expenditures rather than bring success; until businesses decide to use them.
The good news is that big data analytics and artificial intelligence (AI)-enabled software are pervading into the corporate realm, taking individual forms that address common, critical business problems. A McKinsey survey confirms this: over half of the companies across industries have embedded artificial intelligence in at least one business function. But is that enough? Is it right to leverage the pools of potentially valuable data to optimize just a few business processes? The debacle will now lead us back to the data issues.
It’s therefore time to take control of your limitless generation of business data. No matter the form, size, or shape. Images, videos, documents, invoices, checks, KYC, and many more continue to pile up in storages of different departments. To leverage the data for success, businesses will need to break away from the traditional siloed processes and rethink their operational models.
Breaking down the roadblocks on the path
The enormity of data processing and physical documents may be intimidating, but a few steps in the correct direction can resolve the challenges. Whichever industry the business is in, you will need to first smartly digitize and manage all the information from all the different sources. Businesses will have to extract relevant information from the documents to define or correct the course of their future roadmap.
While digitalizing documents, it is necessary to remove or at least reduce any future use of paper. The rising customer expectations for streamlined business processes have also raised the demand for digitized applications and services. Hence, existing paper-based processes must be digitized. Plus, data from all sources must be collated into a single platform, removing all silos.
The main objective for digitalization for many businesses is to enhance customers’ experiences. To ensure that they can use the services seamlessly and without hassles, businesses must adopt an enriched platform. One that also helps in managing the in-house ecosystem or back office, reducing manual hours on repetitive and tedious activities, and effectively managing resources. Resolving all these issues enable the business to optimize its operations and pave the road for maximized success.
Businesses need an intelligent solution that can automatically extract data from different types of structured and unstructured documents, images, and invoices, among others. Also simplify the complex process of analyzing the relevant information from the raw data. Here’s where HCL’s award-winning EXACTOTM is an ideal tool.
Paving the path for AI-led automation
HCL’s EXACTOTM is an intelligent ready-to-deploy AI solution which reduces a business’ dependency on paper. It has been designed to remove reliance on manual efforts and eliminate entry of inaccurate data, thereby revolutionizing business operations. EXACTOTM uses the state-of-the-art AI models, coupled with machine learning (ML) algorithms to extract the meaningful data from varied types of documents (both typed and handwritten), invoices, and images. The AI model uses three key steps: Process, Interpret, and Extract.
EXACTOTM can perform a variety of functions. For example, using image processing, it can fix geometric distortions on a given input image, remove noise, and sharpen the image temperature. For typed and handwritten documents, the solution uses an intelligent ‘Typed and Handwriting Text Recognition” technique, which can extract text from the heterogeneous font sizes and style, and can automatically adapt itself to the layout and structure.
EXACTOTM has been developed with regard to the global business operations. It comes with a multi-language detection feature, which supports documents’ processing with multiple languages. Its deep learning and natural language processing (NLP) helps to extract local/regional characters with high accuracy. This also enables document classification in terms of geographies etc. Businesses will be able to use semantic search and sort the fields from the stream of data extraction.
Improving processes with AI-powered document intelligence
EXACTOTM has a proven record of delivering tangible benefits, since its launch. Enterprises using this AI/ML platform for documents and data processing have achieved successful outcomes, such as automation of complex and repetitive business processes, improved business decision-making based on the extracted data, and optimized efforts to process the data.
The improved data accuracy has enabled businesses to increase their market target and strategy decisions, based on the extracted information. Of course, use of paper has significantly reduced. Many enterprises have gone paperless after using EXACTOTM. In the long run, the AI/ML engine continuously improves itself by leveraging regular feedback, thereby further improving the model’s accuracy.
Thanks to the ongoing positive results of EXACTOTM, it has been recognized with multiple recognitions, such as the Star Performer in Everest Group’s Intelligent Document Processing (IDP) –Products PEAK Matrix® Assessment 2021 and a Leader in IDC MarketScape Worldwide Artificial Intelligence Services, May 2021, IDC Doc#US46741921 among others.
Ultimately, data is the driving factor for all business decisions, given they decipher it in the right time or near-real-time. With the adoption of artificial intelligence and machine learning algorithms, organizations can derive value from the data and enable smart business decisions through intelligence and big data analytics. Those who choose to ignore it, may fail to reap their benefits. After all, competition drives companies to adopt the best practices and succeed in the market.