In a world drowning in data, much of the valuable knowledge is still locked away in the confines of documents. Historically, we stored vast amounts of paper documents in filling cabinets. Their physical presence a constant reminder of the volume of data. Now the documents are digitized on shared drives, legacy systems, email, and file-sharing services (to name of few), it makes it difficult to extract, analyze, and derive meaningful insights. This poses a challenge for businesses, researchers, and individuals eager to harness the power of their information.
Data Locked in Documents
In today’s digital age, we generate and consume an enormous amount of data daily. However, a significant portion of this data is encapsulated in documents, making it difficult to extract, analyze, and derive meaningful insights. This poses a challenge for businesses, researchers, and individuals eager to harness the power of their information.
Verifying with the Source of Truth
Although databases may store, present and share database about a business process, in many cases, the associated documents are still the source of truth. It is important that the two sources are kept in synch to make sure that any business decision that are made using the database are valid. Examples of this are:
- Comparing loan documents with the Data Tape (typically a Microsoft Excel spreadsheet) that is used to summarize and present loan data.
- Comparing application form data with original documents as part of an account initiation process (Bank Account, Credit Card Account etc.).
- Comparing insurance form information against account data to confirm identity.
Why Unlock Data?
- Accessibility: Unlocking data from documents enhances accessibility, allowing for seamless sharing and collaboration. Information becomes a dynamic resource that can be easily accessed, and shared across diverse platforms.
- Analytics: Data analytics is the key to informed decision-making. Liberating data from documents enables powerful analytical tools to process, interpret, and derive valuable insights, fostering innovation and efficiency.
- Automation: Unlocking data is a stepping stone towards automation. Whether it’s automating routine tasks or implementing machine learning algorithms, liberated data is the fuel that powers intelligent automation.
- Artificial Intelligence (AI): AI needs data to underpin leaning models. Providing formatted and validated data can significantly the performance if AI algorithms.
- Verification: Verify data against the documents which provide the legal source.
Document Verification as a Service
DocuNECT’s OnDemand document verification platform extracts data from documents as a service which allows you to reduce the implementation time and cost. Our cloud solution already has models based on different types of documents, such as Accounts Payable (Invoices, Purchase Orders), Loan Documents, and Medical Billing. If the documents are of poor quality, our quality team can review the data to make sure you receive accurate information. Receive the data back in a number of different formats to suite your needs, or we can call cloud-based APIs to write the data directly to different systems. Alternatively, you can use our API to upload documents, and download extracted/formatted data directly into your internal systems.
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