document understanding ai 

Data is growing at a tremendous pace. However, the massive growth also causes a huge problem as 80% of the world’s data is dark i.e. it often lives in an unstructured format inside PDFs, word documents, emails, blogs, etc. and is beyond the reach of traditional database queries. Not anymore. The advent of AI to extract key information from documents offers new and exciting prospects around mining key intelligence out of data. 

Using Vuram’s Document Understanding AI capability, it is possible to automate invoices, purchase order processing, extract key information from application forms, bank statements, passports, licenses and a variety of other documents. Not only that you can ask questions in natural language and systems can now mine the data within the document and provide meaningful responses.

document ai – lifecyle

Upload documents 

Digitize and classify documents as per various categories

Extract Information

Apply validation rules

 

Human-in-the-loop (optional) 

Update backend ERP, CRM or other systems. 

business impact and ROI

 

For most enterprises, extracting information from documents has been a manual operation. Statistics show that on average companies spend 2-3 USD per invoice – which includes all the manual operations such as validating the data, rekeying the information in backend systems, and composing emails – not to mention rework that needs to be done because of manual errors.

For high volume cases, automation can save upto 80% of the operational costs. 

 

key benefits

better accuracy

Humans keying large volume data can lead to fatigue and errors

improved agility

Faster turnaround of documents

improved governance

Enhanced SLAs, process visibility, reporting and audit trail

scalability

Solution scales as the organization grows. No costly training involved.

better insights

Convert mountains of dark data into searchable and actionable insights

Enhanced efficiency

Increased operational efficiency leading to faster decision making

use cases

Document Understanding AI finds application across a diverse range of industries and functions. Here’s a look at a few areas where it can be applied:

  • Invoice and Purchase Order Processing
  • Personal Identification documents such as National IDs, Licenses, Passports, Visa, SSN and more
  • Tax Documents  such as W2, W4, W9 forms
  • Mortgage documents involving Contracts, Lease, 1003, Purchase Contract, Flood Insurance, Mortgage Note, among others.
  • Financial Bank Statements, Checks, Application Forms 

 

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