Infrrd AI Enabled Intelligent Document Processing for Complex Documents

OCR Engine While conventional  OCR engine  is considered as a mainstay platform and might seem like the end-all, be-all solution for capturing data. It can be frustrating at times when the data is misread or not even be read. Inputting a document into an OCR doesn’t mean that it will actually output something without a hitch- forcing knowledge workers to manually work. Originally published at  infrrd.ai

Why waste time and resources on tasks that can be automated with technology? Infrrd’s IDC is a single platform that meets all the organizational needs of data capture from structured and unstructured sources to achieve  business process automation  to increase productivity and reduce costs. Intelligent Capture for Accounts Payable Get a   free demo   to know more Intelligent Data Capture technology

When introduced,  Optical Character Recognition software  was considered to be a boon for businesses. Instead of manually transferring data from records, one could now simply extract data from them. Later they can enter it automatically into in-house systems. We can save hours of manual labor but there remains a caveat. Errors introduced during the extraction process remain in your system. Before we recognize and fix the errors it can stall the work for many hours. OCR scanners are prone to fail when one tries to extract data from old documents. Either the fading of the print or the lack of contrast can lead the software to incorrect recognition of patterns. Additionally, most online  OCR software  is designed to work with English as a language. But not everybody uses English as their first language. If you travel to Europe, the script remains the same but the language differs. A smart engine OCR should be able to pick up this difference in language and adapt its  data extraction 

The reality is that Banks exchange a lot of information with other companies that they have no control over. They get annual reports from customers, they need to validate payslips for processing loans and there is no global standard for that. A lot of time they need to process collateral documents which comes in thousands of variations from a growing list of hundreds of providers. This can be possibly due to the unprecedented challenges faced by banks: from in-branch applications for accounts to cheques, loans, monthly statements, and other services, much of their daily activities remains mired in paper and manual processes. Also, Most banks have switched to online applications where they control the entry of the data. The challenge is for the documents that come from other companies that they do not control But, what’s the problem with papers? In today’s fast-paced consumer culture, delays become a liability to any industry that provides customer service. Cheques and forms have