Beyond OCR: Intelligent Data Extraction with AI

Delve into how Commercient is using advanced AI technology to surpass traditional OCR methods for data extraction.

Discover the benefits of AI for extracting various types of data, the industries that can benefit from this technology, and what sets Commercient’s approach apart in the market.

Key Takeaways:

  • Traditional OCR technology has limitations, but Commercient uses advanced AI models to extract more than just text from scanned documents, providing highly accurate and fast results.
  • AI technology can extract various types of data from scanned documents, including text, handwritten text, table and form data, and metadata, making it beneficial for industries such as banking, healthcare, legal, and retail.
  • You don’t have to build deep learning computer vision models to extract text, forms, or tables from scanned documents, images, or PDFs; Commercient will take care of the pipeline for you, so you can focus on using the extracted information for downstream business tasks.

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What Industries/Sectors Can Benefit from AI Data Extraction?

Various industries, including banking and finance, healthcare, legal, and retail sectors, can benefit significantly from AI-driven data extraction solutions.

AI technology plays a pivotal role in assisting organizations to automate the extraction process of valuable insights from large sets of data, reducing manual labor and the margin of errors for employees. By incorporating AI, companies can enhance the accuracy, speed, and efficiency of data processing tasks, boosting the overall productivity and effectiveness of their operations.

Some examples are: 

Retail/e-Commerce

Intelligent Data Extraction proves invaluable in the retail/e-commerce sector, automating diverse document-centric processes. It extracts vital information from supplier invoices, packing slips, order forms, and catalogs, streamlining accounts payable, order processing, and catalog management. With its capability to process return authorization forms, furthermore, Commercient also can use advanced Artificial Intelligence models to analyze customer feedback (sentiment analysis) by providing insights into customer sentiments. Furthermore, it aids in the extraction of key terms from supplier agreements, contributing to efficient contract management and integration with Enterprise Resource Planning (ERP) systems. Commercient’s Intelligent Document Extraction significantly improves operational efficiency, reduces manual efforts, enhances accuracy, and integrates seamlessly with ERP systems to provide a comprehensive solution for retail and e-commerce operations.

Manufacturing 

Your company might face the issue of receiving thousands of material specifications from different suppliers every month where each supplier sends their own material specification format and measurements and each specification might appear in any part of the document and not all the specifications are present in every document. Intelligent Data Extraction can be utilized to extract information from material specifications sheets, and equipment maintenance records, including job numbers, service dates, performed tasks, and equipment specifications. Also, it can digitize and extract information from paper-based documents, such as product manuals, safety guidelines, and compliance certificates.

Commercient can leverage the power of AI algorithms to automate the extraction of information from supplier invoices, packing slips, and shipping documents. This data can be integrated into manufacturing ERP systems for efficient materials tracking and inventory management. 

Accounting 

In the accounts payable module of an ERP system, invoices often arrive in various formats, including paper, PDFs, and scanned images. Commercient AI Data Extraction solution helps you to automatically extract relevant information such as vendor details, invoice number, date, line items, quantities, payment method, and amounts from these invoices.

Agriculture 

Farms record harvest yield data on handwritten paper forms. This data is essential for feeding into the ERP system used to manage agricultural operations, track inventory, and optimize future harvests. Manually entering this data from handwritten forms is a time-consuming and error-prone bottleneck for farms. Utilizing advanced AI text retrieval technologies, the relevant data, including details on crop yields, weather conditions, and other parameters, can be automatically extracted with high accuracy.

The extracted data can be seamlessly uploaded directly into your ERP system. This eliminates the need for separate data entry and ensures all harvest information is readily available within the ERP for further analysis, reporting, and planning future growing seasons. 

Apparel

Apparel companies can leverage AI Data Extraction to automate data entry tasks within their ERP systems. Extracting data from supplier documents like style codes, sizes, and quantities can automatically populate purchase orders within the ERP system, in addition, AI algorithms can assist in extracting information such as fabric composition, care instructions, and country of origin from product labels to ensure compliance with industry standards and regulations. It can also be applied to digitize and extract information from paper-based documents related to apparel design, manufacturing, and quality control.

Chemical 

Safety Data Sheets (SDS) are crucial documents containing vital information about hazardous chemicals. However, manually processing and maintaining digital copies of numerous SDS documents can be cumbersome. Scanned copies of SDS documents can be processed by Intelligent Document Extraction, extracting relevant data like chemical names, hazard classifications, handling procedures, and first-aid measures.

Construction

Intelligent Data Extraction (AI-powered OCR) can be a valuable tool for automating data extraction in the construction industry beyond the extraction of data from invoices and receipts. It can process daily work reports, extracting details like work progress, materials used, and safety incidents. Safety inspection reports can be efficiently analyzed with AI-powered OCR, enabling the extraction of crucial data points such as observations, violations, and corrective actions, streamlining compliance efforts. Moreover, material data sheets containing vital information on material properties, handling instructions, and safety precautions can also benefit from Intelligent Document Extraction, facilitating inventory management, regulatory compliance, and documentation tasks. Additionally, is useful for extracting key details from equipment manuals and documentation, including operating procedures, maintenance schedules, and safety precautions, thereby optimizing equipment management, maintenance, and repair processes on construction sites.

Banking and Finance

W-2 forms, mortgage applications, and diverse financial documents hold vital information crucial for tasks such as loan approvals and tax allocations. Commercient’s intelligent document extraction, utilizing advanced AI and Optical Character Recognition (OCR), efficiently manages intricate data extractions from tables and forms, significantly reducing processing time from days to minutes. Implement machine learning to streamline ERP workflows, improving accuracy and efficiency in data integration.

Healthcare

Manually processing patient data from forms (intake, claims, pre-auth) is a bottleneck for healthcare ERP systems. Commercient leverages AI technology to help healthcare companies with the extraction of patient data from health intake forms, insurance claims, pre-authorization forms, and the processing of patient records for seamless integration with healthcare ERPs. Unlike traditional OCR, Commercient’s advanced AI approach keeps the information organized and in its original context, saving time spent on manual review, and enhancing efficiency. This translates to faster data entry and improved workflows within your ERP.

Legal

Legal documents such as contracts, agreements, court documents, and case files hold valuable information crucial for client decision-making. Manually reviewing these documents to extract key details is a time-consuming and error-prone process, costing organizations countless hours.

Commercient offers a solution by leveraging AI data extraction it can help you to process scanned documents, PDFs, or even images, extracting data with high accuracy. Its solution goes beyond simply recognizing letters and words – it can also understand the structure of forms and tables within these documents, extracting the information they contain and enhancing legal research efficiency facilitating a smoother transition from paper-based to digital systems in legal practices.

If you’re in any of these industries, it’s time to unlock the opportunities of AI! Contact us to explore our tailored AI solutions

What Is OCR?

OCR, or Optical Character Recognition, is a technology that enables the identification and extraction of characters, words, and letters from scanned images or documents.

OCR plays a crucial role in digitizing printed or handwritten text, making it accessible for electronic editing and analysis. This transformative technology is widely utilized across various industries.

What Are the Limitations of Traditional OCR?

Digital transformation can be tripped up by traditional methods for handling documents. Traditional attempts at employing Optical Character Recognition (OCR) often fall short, leading to errors and scalability issues. Consequently, organizations frequently resort to manual reviews. Manual extraction of data is time-consuming, expensive, and prone to human error. This repetitive work frustrates employees and limits their ability to offer strategic value.

Most medium-to-large organizations such as financial institutions have huge amounts of unstructured and semi-structured text data stored in documents as free-form text, tables, or forms. Companies are only now beginning to realize the power of using AI for document processing. Commercient employs AI algorithms and technologies, powered by AWS, to provide a comprehensive cross-industry approach, streamlining information extraction and the extraction of information from physical documents, scanned images, and PDFs.

How Does Commercient Use AI Technology to go beyond traditional OCR for Data Extraction?

AI-driven data extraction algorithms have revolutionized the way organizations handle vast amounts of data by automating the process of identifying and extracting relevant information. These algorithms are trained to differentiate between various document structures, understand complex layouts, and accurately capture tabular data, eliminating the need for manual data extraction.

  • One of the key benefits of AI-powered OCR is its ability to streamline data entry processes by converting physical documents into searchable and editable text files, reducing manual data entry errors, and accelerating workflow efficiency.
  • Creating a search index by storing the outputs of Textract document analysis in a key-value store.
  • Mining text from documents for natural language processing (NLP): AI-powered OCR can extract words, lines, and tables that you can subsequently use in NLP-based workflows.
  • Automating data capture from forms: AI-powered OCR can extract information from structured documents such as tax forms or application forms.

Commercient leverages advanced AI and Machine Learning technologies, including Amazon’s Deep Learning Models, to surpass traditional OCR capabilities for enhanced data extraction processes.

By embedding Artificial Intelligence into its solutions, Commercient introduces a robust framework that goes beyond basic OCR functionalities. This integration enables the system to not only extract data accurately but also to comprehend and interpret patterns within the information. Through the power of Machine Learning and Deep Learning, Commercient offers users highly customizable solutions that adapt to specific business needs, ensuring a tailor-made approach to data extraction tasks. 

For instance, Commercient goes beyond mere data extraction by offering additional features such as sentiment analysis on the extracted customer feedback data. This capability allows businesses to gain valuable insights into customer sentiments, providing a deeper understanding of their preferences and feedback. 

What Types of Data Can Be Extracted with AI?

AI technology can extract a wide range of data types, including text, handwritten content, and key-value pairs from documents.

Individual words and sentences.: AI-driven text extraction processes can accurately identify and extract individual words, sentences, paragraphs, and headings from scanned documents.

Handwritten Text: Utilizing advanced algorithms and neural networks, AI technology has revolutionized the way handwritten content is processed. Its ability to decipher and interpret various styles of handwriting provides a valuable resource for data extraction tasks. 

Table and Form Data Extraction: Identifying and extracting data specifically from forms and tables within scanned documents: AI streamlines the extraction of data from forms and tables in scanned documents, enabling precise identification and structured data retrieval. By leveraging advanced algorithms, AI can recognize patterns within tables and forms, making the extraction process highly accurate and efficient.

Metadata: AI can be leveraged to extract metadata such as document titles, dates, and author information if they are present in the document. It can analyze the content of the document and attempt to extract relevant metadata along with the text and structural elements.

Page and Document Structure: AI-powered OCR analyzes the relationships between different elements on the document, such as text blocks, tables, and images. It can also provide geometry information for each detected element, including bounding box coordinates and orientation.

Frequently Asked Questions

What is OCR and how does it differ from Intelligent Data Extraction with AI?

OCR, or Optical Character Recognition, is a technology that extracts text from scanned On the other hand, Intelligent Data Extraction with AI goes beyond simple character recognition and uses advanced AI models to extract not just text, but also handwriting, layout elements, and data from scanned documents.

How does Commercient use AI technology to go beyond OCR?

Commercient utilizes advanced AI models to automatically extract text, handwriting, layout elements, and data from scanned documents. This allows for more accurate and efficient data extraction compared to traditional OCR methods.

Do I need to be an AI expert to take advantage of this technology?

No, Commercient can do all the coding and AI pipeline heavy-lifting for you. 

Can Intelligent Data Extraction with AI be used for all types of documents?

Intelligent Data Extraction powered by AI can effectively process a wide array of document types, including scanned documents, PDFs, and images. It excels in extracting textual content, tables, and forms from structured documents, regardless of whether they are text-based or scanned PDFs. Additionally, it can analyze images containing text and extract both the text itself and its structural elements, such as lines and words. While its primary focus lies on printed text, it can also handle handwritten text, depending on its legibility. However, its performance may fluctuate based on factors such as document quality and text clarity. 

How does Intelligent Data Extraction with AI benefit businesses?

Intelligent Data Extraction with AI can greatly benefit businesses by streamlining data extraction processes, reducing errors, and increasing data accuracy. This allows for more efficient and reliable data management and decision-making within the organization.


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