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Digitization Of Financial Records Using IBM Datacap Accelerator

By Sunanda Rao posted Wed September 29, 2021 05:54 AM

  

Over the period, automation has been preferred by most industries for digitalizing their processes. It not only saves time but also improves the efficiency and productivity. In today’s world, most of the industries have the processes automated to reduce the manual errors that could occur during the process.

Much like automation in any industry, it’s adapted even in financial industry to fasten the financial processes maintaining the over-all efficiency.

In this context, one of our finance clients wanted to digitalize their process to reduce the human intervention and simplify the over-all process. Most of the financial processes are document driven. When we consider financial documents, they have different formats. Each of these formats have several variations. It could be variations in terms of the position of the field, or even the structure, to name a few.
When dealing with significant numbers of variations in the financial records, it becomes extremely difficult to capture the data using a template-based approach. Hence, to capture all the variations in the documents / records, Datacap Accelerator was chosen which uses machine learning technique to understand the variations in the document.

The intelligent document capture solution, Datacap Accelerator, uses supervised machine learning to classify the document into defined document types, here - it’s a financial document, allows extraction of data from the document based on the fields added under each of the document types. It is also capable of handling variety of document types like the commercial invoice, bill of lading etc with different formats and variations. This is one of the key features of Datacap Accelerator.

Use of the machine learning technique, helps to cover all the ways the records handle the relationship between the keys and the values, thereby ensuring enhanced extraction of data from an unstructured document.

To learn more on the Datacap features, do check this link.





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