In various domains like banking & finance, insurance, healthcare, logistics and across the departments like business operations, finance, sales and legal; there is large volume of printed or handwritten documents being processed daily. Manual / semi-automated processing (verification, analysis etc.) of such digital or scanned documents in unstructured, semi-structured and structured formats through folders and emails is a high-touch, monotonous, repetitive and hence error prone task. Few use-cases are processing of financial instruments, trade finance, invoices, receipts, insurance claims & underwriting, itemized bills in healthcare, and so on.
Following challenges are faced by operational teams who process documents in large volumes:
A. Stringent document processing SLAs
B. Likelihood of missing risk identification during manual processing of documents
C. Possible revenue loss or revenue opportunities
D. High rework cost
Digital transformation is crucial to address the challenges associated with process flows involving manual processing of documents. By adopting digital documentation, businesses can significantly streamline document processes. Going digital is necessary but extracting information from all digital documents may need manual interventions. Someone from operations or back-office team must read the documents, verify the information across the documents as per the guidelines and manually feed the data in the information systems. Somebody may think of using OCR however there is a need of more than OCR to get the validated data as OCR alone needs up to 90% manual intervention. Here comes our izDOX AI Platform.
The izDOX is an AI based platform that auto identifies and classifies document types. Then it auto-extracts, auto validates, and processes data from the documents to auto-identify risks from various types of documents. It verifies information across the documents. It handles documents in different formats, languages, and layouts. izDOX AI platform is the cloud native solution and is deployed in IBM cloud with ease. The AI platform integrates with various systems and applications using either API or using Robotic process automation.
izDOX is a game-changer for transaction processing involving documents. It helps reduce risks by auto identifying the discrepancies, reduce time, efforts, manual errors and assists in compliance. It enhances customer experience and satisfaction. It helps to generate revenue and reduce losses. It also helps to gain a competitive edge in the global market.
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Rahul Bhanose
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