In the era of digitization and a strong focus on automation, one of the significant opportunity area for organizations is to manage the vast amount of business relevant documents digitally.
Organizations typically face challenges regarding complex source data, manual & repetitive processes and varying output accuracy in the overall document management processes. The data sources could be structured and unstructured documents such as digital PDFs, scanned PDFs, image PDFs, JPEGs, etc. requiring multiple manual interventions for processing and hence are highly time-consuming. Also, the output accuracy is always varying and is based on human skill and involves quality checks and continuous monitoring. The process of document classification, key-value extraction as well as metadata extraction from these business documents have been traditionally handled manually, and there have been extensive laborious processes involving an enormous amount of human effort.
In the new age digital ecosystem there is scope for organizations to reduce the operation cost through digitizing the entire document and content management process by adopting and implementing upcoming cognitive content solutions and thereby decreasing manual effort.
Organizations across the globe receive thousands of documents every day which require continuous processing. Several different business relevant documents such as account receivable, account payables, invoices, purchase orders, emails, contracts, agreements, claims, etc. are generated every day, which are processed manually and handled by associates across organizations.
Documents related to invoice and purchase order is common to almost all the industries, whereas documents such as contracts and agreements could be found predominantly in the banking sector and claims related documents in the healthcare and insurance provider organizations. With increasing number of different types and formats of documents comes the challenge of efficient processing of the same including classification, entity extraction, storage, retrieval, etc.
Organizations are facing increased demand and need for a centralized cognitive content management solution which not only makes the process streamlined and efficient but also lowers cost of operations by reducing the need for human efforts. Organizations are currently looking for such cognitive content solutions to be highly scalable to handle a large volume of documents with quick deployment turnaround timelines and to be easily reusable across units and departments.
Application across the industry:
One of the primary application for cognitive content automation capabilities can be found in the Banking, Financial Services, and Insurance (BFSI) industry. There are multiple areas in the banking industry where cognitive solutions can help in reducing manual interventions and streamlining the existing operations. Contract digitization, customer onboarding, KYC verification, quote digitization, financial statements analysis, annual report analysis, email & document classification, mortgage & loan processing are some of the example areas which can benefit from cognitive content automation.
Multiple other applicability can be found across industries, for example in Healthcare and Life Sciences (HLS) managing documents related to R&D, regulation including trial master files and processing claim-related documents are some of the key use cases. Similarly, for Manufacturing (MFT) industry the ability to process several product-related documents and for HR Services the ability to process thousands of resumes can also benefit from cognitive content automation.
Processes related to order and invoice management apply to almost all the industries & organizations and can be significantly improved using cognitive content automation to enable a seamless flow of the documents in the order management and fulfillment automation.
New Age Cognitive Solutions:
Organizations today aren’t interested in implementing the standard process digitization and automation solution, they expect more intelligent processing of their documents. There is an increasing need for cognitive solutions which can leverages principles of Artificial Intelligence, Pattern Recognition, Natural Language Processing and Machine learning and can help transform the end to end document driven operations for organizations.
Considering this, we see the following themes as drivers for new-age cognitive document processing solutions:
- Connects and inputs multiple file types from any network drive, emails, enterprise content management platforms etc.
- Perform automated classification, metadata extraction and indexing of the documents
- Ability to handle multi-variant formats or templates of business documents and extract relevant key value pair info from across the document
- Faster processing with minimal manual intervention for exception handling only
- Increased reusability across units and department and scalable to handle large volumes of several different types of business documents
Customer contracts, agreements, correspondence, bank statements, medical records, utility bills etc. can shed light on invaluable insights, which are otherwise imprisoned in the documents stashed in the dark corners of network drives, PDFs, ECM software etc. In this new age digital ecosystem, companies adopting superior cognitive based document automation solutions will be frontrunners in this journey of intelligent digitization.