New Way to Process Forms, Invoices and other Data-Heavy Documents FAST!
Ground Breaking Technology Now Available at Paper Alternative
We’ve been advocating the “paperless office” concept for quite some time, but despite best efforts at eliminating paper, we find that many organizations still struggle with a glut of paper-based information. Combine this paper-based data with native digital data that is scattered across a variety of applications and desktops throughout the business, and most agree it’s a mind-boggling mess.
What if you didn’t have to sort or organize these existing records, but could just go paperless tomorrow?
New document management technology takes advantage of machine learning and artificial intelligence bringing accurate document recognition and classification along with data extraction to even more businesses.
What is Machine Learning?
Machine learning describes a category of AI in which software algorithms learn from large data sets without relying on the more traditional conventions of rules-based development. This allows the computer to explore an exponential number of options before selecting the right answer. For example, the IBM supercomputer, Watson, used self-generated scores in selecting potential answers to rout competitors on the popular game show Jeopardy! in 2011.
Rather than lengthy configuration and setup processes that involve your employees manually importing documents into a forms processing application and telling the system what each document is—or worse, sorting documents by hand and typing the identifying index terms manually—this new technology learns by ingesting documents and develops its own patterns for classification, making it faster from start to…PAPERLESS.
Organizations save time and money by this improved efficiency in implementation. Additionally, this new technology offers dramatically more accurate results than manual entry or older automated entry systems.
How It Works -- AI and Modern Computing
Alan Turing, considered by many to be the father of modern computing, postulated two algorithms for artificial intelligence, both of which underpin modern computing technologies.
The first is called deterministic. A deterministic engine does one task at a time before moving on to the next, meaning that it can evaluate only one possibility at a time. Picture a long hallway with 100 doors. Behind one, there is a prize. A deterministic engine will open one door at a time until it finds the prize. Most automated forms processing software today is driven by deterministic engines.
Non-deterministic software, on the other hand, can process all possibilities at once. So, in our 100 doorway hallway, all of the doors are thrown open at once and the prize is found immediately. Non-deterministic engines are at the heart of today’s AI technologies.
What this Means to Forms Processing
Traditionally automated forms processing has been both expensive and time-consuming to implement, because the software used had to be configured and taught to recognize each specific document or form.
Alternatively, companies who chose to outsource forms processing were forced to use offshore services in order to keep costs down. Many companies learned the perils of offshore outsourcing the hard way, and have since brought their data processing back in-house.
But this new AI technology changes all of the parameters! Companies who prefer to outsource can now do so economically with USA based companies, like Paper Alternative; while companies who prefer to keep their data processing in-house can now do so more efficiently.
How One Injection Mold Manufacturer Benefits from this Technology
Manufacturers purchase many raw materials and receive many invoices…some come via email in digital format, while others arrive as paper invoices via snail mail. This new forms/invoice processing technology completely changed the way one manufacturer processes invoices, bringing these benefits:
- Shortened human processing time from 1 hour per invoice to 15 minutes per invoice.
- Increased accuracy to 90+% on data extraction and classification.
- Enabled growth. Eliminating filing cabinets and increasing efficiency enabled them to redirect some of their human resources to business growth activities rather than business maintenance activities.