Industry tag: PROCESSING
Note: We take customer confidentiality very seriously. Our customer kindly asked us not to be named in this case study, but approved the content below.
Automated Accounting
Processing financial forms is costly and time consuming. It requires the mobilization of a manual extraction team and slows down customer service and delivery. Furthermore, processing financial paperwork rapidly with old procedures is prone to errors and can result in major issues.
Idea
Our client’s machine learning-powered solution aims to streamline document processing, reduce errors, improve efficiency, and provide valuable insights through Intelligent Process Automation.
Pain / Challenges
Most of the data is unstructured and the OCR algorithm recognizes data from scanned documents fall below an acceptable threshold. It is nearly impossible to achieve at least 80 percent-90 percent automation for OCR on scanned documents.
Solution: Smart Data for Automated Financial Documents Processing
Our work consisted of giving the cognitive technology the capacity to process autonomously and intelligently critical insights in financial documents. Through a large volume of financial documents, the financial software AI was trained to improve image quality prior to processing, and then identify key data: price, date, type, category…
Results
More insights in spending behavior, through bank transactions classification and receipt and invoice data reading
35% Decrease in manual document processing costs, by combining automation with redesigned operational processes
99% Accuracy rate
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