Artificial intelligence continues to change our world and streamline automated processes with countless business benefits. For example, businesses can now extract data and use Artificial intelligence (AI) technologies for manual processes — from time-saving with accuracy to decreasing costs through automation.
Did you know you can build automated data processing using machine learning technology and cognitive automation? Form Recognizer is cognitive automation that utilizes custom document processing models or prebuilt models for invoices, receipts, IDs, and business cards. The technology can identify and extract key-value pairs and table data from form documents and output structured data that includes the relationships in the original file. The global form recognizer market size is projected to reach $26.31B by 2028, exhibiting a CAGR of 16.7%.
Businesses fall short when automating data extraction from documents using intelligent data capture and optical character recognition (OCR) solutions. Instead, companies need the ability to process data with intelligent document processing (IDP) solution. Doing so accelerates business process automation and combines artificial intelligence (AI) to achieve faster and easier business processes while reducing costs.
Form recognizer tools can either use prebuilt models or custom models. Prebuilt models can identify identification to detect business cards, invoices, receipts, and identity documents. Custom models can be tailored to your business’s specific forms, using a labeling tool to train the custom model to extract critical features and information.
When combined, the power of form recognizer and AI provides cognitive automation instance detection to identify the information on the forms.
Features & Benefits
Form Recognizer is an AI-powered document extraction tool that can extract key-value pairs and table data from documents (PDF, JPG, or PNG).
The main benefits within form recognizer tools are:
- Time efficiency
- Less time to process
- Reduced errors
- Automated workflows improve
- Improve overall accuracy of the process
- Lower processing costs
- Decreased costs have a direct impact on the bottom line
- Automation of human manual processes
- Process documents and data
- Read and compile data pulled from multiple sources and various formats
- Pre-form data verification of documents or source files
- Reconciliation, quality assurance, and quality control
- Transactional processing
- Process transactions that follow structured rules
- Workflow management
- Allow organizations to sequence the order of operations
- Rules & regulation adherence
- Process audit trails that demonstrate adherence to the rules and regulation
Gain greater intelligence!
The cognitive automation within form recognizer can support businesses in optimizing manual processing.
The application can provide an excellent understanding of the data in the documents and read varying format types within several industries. Example industry applications include:
- Checks to capture the account information, the handwritten dollar amount, and the signature.
- Mortgage application which contains numerous documents.
- Payslips are one of the best indicators for disposable income.
- Insurance: Automation of claims processing and decisioning.
- Legal: Legal firms can digitize all their printed documents such as affidavits, judgments, filing, statements, wills.
- Healthcare: Scan reports that contain X-rays, previous diseases, treatments or diagnostics, tests, hospital records, insurance payments, and records.
- Supply chain: Inventory balance, production.
- Tourism: Enable guests to conduct self-check-in by scanning their passport on the hotel website or app.
- Retail: Consumers no longer need to worry about losing vouchers. They can scan serial codes via phones to redeem their vouchers.
- Recruiting: Automate resume screening, employee onboarding, and off boarding.
- Marketing: Pull information from Surveys, Questionnaires.
Considering the information AI and Cognitive automation is purposeful for many widespread businesses and has many benefits from data entry to supply chains. As discovering the possibilities of Cognitive automation are expanding with all the upsides. How can your business streamline and automate processes through AI?
Tim Goebel is the Data & Artificial Intelligence Principal Consultant at SafeNet Consulting. Tim is an engineering leader with a record number of successes in bringing projects from conception through completion to enhance efficacy, control costs, and propel business growth. In early 2021, Tim achieved his Microsoft Certified: Azure AI fundamentals certificate that verified he had demonstrated foundational knowledge of machine learning (ML) and artificial intelligence (AI) concepts and related Microsoft Azure services.