It is an open secret that artificial intelligence has drastically changed the world, and the way we work, capture, and process data is not an exception. Digital technologies are incredibly agile and lead the way as market reality changes. When it comes to workflow optimization, AI-driven automated data capture increases business efficiency by 10. Is intelligent automation really that efficient? Let’s dive in.
Smart Data Capture: What Does It Mean?
Whenever artificial intelligence is deployed, the solution or technology is called whether “smart” or “intelligent”. There are good reasons for that. The use of sophisticated algorithms allows AI to recognize relevant information and analyze it; identify, classify, and validate data; and interact with other components of the IT infrastructure for data transfer or extraction.
Automated data capture harnesses OCR, NLP, ML, and AI technologies to ensure higher productivity, enhanced accuracy, and faster document processing time. As a result, AI-powered automation fuels business growth via optimization of the corporate workflow.
How AI Improves Data Capturing
While traditional data capture means manual data retrieval and entry, which is an error-prone and time-consuming process, automated data capturing minimizes human involvement by encompassing key stages of data processing:
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Identifying relevant data.
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Information evaluation.
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Information/data classification.
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Data retrieval.
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Data analysis and storage.
Automated data capture solutions leverage several technologies:
OCR. AI-enhanced OCR instruments can recognize structured, unstructured, and handwritten documents from various sources and provide unparalleled accuracy and speed of document processing.
NLP. The algorithms of natural language processing understand and retrieve relevant information from unstructured documents (social media publications, emails, feedback messages, etc.) The tool is capable of interpreting information into data-driven insights for further planning.
IDR. Powered by artificial intelligence, intelligent document recognition software can analyze the context from various layouts and formats to extract the required data. The advanced techniques with self-learning capabilities ensure higher accuracy and faster processing speed.
Image and video analysis. AI-based analysis of visual sources further facilitates the accuracy of retrieved data. Additionally, it found its application in data validation, for instance, face recognition for identification.
Intelligent solutions support numerous file formats, carry out deep analysis, and provide real-time reports for informed decision-making.
What Industries Can Benefit from Automatic Data Capture?
By automating data capture, organizations can:
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Improve customer service. Clients become more demanding in terms of order processing and support services, so smart automation addresses most of the challenges of customer relations.
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Gain competitive advantage. Real-time analytics drives informed decision-making. Armed with valuable insights businesses can plan strategically and expand their exposure.
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Enhance productivity. Error-free and fast processing of large data volumes helps to streamline the docflow, allocate human resources wisely, save valuable time, and increase revenue.
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Cut costs. Larger data volumes can be processed quickly, while minimized human intervention allows high-value staff to focus on strategic tasks.
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Meet industry-specific compliance requirements. Built-in security instruments ensure full compliance with existing regulations.
Additionally, companies benefit from scalability and flexibility, streamlined workflow, and data-driven business insights. The overall corporate agility increases and allows companies to quickly adapt to new market and customer demands. Adaptive development is the key to staying ahead of the competition.
Finance and banking sector. Financial operations include huge volumes of paperwork at every stage, be it opening/closing accounts, loan applications, invoice processing, or fraud detection. Automation of docflow allows financial institutions to notably improve client experiences and accelerate the processing time.
Logistics and transportation. Automated data capture optimizes contract management and shipment handling — the streamlined workflow minimizes the risk of untimely payments or deliveries.
E-commerce. Automation of key business processes improves and accelerates inventory and supply chain management and improves customer service. Data-based analytics allows companies to personalize customer experience, optimize marketing and sales campaigns, and boost productivity.
Healthcare. AI-driven automated document processing streamlines the management of patient records, bills, and invoice processing. As a result, healthcare organizations save valuable time for employees and improve patient experience.
How to Select an Automated Data Capture Solution?
While some companies use automation to improve customer experience, AI-powered solutions can streamline various workflow processes and result in higher revenue regardless of the scale of the enterprise.
Opt for an end-to-end solution that connects, automates, and optimizes the constituent elements of the workflow.
To make the right choice and outperform the competition, consider these three components:
1. Smart data capture. Cognitive and self-learning capabilities drive accuracy and make the system intelligent.
2. Flexible platform. Opt for a platform-based solution with an extensive range of features and capabilities. Scalability, flexibility, and ease of use should be the key factors determining the decision after the required feature set.
3. Seamless integration. This parameter is of paramount importance for companies with a branching IT infrastructure consisting of multiple systems and applications. Make sure that the chosen solution can be integrated into the existing ecosystem so that the captured data can be sent to relevant apps in the right format.
5 Reasons the Graip.AI Platform Is the Right Choice for Your Business
In the fast-evolving world, template-based models aren’t really efficient. As documents and information formats continually change, to run a successful business you need to implement adaptive technologies. Template-free smart solutions from Graip.AI leverage the most advanced algorithms to keep pace with the ever-changing business landscape.
Graip.AI platform is the right choice because:
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Always up-to-date.
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Easy to set up and use.
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Customizable and scalable.
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Seamless integration with a wide array of third-party apps and systems.
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Ongoing customer support.
Graip.AI pros will guide you all the way through the development and implementation of a tailored automation solution and help your team to tame the technology and boost operational performance.
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