Intelligent Document Processing: Do more with EnateAI
Back in July, we launched EnateAI: 5 ready-to-use features to help businesses maximize efficiency in operations management. The first iteration focused primarily on email management, enabling businesses to automatically email triage, extract data, perform sentiment analysis and automate queries. Now, we’re expanding what EnateAI can do with the inclusion of Intelligent Document Processing.
Intelligent Document Processing refers to taking electronic or scanned documents and categorizing them and extracting data from them automatically. The types of documents could be PDFs, word docs and drawings. In traditional manual work environments, employees could spend anywhere between 2-5 minutes reading and extracting the relevant data needed. IDP greatly reduces this time to around 30 seconds per page. When dealing with large volumes of data, this is a significant time reduction.
Some examples of where Intelligent Document Processing can be implemented in large service operations include:
- Invoice processing
- Customer onboarding
- Purchase order forms
- Contract management
Benefits of Intelligent Document Processing (IDP) within EnateAI
Handling documents manually is a slow process and one that is prone to human error. The mountain of data entry involved with managing large volumes of invoices, contracts, or forms takes up time and resources that could be better spent on higher-value work. To compound the issue, document processing often involves multiple different systems and personnel, making the whole procedure fragmented and laborious.
Among the most prevalent of recent automation technologies, IDP solves the widespread problem of inefficient document management. All the aforementioned kinds of documents – as well as many others – can be handled more expeditiously and accurately by using IDP to scan, categorize, extract, and validate information from documents. By incorporating IDP into EnateAI, businesses can enjoy the maximum benefits it offers as part of a seamless end-to-end workflow.
How it works
Our IDP feature is powered by Microsoft Azure and delivers a complete loop so that all the document processing stages are handled in one place. Here’s a quick overview of the procedure.
- Enate AI scans the document and the data you request is extracted.
- A confidence score is issued based on the certainty of the extracted data.
- If the confidence score is below the threshold, it’s passed to a validation station for a human to verify and correct any discrepancies.
This allows businesses to manage large volumes of information in a far more efficient way, while keeping a human in the loop to oversee any potential problems or inaccuracies.
What makes EnateAI unique?
The amount of time and money required to train and test an AI model is significant. By deploying EnateAI within our platform, it removes the need for complex MLOPs. If you already have Enate, you will be able to automatically switch EnateAI ‘on’ inside our marketplace and gain access to 6 ready-to-use features, from intelligent document processing to sentiment analysis and email triage. Businesses that have an Azure license can use their Azure credits. Or, you can use your Enate credits via the in-platform marketplace to get the ball rolling.
What else can EnateAI do?
EnateAI is designed to help businesses maximize AI in operations. It’s in-built within the existing Enate platform and has the capability to automatically categorize emails, extract data, auto-populate forms, perform sentiment analysis, understand foreign languages and automate queries such as ‘Is this email just a thank you’? With EnateAI, businesses remove the complexity and cost of paying for third-party AI vendors and training machine learning models.
Save time with IDP
To understand the time saving benefit of IDP, let’s take a look at an example. If a business processes 1,000 invoices a month and it usually takes 3 minutes to manually scan and extract data from each one, it would take that business 50 hours to process those invoices. With Intelligent Document Processing, the time to scan and extract data is cut to 30 seconds, and so the time it takes in total would be 8 hours. This is a saving of 42 hours.
We spoke to a popular bank who invested hundreds of thousands of pounds and a significant amount of time trying to integrate two different systems to handle IDP. The bank’s objective was to extract data from documents which would then be handled by a robot – and this necessitated that both systems work together seamlessly. The difficulties that the bank encountered in this process were overcome when they used the orchestration capabilities of Enate’s platform to run everything in one place. Disjointed systems and processes were streamlined into one single workflow. This is the benefit of using Enate and EnateAI to orchestrate processes rather than relying upon a standalone provider – unmatched efficiency and productivity.
Do more with EnateAI
Intelligent Document Processing (IDP) is now available to all Enate customers via our in-platform marketplace.
AI in Operations
Operational Soup is a term we use when work is being carried out, but businesses have little idea how much, by whom or exactly how it is processed.
Start orchestration in departments with strong use-cases to deliver value quickly. Often, good examples can be found in back/middle office process areas that have high variation and complexity such as finance or HR operations. Recent intelligence sourced through process mining suggests 80%+ of the work performed in a shared services organization is not performed in the ERP systems, but rather in Excel or Outlook. This is where Orchestration thrives.
Having orchestration implemented across our departments can be likened to having x-ray vision into your operations.
Global Head of Operations at TMF
Almost half of banking and investment CIOs (49%) and insurance CIOs (44%) indicated that they will increase their automation investments in 2021.
Source: Gartner, 2021