Documents are (for most) a love-hate relationship: on the one hand, the company’s most important foundation for virtually every workflow and driver of all business areas, but on the other hand, often the company’s biggest obstacle due to slow capture and processing and bad for uninterrupted workflows.
Instead of being able to derive real value from the documents, they often limit the business processes more than they can be used for
It’s not news that this makes for cumbersome scenarios across industries. Of course, documents differ from industry to industry and from company to company. What remains predominantly the same, however, is the initial situation that first leads to this problem and then very quickly to major bottlenecks: A high degree of manual capture and processing rather than a high degree of automated processes. Why? Because of complex and unstructured documents. The good news? This problem is solved with the Parashift Platform.
Individual data, similar challenges and solution requirements
Different industries, similar challenges
What makes the challenge a cross-industry issue is the handling of document receipt and capture. The usual difficulties come not only with the large number of documents to be processed, but mainly in the high variation and forms of the document types themselves. This makes everything x times more complicated at one go and impossible for most systems to capture these documents decently. Which leaves only that, which makes documents a love-hate relationship: The manual input and capture of these documents by employees. Across various industries, this results in numerous examples of use cases, including but not limited to the following:
- Banking: KYC process, loan and mortgage applications
- Healthcare: Medical prescriptions
- Insurance: claims reporting
- Transportation and logistics: goods accompanying documents (AWB)
- Manufacturing and construction: goods certificates
- Real estate: Incoming mail processing
- Retail and wholesale: import and export declarations
- Energy: energy invoices
- HR: onboarding process
- Public sector: ballot processing, apprenticeship contracts
- Accounting: complete procure to pay process
All of these use case examples share the difficulty of semi-structured or completely unstructured documents, some with additional handwritten additions and forms.
Smart automation requires smart document capture and extraction
How to turn your documents into real added value
In order to create significant business value from unstructured documents, a different approach is required right from the start. Intelligent handling. This is exactly what the Parashift Platform brings to the table. Thanks to advanced Artificial Intelligence and sophisticated machine learning-based OCR (Optical Character Recognition), the challenges are no longer obstacles. The intelligent machine learning-based OCR takes on all the complexity from a wide variety of documents. Here’s how Parashift’s AI-based extraction platform works at a glance and in a simplified way:
- All documents go in (structured, semi-structured, or unstructured) and get a quality boost
- Document and page separation follows (batch processing)
- Documents are classified by document type
- All relevant data is automatically extracted from the documents
- (Optional) validation of the extraction data by Parashift
- Data is output in structured form for further processing and automated workflows
Continuous improvements are achieved across the entire document base thanks to advanced and sophisticated machine learning-based OCR technology.
Accurate and actionable data streams – everything the forward-thinking enterprise strives for
Both monetary and non-monetary benefits for businesses
Integrating Parashift’s automated document capture and processing platform brings some fundamental benefits, in both monetary and non-monetary forms, to businesses:
- Continuous workflows
- Significantly higher straight-through processing (STP)
- Process optimization, reduction of overall costs
- Increased customer satisfaction, higher flexibility
- Massive reduction in errors due to elimination of manual entries
- All documents and information can be found quickly through automatic indexing
- Compliance with legal requirements through transparent business processes
- and many more
The course is clear: The better the work is done right at the beginning during document receipt and capture, the easier all downstream process steps will be, the more continuous workflows will be possible, and the more companies will benefit from the large amount of data available. It is precisely in these essential first steps that the Parashift Platform takes over and transforms your documents into meaningful business assets.
