In a document-heavy and data-driven world, your business relies more than ever on accurate, real-time information to drive business processes efficiently and effectively. The problem: critical information is buried in complex business documents. In this article, we unravel how artificial intelligence (AI)-based technologies, like Intelligent Document Processing enable modern data alchemy that unlocks the hidden potential in your documents and turns them into pure business gold.
The parallels of traditional alchemy to modern data alchemy
You may be wondering what alchemy has to do with AI and data. And to call this “data alchemy” on top of that. According to the legend, alchemists primarily aimed to transform base metals like lead or copper into noble metals like gold. The main focus was to transform base materials into noble materials. We can say the same for artificial intelligence and the role of Intelligent Document Processing (IDP) for data: it is about transforming something “base”, namely unstructured data, into something “noble”, namely key information for business processes.
We can see the traditional alchemy, according to the legend the practice of transforming base metals into gold, as a metaphor for the modern role of AI and IDP for data alchemy. The parallels of traditional alchemy with data alchemy:
- Parallel #1: Instead of refining raw materials like lead and copper and turning them into something valuable like gold, Intelligent Document Processing, powered by AI, extracts knowledge from unstructured data. IDP functions as a “modern alchemist”, so to speak, which transforms complex documents (base materials) into structured data (pure gold as actionable insights) for your business.
- Parallel #2: In traditional alchemy, the transformation process was driven by refining and purifying substances through various techniques. Similarly, AI algorithms use sophisticated methods to extract important information from data. Techniques such as machine learning, deep learning, natural language processing, and computer vision are used to understand the context of the data and to convert the relevant data into structured information.
- Parallel #3: Alchemy had a notable impact on the development of chemistry and how we know it today. Similarly, Artificial Intelligence is revolutionizing numerous business areas right now. Among these, for example, how Intelligent Document Processing can automatically process complex documents. The possibilities of data alchemy are quite revolutionary for companies.
Convert unstructured data into valuable information thanks to Intelligent Document Processing
One problem for your company is, on the one hand, the large volume of documents and data that your employees have to deal with in general. On the other hand, it’s primarily the document variety or formats: semi-structured documents such as invoices and delivery bills and completely unstructured documents such as real estate contracts make efficient processing difficult. However, in order to be able to fully utilize the information required for your business processes, it is precisely this data that is critical to you.
Alas, the era of data alchemy based on AI technologies has arrived. This is exactly where systems like Intelligent Document Processing (IDP) make the difference for your business. Thanks to AI-powered technologies, the system can capture, interpret, and extract data relevant to your business processes. This means that only the data that is important to you is passed on in a structured form to downstream systems and workflows. And you make your decisions based on it. You will find out what kind of data extraction platform you need for this in the following chapter.
The unfolding of the AI-based data extraction platform
The main catalyst for your data alchemy lies in the AI-based data extraction platform. This must be powerful enough to automatically capture and extract information from a wide range of documents such as contracts, invoices and transport orders and deliver it in a structured form.
For true data alchemy, this solution requires outstanding capacity. Because Parashift’s Intelligent Document Processing (IDP) platform specializes solely in data extraction, you get just that: a state-of-the-art solution that meets all your needs:
- Easy and fast integration: Poor compatibility with systems is a red flag. You should be able to integrate a modern IDP solution into your existing system environment without major problems. After all, the solution is meant to improve the end-to-end process and thus should be well compatible with other systems. You can easily integrate Parashift’s IDP platform either via pre-built integrations into your ERP, DMS and workflow solutions or via a REST API into your application landscape.
Benefits: The fast and easy integration not only minimizes headaches noticeably, but also gives you a short time-to-value.
- Out-of-the-box solutions: After the integration you start directly with the data extraction. No tedious template setup and no long training. Parashift IDP is not a template-based extraction platform, so dealing with ever-changing document layouts and formats is at the heart of its capabilities. With hundreds of document types ready to go – industry and language agnostic – you automate immediately after integrating the IDP solution.
Benefits: You automate and accelerate your business processes from day 1, ensuring a rapid ROI.
- No-code approach: If you need to capture and process additional, individual documents in addition to the hundreds of standard document types, this is no problem either. The no-code approach of the Parashift Intelligent Document Processing platform gives you all the advantages of simplicity. In fact, the no-code platform allows you to define individual documents with minimal effort and, most importantly, without the help of IT experts.
Benefits: The ease of use of the IDP solution puts everything at your fingertips. This should not be underestimated, especially for everyday business and the associated costs.
- Global data network: Underlying the Parashift platform is the revolutionary Document Swarm Learning. The “document swarm” is powered by machine learning (ML) algorithms, trained on billions of data points, and continuously learning – from every customer, across industries, and from every document processed. Document types are separated into individual fields, with shared learnings across all documents, customers, and industries for maximum efficiency.
Benefits: All training data and all learnings are aggregated and shared, enabling a global data network and unprecedented out-of-the-box capabilities. This is unique in the IDP industry.
- One single platform for all documents: With Parashift, you get a central AI-based document extraction platform in the cloud for your company, for all your documents. This means you can gradually replace specialized niche solutions.
Benefits: With a centralized platform for data extraction, you not only minimize complexity in your systems, but of course also operating costs.
Parashift has been positioned as a Leader in the industry with its versatile, cloud-native Intelligent Document Processing solution.
Modern data alchemy finally offers your company the opportunity to unlock hidden potential. By leveraging the powerful Intelligent Document Processing solution, you will drive your business processes efficiently and effectively in the future. Talk to one of our experts about your specific requirements. Or book a demo and experience the AI-based data extraction platform for yourself right now.