Document-based information is useful for any business process. In today’s times, businesses have to deal with the plethora of documents across various business units and to maintain and manage those documents, organizations spend huge amount of money and manpower which increases the overall cost and sometimes also result in unwanted errors.
Processing the documents and extracting the correct information is still an uphill task for several businesses because of the type of data that has to be processed by humans. This is where Artificial Intelligence (AI) comes into the picture. The AI-enabled solutions can easily extract and process the data in multiple formats while ensuring accuracy. According to a study, by 2025, about 50 per cent of the business invoices worldwide will be processed and paid with any human intervention.
Several technologies of AI like Machine Learning, NLP Datasets. etc are game-changer and are transforming the business processes.
Data extraction comes under Data processing services. It is a process in which useful information is extracted from the documents available in different formats like word documents, JPEG, PDFs and others.
There are several types of documents from where the data can be extracted.
1- Financial documents include a bank statement, bills, invoices.
2- Educational documents: mark sheets, degrees etc
3- Customer Acquisition Forms
4- Loan and Mortgage forms
5- Income proofs and among others
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Advantages of having data processing services
- Multiple formats can be used such as PDF, XML, HTML,Word file etc.
2. It increases employee productivity and minimizes the unwanted error.
3. It will be cost-effective to the businesses and the information can be easily shared and stored.
4. Errors can easily be detected and rectified.
There are several other benefits that a business can have after implementing the proper data processing services which include data classification, Image sorting or filtering, document processing etc.
Data extraction using bounding box annotation method
Bounding box annotation method is widely being used these days in processing large amount of textual data to save time. Extracting any data from the given image can be easily done with this technique. Data extraction can be done to the documents such as credit card, bank statements, invoices, receipts, government issued IDs, passports, customer acquisition forms, mortgage applications, and other documents.
Document image processing
In image processing, the image is converted into a digital form so that useful pieces of information can be extracted from it. In the image processing, the picture is treated as two-dimensional signals while applying set signal processing methods to them. Using the bounding box technique the information such as company name, invoice number, date, amount etc. is extracted under resepctive
Document Image processing can be classified into three steps:
- Importing the image through an Optical Scanner Camera (OCR) or photography.
- The image has multiple components like data compression, image enhancement and spotting patterns are analyzed.
- The last stage of this process is output where the results can be altered.
In Document Image Processing also, the Bounding Boxes method is widely used to extract any information from the target objects. Interestingly, Image Processing can also be used in X-Ray enhancement, hurdle detection, license plate detection, face recognition etc. So, Image processing plus computer vision together is increasingly replacing human eye with accuracy.
Where to get the best services
Extraction of useful information through documents is a crucial task and require specialization. If you are looking for quality partners in the market then Cogito is a leading document processing company. Cogito can annotate the important information to make it recognizable for machine learning projects in a highly secured and confidential environment as it is certified with SOC2 Type 2 and follows the GDPR and CCPA controlled data security standards. Apart from this, Document Image Processing can also be done while maintaining high standards.