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How to Automate Document Data Extraction

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Business documents contain valuable data that need to be extracted and fed into upstream or downstream ERP software.

While companies work on cutting edge technologies and advancements in AI/ML/DL, data extraction from business documents largely remains an inefficient & time-consuming manual process.

Dated technologies like OCR (Optical Character Recognition) work quite well with recognizing structured business documents.

But business documents are very often complex and unstructured – they come in unknown formats and don’t follow any template. Traditional OCR solutions fail miserably in such cases.

What is Intelligent Document Processing ?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Automating Data Extraction from Documents

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Automate Document OCR with Nanonets

Here are some popular automated document OCR use cases:

>> Extract data from Sales Order Acknowledgements
>> Extract data from Requests for Quotation
>> Extract data from Receipts
>> Extract data from Purchase Requisition Forms
>> Extract data from Purchase Orders
>> Extract data from Purchase Order Change Request Forms
>> Extract data from Pro Forma Invoices
>> Extract data from Order Acknowledgements
>> Extract data from Material Requisitions
>> Extract data from Insertion Orders
>> Extract data from Goods Received Notes
>> Extract data from Delivery Receipts
>> Extract data from Credit Notes
>> Extract data from Buyer’s Orders
>> Extract data from Bills
>> Extract data from Artwork Bills of Sale
>> Extract data from Invoices

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  • Source: https://nanonets.com/blog/automated-document-data-extraction/

This Post was originally published on AI & Machine Learning

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