How does our document AI platform help optimise contract management & forms processing?
An Artificial Intelligence (AI) Optical Character Recognition (OCR) data extractor can transform contract management and form processing for businesses. OCR technology reads text from paper documents or digital images, effectively interpreting printed characters. When paired with Artificial Intelligence, this technology can recognise and understand contexts and patterns, making data extraction more precise. Implementing AI OCR technology provides multiple benefits. Firstly, it enhances data accuracy, reducing the risk of manual errors. Secondly, it significantly lessens processing time, improving productivity. Lastly, it facilitates data management as businesses can search, review, and analyse digital data more comfortably.
For example, organisations in the finance & banking industry often deal with complex contracts like loan and credit agreements, insurance policy paperwork, or financial reports. Some of them contain hundreds of pages with crucial information buried within them. Reading and extracting this information manually is a laborious, time-consuming, and error-prone process. By using Affinda's AI-powered OCR data extractor, businesses can automate this process, dramatically improving efficiency and accuracy. Similarly, OCR technology can help in processing forms such as medical claim forms, customer application forms, bills, receipts, and invoices. The technology can scan and interpret these documents, extract the necessary information, and input it into a system for further processing.
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