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Organizations today have to constantly reinvent themselves to stay ahead of their competition. They have realized that this will be hard if their employees are focused towards mundane repetitive tasks. Thus there is a need to optimize redundant processes and increase the focus on innovation.
This is where, ValueLabs’ solution, the Cognitive Extractor or CE comes in. It can extract data from unstructured documents like scanned PDFs, spreadsheets and images and output the data in a desired structured format.
It can take the input documents from different locations like an FTP, file storage, service output or even read the attachments from an email. The Cognitive Extractor then reads the documents, converts the documents into free text and extracts relevant entities from the documents.
When working with legal documents, CE can abstract key dates, compliance checkpoints, rate revision dates, payment milestones etc. helping users keep track of such easily overlooked / untracked information. It can also work on more substantive clauses such as termination right, liability caps, force majeure, non-compete, exclusivity etc., an analysis of which helps in business decision making. It can also identify and redact PII like SSN, Credit Card Number, Address, Passport Details etc. from documents before processing and circulation to a wider audience when needed, thereby enabling information security.
If we were dealing with an Invoice with fields like invoice number, invoice date etc., the application can extract the required fields including buyer and seller’s name, buyer’s address and different prices.
In the same way, from medical reports, CE can extract information on the diagnosis, symptoms, prescriptions etc. Subjective information like notes of a patient taken down by the supervising doctor, the effect of the illness on the patient’s life or psychological effects can also be extracted.
All the data is extracted and output delivered in the desired structured format. This output can be consumed by a service or picked up by an RPA bot for further input into databases or other internal and external systems for end-to-end automation of manual entry and review processes.
On top of this, CE takes continuous feedback to learn and improve accuracy.
CE is not limited to any particular industry. It has been trained on vast data sets to work for documents pertaining to the legal, finance, healthcare, HR spaces, etc. It can easily be configured to work for any custom use case. By simplifying day to day information flows, it not only increases efficiency but also, eliminates any human error. This further allows employees to work on more productive and stimulating tasks.
Cognitive Extractor is just one small example of how organizations can optimize their workforce and take a step towards being future-ready.
Do you think CE can help your business?
We would like to know more!