Introduction

No one is fond of sitting amidst piles of handwritten forms, documents, receipts, emails, scanned copies, and paper bills, hunting for a single piece of information. Ironically, among all these enterprise content innovations, this challenge persists. In fact, IDC predicted that in 2025, 80% of the worldwide data would be unstructured, and unfortunately, their predictions turned out to be today’s reality.

However, businesses can mitigate this catastrophe by adopting Intelligent Data Capture (IDC), the top solution for refining and optimising unstructured and structured data.

This blog sheds light on Intelligent Data Capture (IDC), encompassing its features, applications, and business advantages.

Intelligent Data Capture (IDC): A Synopsis

This process leverages advanced tools and technologies to identify, capture, extract, and deliver data in any form—structured, unstructured, and semi-structured. It segregates data from different sources, understands the contexts, and converts unstructured data (free-text fields, images, videos, scanned documents, PDFs, handwritten forms, scanned documents, and emails) to accessible, structured data.

By inculcating IDC into content administration systems like Content Management Systems (CMS) or Enterprise Content Management (ECM) systems, businesses can digitalise, automate and streamline the content administration processes from capturing to utilising data.

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Features of Intelligent Data Capture

Automation of Data Extraction

Once resources are introduced to IDC, the automated data extraction process begins, encompassing everything from text identification to the delivery of verified data. The unstructured and structured data from different repositories are recognised, and converted into refined machine-readable data and then undergo authentication to offer the right data on the request. Without manual error and intervention, IDC streamlines data extraction, leveraging Natural Language Processing (NLP), pattern recognition, and machine learning-based document classification.

Optical Character Recognition (OCR)

OCR is an integral part of the IDC as it initiates the data collection process by identifying the text from unstructured data such as images, scanned documents, and PDFs. It extracts such data using image processing technology, pattern matching, and deep learning models leveraging AI and machine learning. The ultimate goal of this process is to convert the raw data into editable and searchable data (machine-readable text).

Intelligent Character Recognition (ICR)

ICR is an advanced technology that recognises handwritten characters in texts, like forms, scanned texts, receipts, and so forth. Its trained, sophisticated machine learning models enhance its ability to recognise both cursive handwriting and machine-printed cursive texts. ML algorithms refine ICR’s accuracy by validating recognised texts against dictionaries or using context-based rules to correct errors.

Optical Mark Recognition (OMR)

OMR implies its name, as it recognises marks (checks, dots, arrows, etc.) on a paper form or document. Usually, bubbles, checkboxes, or other predefined symbols are categorised into binary formats, such as black-and-white, using a thresholding algorithm. Then, it recognises the geometric pattern by identifying the locations of the marks on the forms. If the marks are misplaced or unclear, postprocessing rules or human validation steps are implemented to minimise errors.

Barcode Recognition

Intelligent data capture also involves barcode detecting and decoding from images and documents. Through edge detection, contrast enhancement, and decoding algorithms, different types of barcodes (1D, 2D, QR codes, etc.) are recognised for data extraction.

Data Validation & Verification

After extracting data, this smart data capture further validates and verifies the collected data using validation rules, reference databases, and error-checking algorithms to ensure its accuracy, completeness, and consistency. The data is initially verified under rule-based validation, where IDC ensures that the extracted data are aligned with predefined rules.

Then, the format and dates of the extracted data are reviewed to make sure they are consistent. Next, the data is compared to other datasets or databases to test its authenticity. Some systems use supervised learning to train models on labeled data to automatically detect anomalies and verify their quality.

Application of Intelligent Data Capture

Invoice and Receipt Processing

Intelligent Data Capture Solution speeds up the accounts payable process by identifying and extracting exact data from scanned receipts (handwritten and printed), as well as invoices. It structures the unstructured data and derives data like vendor information, amounts, taxes, dates, and invoice numbers. Further, it categorises the expenses, validates the data, and processes payments or approvals, ultimately avoiding manual and expensive errors.

Industries: This automation can be game-changing in industries as follows:

Retail
Finance
Banking
Accounting

Contract Management

IDC facilitates the extraction of the contract’s details, like dates, clauses, parties involved, payment terms, and personal information, leveraging OCR and ML capabilities. The system can also flag contracts that need attention, such as expiring agreements or clauses that don’t comply with company standards. Through this infrastructure, the users can request any contract details and receive them without searching the large database of contracts.

Industries: IDC systems are applicable across all industries for contract management; however, sectors such as legal, real estate, and healthcare, which handle contracts on a daily basis, particularly benefit from the implementation of such systems.

Customer Service Automation

Customer data is the paramount resource of the customer service sector. Customer care agents need access to customers as quickly as possible to avoid any lags or gaps while answering queries, rectifying errors, or tracking orders. This is where IDC steps in. It extracts information from forms, queries, surveys, complaints, orders, and product/service requests. Then, we will proceed to provide real-time data for agents to do further tasks. It also automates customer documentation, customer queries, and ticket raising.

Industries: E-commerce, telecommunications, logistics, banking, and finance are the major industries that can benefit from IDC due to the constant and instant need for customer information.

Medical Records Management

Data from medical records, such as medical bills, diagnoses/procedure reports, prescriptions, etc., of patients can be recognised, collected, and streamlined through IDC. IDC can integrate with Electronic Health Record (EHR) and ensure adherence to compliance for secure and efficient performance. Ultimately, it helps collect, administer, and streamline medical data, ensuring accurate and efficient data management.

Industries: Healthcare, pharmaceuticals, and insurance industries require their customers’ medical histories to assist them. IDC simplifies its tasks by providing live data and updates.

Tax Compliance

IDC has streamlined the important process of tax compliance by automatically extracting tax information, such as VAT, sales tax, and other relevant tax data, from receipts and invoices. It enhances timely tax reporting, filing taxes, and accurate tax percentages while automating this process directly with government systems, reducing manual tax preparation. This reduces errors, legal consequences of tax evasion, and tax filing time.

Industries: All industries are advised to implement this automated data extraction to evade any mistakes that occur in taxation.

Employee Onboarding to Offboarding

From onboarding to offboarding employees, IDC’s AI-powered data capture drives and maintains employee information from employee forms, tax details, employee salary slips, and certificates. The users can access the data for background checks, employee rewards, responsibilities, and defaults.

Industries: Corporations across all sectors (tech, finance, retail, etc.) automate employee onboarding and offboarding workflows to manage paperwork, contract signing, and compliance.

Business Benefits of Intelligent Data Capture

Accessibility and Adaptability

Businesses are granted access to a large volume of databases, which makes it simple for organisations to retrieve, utilise, share, and analyse data regardless of time and location. It is essential for businesses that are in demand to make accurate decisions on a daily basis and for businesses in a fast-paced, globalised environment.

Data Accuracy

Leveraging different kinds of technologies like OCR, ICR, OMR, barcode recognition, and data verification tools, IDC ensures the data accuracy that is paramount for all businesses. Precise information clears the path for confident and fast decision-making, which is essential for the efficiency and growth of the company.

Real-Time Analytics And Insights

This intelligent data capture solution can be updated on the fly, enabling businesses to extract actionable insights from data almost instantaneously. By leveraging IDC technology, organisations can analyse data as it is captured and gain real-time visibility into Key Performance Indicators (KPIs), trends, and business operations.

Unified Point of Contact

This smart data recognition solution acts as the unified point of contact for all the data. Doing so eliminates the time lost during the laborious process of searching for appropriate data. It mitigates businesses from the struggles of tracking data in different repositories. This also reduces redundancies, data loss, and data manipulation, as it is monitored and maintained by a single unit of access.

Augmented Security

This Intelligent Data Extraction Software ensures that the security measures are quickly and consistently applied to incoming content, reducing the risk of data loss and breaches, which can be expensive for organisations. It also guarantees the security of the documents by placing the extracted data in different and specific categories so that only the person with appropriate permission can access them.

Scalability

IDC can store huge volumes of data without compromising on its speed or accuracy. As the enterprise grows, the scalability of the system also extends without work halts or extensive technological complexities. Smart data recognition solutions can be easily adapted to different departments or workflows as business needs change, providing greater flexibility and scalability for growing organisations.

Cost Rationalisation

The cost incurred due to manual errors, storage costs, manual intervention, and rework costs can be eluded by leveraging this system. It can also reduce the time and expense used to type out the written text to digitalise the unstructured data; therefore, it minimises the majority of the cost used for data storage and data search.

Flexible Working Environment

Intelligent data capture’s data services can be utilised anywhere at any time in the organisation. Therefore, employees working in different geographical locations and timelines can access data and enjoy dynamic collaboration.

Improved Productivity

By combining all of the above advantages of IDC concerning time, cost, and efficiencies, an organisation can achieve its maximum productivity. Instant and automated availability of information frees human resources to perform value-based tasks with full efficiency.

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Wrapping Up

Data is a critical component of every organisation’s operations. Prioritising the collection, management, and protection of data is essential for the organisation’s success and well-being. Intelligent data capture has proven to be an exceptionally efficient solution, making it the ideal technology for achieving these goals.

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