Addressing the unstructured data problem
Posted by Syazana Lim on November 17, 2021
According to SSON Analytics’ latest interactive workbook, more than a third of Shared Services/GBS are struggling with significant levels (>50%) of unstructured data in their enterprise, while slightly more than 40% have moderate levels (26-50%).
The inability to capture and process unstructured and unformatted data from the ever-increasing variety of documents enterprises are having to process poses a huge challenge in achieving end-to-end automation for document-centric business processes and unlocking the true value of intelligent automation. 86% of the survey respondents believe that unstructured data is impacting their operational productivity and business effectiveness.
OCR has been the go-to solution for scanning and translating non-structured data into digital form but requires rules-based templates or documents with a common structure. Based on the survey, more than half of the respondents believe that their OCR solution provides less than 60% accuracy rate which is a pretty disappointing result. This means, only a quarter are achieving great results and high accuracy rates of 80% or more with their OCR solutions.
So how do we address the limitations of OCR and rules-based approaches to document digitization?
Intelligent document processing (IDP) represents the next generation of automation solutions that transform unstructured and semi-structured information into usable data. It can capture data from a variety of document formats, categorize and validate that data, and then extract it for further processing utilizing artificial intelligence technologies like deep learning and machine learning, natural language processing or computer vision.
| Best practice IDP solutions offer the following capabilities: | And deliver these benefits: |
|
|
Source: SSON’s How Intelligent Document Processing is Driving Customer Centric Transformation in Insurance
For more data and full results of the IDP survey, read the recently published analytics workbook: Intelligent Document Processing: A Game Changer for Successful Digital Transformation & Digitization
Follow SSON Analytics on LinkedIn and Twitter for data updates. Subscribe now, to access more than 100 key benchmarks and metrics, as well as to compare your initiatives and achievements to the Top 20 Most Admired SSOs – all available via subscription here.
Stay in touch
Resource Center Archive
September 2024
August 2024
June 2024
May 2024
March 2024
February 2024
December 2023
September 2023
July 2023
May 2023
February 2023
September 2022
August 2022
March 2022
January 2022
Tags in Resource Center
metrics Top20 shared services data Analytics automation GBS Data IA benchmarking talent intelligent automation
SSON Research & Analytics is SSON’s global data analytics center, and your premier resource for all the metrics, benchmarks, trends, and business insights that affect your Shared Services and GBS operations wherever they are based.
Contact us
SSON Research & Analytics is part of SSON, the largest and most established community of shared services, global business services and outsourcing professionals in the world.