Addressing the unstructured data problem
Posted by syazana.lim@sson-analytics.com 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: |
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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
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