Artificial Intelligence (AI) is a massive buzzword now, that much is obvious. More importantly, though, it’s a term that isn’t just confined to the tech space anymore. AI is affecting virtually every industry given how the advancement of AI technologies have swung the doors open for extreme, widespread changes in business processes. These advancements are happening so quickly that it can often be difficult to gauge just how much AI-empowered tools and software are changing how we work.
For this reason, it’s important to sound the alarm that Intelligent Capture is an AI-powered technology that is completely transforming how companies think about and execute document intensive processes. This isn’t a phone app with a mildly convenient use case. This is a massive, industry-changing development.
For industries that are traditionally reliant upon bulk document processing, particularly in financial organizations and government, this technology is already becoming adopted as a tool that sets competitors apart.
With this in mind, there are several compelling reasons why Intelligent Capture is beginning to take hold and replacing older, antiquated systems.
Not Just a Tweak to an Existing Technology
Traditional document and data capture is by no means a new or revolutionary technology. Since the 90s, capture technologies could use “templates, zones, and rules” to identify and extract useful information from documents. So long as the same type of data from the same types of documents were being extracted, traditional capture is and was extremely useful for business processes like accounts payable. Important data from account opening forms or claims, for example, could be easily extracted given that the format and data were generally consistent.
Intelligent Capture, meanwhile, goes well beyond these basic capabilities in a way that will quickly make old systems obsolete. That’s because a huge amount of enterprise data is still unstructured while traditional capture tech is designed for extracting information from structured, predictable formats. By contrast, Intelligent Capture leverages AI-powered solutions to extract data from unstructured content with precision. For financial organizations, such as mortgage servicers, that must process and review thousands or millions of unstructured documents via manual review, this tech is nothing short of a godsend. Intelligent Capture shatters older concepts of capture tech, making the business process itself far more efficient and saving hundreds of man-hours.
Processing Unstructured Content With Intelligent Capture
Data that falls under the umbrella of unstructured content will generally be extracted from more unpredictable documents such as emails, PDFs, hand written documents, and images, just to name a few. Rarely is all the information for processing a mortgage, for example, going to be presented in a nice, square table of information. That’s not how the mortgage process works. There are liens, inspection documents, proof of income, and many other unstructured documents that must be processed, none of which will be placed into an Excel spreadsheet for convenience.
Intelligent Capture is able to identify and extract information from these types of documents. Specifically, through optical character recognition (OCR), intelligent character recognition (ICR), and optical mark recognition (OMR), data can be easily pulled from documents that are typed, hand-printed, signed, or barcoded. Machine learning, natural language processing (NLP) and natural language understanding (NLU) gives Intelligent Capture the means to understand which documents are being processed, understand the patterns involved with that document type, and pull the necessary information given which document is identified.
Understanding and Optimizing Provide the Real Value
Though traditional capture has its usefulness, Intelligent Capture’s real value shines through its ability to understand and optimize itself over time. The “understanding” comes from its ability to analyze unstructured content, find patterns, then extract the necessary information. The optimization, meanwhile, is particularly useful for organizations looking to improve their business processes.
Intelligent Capture optimization solutions can include Robotic Process Automation (RPA), a type of software that serves as a virtual army of workers that can perform tedious, repetitive tasks in an efficient way, thus saving valuable employee time for use elsewhere. Specific types of workflows can be developed depending on the nature of an individual business process, making it more efficient to process all the documents in a mortgage, for example. Finally, decision management will automate and manage business rules to ensure compliance with regulations and alert users of issues or anomalies immediately.
In short, as businesses begin to use Intelligent Capture, they can start to unlock its full potential by tailoring the tech to fit their individual needs.
Time to Move: Old Systems Are Phasing Out
While it’s not expected that everyone moves to a new technology all at once, even for something as radically transformative as Intelligent Capture, IBM and others are bumping up the incentive to switch to new systems.
For instance, if you’re currently a user of IBM’s FileNet Capture system, your operations might be at risk if you don’t have a plan to move to a new system. That’s because they are phasing out support for their product by the end of 2019 in anticipation of a switch to more advanced systems.
Needless to say, if FileNet Capture or Datacap is an integral piece of your business processes today, Intelligent Capture has to be on your radar sooner than later.