“Things get done only if the data we gather can inform and inspire those in a position to make [a] difference.” – Mike Schmoker, Education Writer, Speaker.
Data is the fuel that powers businesses to make informed decisions, but the critical question remains, “Is the data relevant?” For Data to be relevant, enterprises need solutions that intuitively process structured and unstructured documents and cull out appropriate insights.
To make the data relevant, Intelligent Document Processing (IDP) solutions function as the ‘Third Eye’, a symbol of intuitive capabilities. IDP Solutions, powered by the cognitive and intuitive abilities of AI/ML, take data beyond just mundane document processing. They meticulously extract key data insights, identify gaps, and offer customized reports that otherwise cannot be achieved seamlessly through manual processes.
As a case in point, one of the largest mortgage service providers in the world improved its bulk loan processing capability with the help of a robust and enterprise-grade Intelligent Document Processing solution. Some of the challenges earlier faced by this Mortgage Service provider were:
- High volumes of loans and variability in demand leading to unpredictable outcomes such as quality, readability, etc.
- Loans coming from various sellers were not in a uniform format, resulting in an increased processing time.
- Absence of an automated system requiring manual processing of loans.
The above establishes that technology as a Third Eye is essential not only for data extraction but also for data validation and security. With the adoption of an intuitive IDP platform powered by OCR, the service provider could seamlessly achieve:
- Easy processing of diverse loans
- Reduction of manual effort to process the loans
- Accuracy and speed in the data processing
DocVu.AI – the ‘Third Eye’ in today’s era.
“Any sufficiently advanced technology is equal to magic.” – Sir Arthur C Clarke.
We have already discussed the attributes of AI/ML-based technology as a Third Eye and why these were needed. With strong domain expertise, DocVu.AI helps improve the end-to-end processing of loans starting from origination and going on to application, approval, closing, servicing, and securitization. The solution with its robust technology not only focuses on growth but also on ease, efficiency, and accuracy.
DocVu.AI is an enterprise-grade Intelligent Document Processing solution. Its OCR technology helps identify text within a digital image, extracts the data, and converts it into machine comprehensible text, thereby increasing the scalability of the loans processed without any scope of data error or documents being missed out. It is backed by effective implementation in terms of security controls in Access Management, Change Management, Incident Management, Risk and Vulnerability Management, and Business Continuity Management. DocVu.AI is also certified by Veracode to comply with the highest standards of security risk prevention which is essential for any data-driven solution these days.
As a result, DocVu.AI stands strong as the Third Eye in the mortgage industry as it leverages various technologies to deliver value with timely validated quality data that is structured and compliant with data privacy norms. The Third Eye is in a way Democratizing Automation and making the Data ‘Relevant’.