Businesses generate and process an unprecedented volume of documents every day. From invoices, and receipts to contracts and legal documents, the sheer amount of paperwork can be overwhelming for even the most organized of businesses. The time and resources required to manually process these documents can be a significant drain on a company’s productivity and profitability, leading to errors and delays that can have serious consequences on both the top line and bottom line of the company.
However, with recent advances in artificial intelligence (AI) based technologies, businesses can now automate and streamline their document processing operations like never before. By leveraging the power of AI, companies can significantly reduce the time and resources required to process documents, improve accuracy and reduce the risk of errors, and gain valuable insights into their data.
DocVu.AI is an intelligent document processing (IDP) system that leverages the power of AI to automate document processing and streamline business operations. It is a cloud-based software that can extract data from various types of documents and seamlessly integrate it into existing workflows, increasing efficiency and productivity.
Each company’s document processing requirements are unique, and a one-size-fits-all IDP solution may not meet all the company’s needs. It’s important to select a solution that can be customized to meet the company’s specific requirements and workflows.
One of the key features of DocVu.AI is its ability to extract data from unstructured documents such as mortgage documents, bank statements, pay stubs, invoices, receipts, and legal contracts. This is achieved through a combination of optical character recognition (OCR) and natural language processing (NLP) algorithms, which enable the system to accurately identify and extract relevant information from these documents.
Another important feature of DocVu.AI is its ability to learn and adapt to new document types and layouts. This is accomplished through machine learning (ML) algorithms that analyze patterns and structure in the documents, allowing the system to quickly and accurately extract data without the need for manual input.
Reduce mortgage processing time by up to 70%
Reduce cost of production by up to 50%
Additionally, DocVu.AI provides real-time data validation and verification, ensuring that the data extracted from the documents are accurate and complete. This is crucial for businesses that rely on accurate data to make informed decisions and avoid costly errors.
A report by Forrester found that businesses that implemented AI-powered document processing systems saw an average ROI of 303%. In another example, a report by the International Data Corporation (IDC) found that businesses that have implemented AI-powered document processing systems have seen an average increase in efficiency of 42%. Read how DocVu.AI saved 53% Servicing costs for a top 5 US bank>>
The system is also highly customizable, allowing businesses to tailor the document processing workflow to their specific needs. This includes the ability to integrate with existing software and systems, such as Loan Origination Systems (LOS), Customer Relationship Management (CRM), and Enterprise Resource Planning (ERP) software, making it an ideal solution for businesses of all sizes.
According to recent studies, businesses that have implemented AI-powered document processing systems have seen significant cost savings and increased efficiency. For example, using DocVu.AI, the mortgage document processing time can be reduced by up to 70%. This, combined with human ingenuity, translates into cost savings of up to 50% for the end-to-end loan closing cycle, with increased productivity and quality.
To sum it up, DocVu.AI is a powerful tool for businesses looking to automate document processing and streamline their operations. With its advanced AI and ML-driven algorithms, it can extract data from a wide range of documents, learn and adapt to new document types and layouts, and provide real-time data validation and verification. It is a highly customizable solution that can be tailored to fit the unique needs of any business, making it an essential tool for improving efficiency and productivity in this digital age.
DocVu.AI is a flagship IDP technology owned by Visionet Systems, Inc. Visionet is a global BPS and technology company headquartered in New Jersey and has a global presence in over 14 countries. Ms. Gitanjali Singh, the author of this article, is Head of Strategy and Sales, leading the global sales and strategy with two decades of experience in the technology industry.