Research suggests that the cost of entering data by hand is 13 to 31 times higher than the cost of automating the process.
Most of the time, you have to process the documents by hand, which takes time, is prone to mistakes, and costs money.
You need this information soon, but you also probably need to use the data in those documents for applications that will come later.
Graip.AI automation now gives you options for getting information from complicated content in any invoice format, such as insurance, mortgage, healthcare, and contractual invoices, to help you get around these problems.
Which sectors can benefit from our AI automation
Banking
Using a combination of optical character recognition (OCR) and natural language processing (NLP), machine learning (ML) can be used to pull out the most important information from invoices in the finance sector to speed up response times to your clients.
Insurance
Text extraction is hard because there are so many different styles and formats for insurance bills. Using machine learning, you can quickly and easily sort documents into groups and pull out important information from parts of documents, like a customer number, address, or case ID.
Capital Markets
Financial proxy statements, KYC forms, tax bills, and more are all available in thick text formats or as a mix of text and tables, which makes them hard to process with traditional methods. Graip.AI can take data from different file types and formats and turn it into a single file that can be downloaded.
Healthcare Bills
Free-form language, lengthy paragraphs, and tables are common features of healthcare invoices. No matter how these documents are laid out, Graip.AI automation to extract the relevant data from them.
Industrial
Manufacturing bills of materials (BOM) and purchase orders (PO) are all important parts of manufacturing that are usually done by hand and take a lot of time. AI can now automate the process of using that information to guide other systems in your production line.
Gas & Oil
Your company has been keeping records for a long time. Using AI automation, you can make a custom pipeline that pulls the text from the papers and puts it in a data sheet. This takes the place of going through each document by hand.
Ending Note
Invoices and receipts are important to all businesses, but they often look different. By using one of the best automation tools like Graip.AI to pull out useful information from these documents, you can automate your business, lower the cost per page, and get rid of manual work.