Employees in functions like operations, procurement, logistics, and more face inefficiencies in manually collecting data from various documents to drive decisions. Can businesses ensure efficient, accurate, and secure data extraction without overwhelming human resources and budgets?
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Enter intelligent document processing solutions. AI-powered platforms like Kudra are automating the data extraction process for businesses across industries. Kudra’s document processing capabilities analyze unstructured documents like contracts, invoices, bank statements etc. and accurately extract information. The exported data can then be seamlessly integrated across business systems and workflows. Let’s dive deeper into why businesses need effective data extraction and how Kudra is making it achievable.
The Growing Desire for Impactful Data Extraction
In today’s highly competitive markets, businesses rely extensively on data to drive everything from operations to products to customer experiences. Research shows that 97% of organizations are investing in big data and AI to improve decision-making agility. Data and analytics also help businesses identify cost savings of up to 12% in operational expenses.
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However, despite large analytics investments, bad data costs businesses an average of $15 million annually. Flawed data leads to incorrect insights and wrong decisions. Thus, ensuring quality data collection and extraction is crucial before analysis. Manual data extraction tends to be slow and prone to human errors, leading to poor downstream analytics. Employees also often lack the bandwidth to take on repetitive and mundane responsibilities like data entry. Automation offers a solution.
Acceleration Through Automation
While humans may take weeks or months to extract data from hundreds of documents, intelligent systems like Kudra can complete information extraction accurately in a few hours. Purpose-built for data extraction from complex documents, Kudra integrates Optical Character Recognition (OCR) capabilities that convert scanned documents into machine-readable text.
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Kudra then applies Natural Language Processing (NLP) to parse the text and pinpoint relevant data contextually. Users can choose from multiple high-performing OCR engines based on their unique needs – reading messy handwritten notes or interpreting technical schematics. Kudra’s automated data extraction abilities offer precision, speed, and ease of use for tackling different document types.
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Beyond OCR and NLP, Kudra provides users with several features to handle unique business needs:
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1. Visual Workflow Builder: Create no-code workflows to structure and customize how documents are processed
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2. AI Templates: Access over 20 pre-trained AI models to quickly extract information from standard documents like W2s
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3. ChatGPT Module: Leverage conversational AI to summarize contracts, classify paperwork, and handle abstract tasks
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4. Custom AI Models: Users can train models on their own data for the highest accuracy on niche tasks
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Such automation enables employees to focus their time on high-value responsibilities while ensuring efficient and accurate data extraction at scale.
Maintaining Security in Data Extraction
While automation solves several data extraction challenges, businesses also emphasize data privacy during document processing. Kudra eases such data security concerns through access authorization and cloud-based storage offerings.
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Kudra allows users to selectively control which employees have access to certain documents or extracted information. Sensitive data also remains protected as it gets exported to secure cloud storage platforms integrated with Kudra like Dropbox, Google Drive, or OneDrive.
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Regulated industries like banking and insurance can leverage Kudra’s automation capabilities to accelerate compliance report creation while also keeping customer data safe. With manual methods, such rigorous security protocols often get overlooked. Kudra helps maintain them without compromising efficiency.
Data Extraction Impact Across Industries
A consumer goods company leverages Kudra’s AI to parse complicated logistics reports. By auto-extracting shipment dates, cargo weights, and other metrics, Kudra enables the company to identify supply chain optimization opportunities and accelerate product deliveries.
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Kudra’s easy-to-use interface has also seen adoption from small businesses owners, solopreneurs, and freelancers who need to simplify bookkeeping. For instance, an independent consultant uses Kudra to transfer data from her receipts and mileage reports directly into QuickBooks – saving hours a week.
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A law firm leverages Kudra’s advanced NLP capabilities to rapidly classify case documents, summarize lengthy contracts, and build databases of previous rulings. Such extracted information aids quicker internal search and improved recommendations to clients.
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By combining intelligent document processing with secure cloud infrastructure, Kudra unlocks simplified data extraction for organizations of all sizes – reducing manual labor and minimizing errors.
Conclusion
As businesses aim to enhance data-driven decision making, they need intelligent systems that can keep up with ever-growing document inflows across departments. Manually combing through papers not only overwhelms employees but also leaves companies vulnerable to mistakes that degrade analytics.
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Purpose-built for precise and secure data extraction, Kudra enables organizations to tap complete, accurate information from contracts, shipping manifests, bank statements, and more. Integration across business systems then unlocks the power of data analytics to drive operational efficiency, risk mitigation, and customer growth.
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While humans handle high-level responsibilities, automation can take over repetitive tasks. As business workflows get increasingly buried under documents, Kudra’s AI unearths the insights within and kickstarts data-powered success. It’s time to start leveraging intelligent document processing. Discover how Kudra can accelerate your analytics today.
