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Documentation forms an integral part of operations in almost every industry. Take logistics and transportation, for example, where companies process hundreds of thousands of documents daily to keep the goods in motion and the supply chain functional. So, what are logistics companies doing to handle such a vast number of documents? More importantly, how can they use the intelligent document processing (IDP) technology to manage their documents and extract the data they need?

Over the last decade, data has been hailed as the new oil, the new gold, the new currency, the new soil, and even the new oxygen. All these comparisons drive home the same point: data is important. If you’re running a business today, you need data for informed decision-making and strategy development. However, reliably extracting this data is a constant responsibility.

Bank statements contain useful financial information that can be turned into important insights. With the era of manual bank statement extraction firmly in the past, intelligent document processing (IDP) and artificial intelligence (AI) offer a better way of processing bank statements and obtaining the valuable data they contain.

Data’s value to your organization lies in its quality. Data quality becomes even more important considering how rapidly data volume is increasing. According to conservative estimates, businesses generate 2 hundred thousand terabytes of data every day. How does that affect quality? Well, large volumes of data are only valuable if they’re of good quality, i.e., usable for your organization’s analytics and BI processes.

If you’re working in the data space today, you must have felt the wave of artificial intelligence (AI) innovation reshaping how we manage and access information. One of the areas affected is data catalogs, which are no longer simple tools for organizing metadata. They’ve evolved dramatically into powerful, intelligent systems capable of understanding data on a much deeper level.

Information extraction (IE) finds its roots in the early development of natural language processing (NLP) and artificial intelligence (AI), when the focus was still on rule-based systems that relied on hand-crafted linguistic instructions to extract specific information from text. Over time, organizations shifted to techniques like deep learning and recurrent neural networks (RNN) to improve the accuracy of information extraction systems.

Business leaders find themselves involved in a range of high-priority tasks, most of which require making critical decisions. Let’s say you’re the sales head of a global organization. You’re ready to make an important decision about next quarter’s sales strategy, but you must first look at the right data set. You know it exists somewhere in your organization’s databases, yet it’s not within the arm’s reach.

The GenAI revolution is well and truly here. To take inspiration from our favorite comfort show, Gilmore Girls, “It’s GenAI’s world, and we’re just living in it.” In fact, McKinsey reports the number of organizations regularly using GenAI has doubled in ten months between their 2023 and 2024 surveys.

Your docs are a lot like your family—not in the corporate jargony “we are a family” way, but more in the “can’t live with them, can’t live without them” way. Yes, these docs are crucial in more ways than one, but teams that regularly work with them know that the time they spend searching for, cleansing, and prepping their docs can be better utilized elsewhere.

The financial document processing domain has undergone a 360-degree shift in the past decade. It was at the brink of the 1980s when software providers began releasing document management systems aimed at helping companies save time, money, and effort in regard to financial document processing. What started as simple document management systems using Optical Character Recognition to digitize printed financial documents has evolved into advanced, AI-powered solutions.