Data Extraction: OpenBots AI-Powered Intelligent Document Processing

Understanding Structured and Unstructured Documents

Structured documents like licenses and passports have a consistent format and content. On the other hand, unstructured documents, like pay stubs and bank statements, lack a fixed structure and often contain varying information. Unstructured documents constitute a significant portion of a bank’s data. 

Limitations of Optical Character Recognition (OCR)

OCR, or optical character recognition, is extracting data from documents by reading and interpreting text. OCR handles structured documents well but falls short with unstructured data. 

By combining OCR with generative AI, Documents with GPT achieves remarkable accuracy in extracting information from unstructured documents, with an accuracy rate of 95%. 

Introducing Intelligent Document Processing (IDP)

Documents with GPT enables data extraction from unstructured documents with minimal training or configuration. The AI engine is pre-trained on diverse documents, ensuring immediate functionality without requiring extensive training data. 

It can extract information from tables, answer questions, and adhere to predefined questionnaires. 

Security Measures and Compliance

Documents uses a privately hosted GPT model, ensuring data confidentiality. Our platform is SOC 2 certified and HIPAA compliant for end-to-end encryption and protecting sensitive information. Customer data and documents are not used to train models unless explicitly authorized by the customer. 

Live Demo and Application

In this example, we use Apple’s earnings report. The document is uploaded, and the AI engine immediately extracts all relevant data points. The ability to ask questions and add custom fields enhances the IDP solution’s flexibility and usability, allowing you to compare numbers and create summaries of the extracted data. 

Conclusion

Documents with GPT offers a transformative approach to data extraction from unstructured documents. By combining OCR and generative AI, The tool achieves exceptional accuracy and efficiency, catering to the 90% of unstructured data within banks. 

With robust security measures and compliance adherence, OpenBots provides organizations with a powerful tool for automating data extraction and enhancing operational efficiency.

Need help preparing your organization for an automated future? Talk to our experts for a free automation consultation.