Why do you need a document parser?

• Elimination of manual entry
• Digitalizing the data

OCR – Optical Character Recognition

It is easy to understand what is OCR from its name itself. In other words, OCR systems transform a two-dimensional image of text that could contain machine printed or handwritten text from its image representation into machine-readable text. OCR as a process generally consists of several sub-processes to perform as accurately as possible.

Extracting Data from PDF

Take an example of Invoice in PDF format

Pdfplumber: Plumb a PDF for detailed information about each text character, rectangle, and line. Plus: Table extraction and visual debugging. Works best on machine-generated, rather than scanned, PDFs. Here we will try to extract data and convert into JSON format. We will use the pdfplumber library for extracting data from pdf to text. Use regex functions to extract the required data. convert the extracted data into json format / csv.

SaaS Solutions which offers the solution:

Google Document-AI: (Document AI Solution) Document AI or Document Intelligence is a technology that uses natural language processing (NLP) and machine learning (ML) to train computers to simulate a human review of documents. NLP enables the computer to understand the contents of documents, including the contextual nuances of the language within them, before extracting the information and insights contained in the documents. The technology can then categorize and organize the documents themselves. Document AI is used to process and intelligently parse forms, tables, receipts, invoices, tax forms, contracts, loan agreements, financial reports etc. Document AI utilizes machine learning to extract information from documents in digital and print forms. It supports over 200 languages.

Let’s start with, What is artificial intelligence?

AI is a field of computer science which focuses on making machines smart using algorithms to help computers to solve problems which used to be solved only by humans. It already powered search engines, online shopping recommendations and digital assistants. AI technologies today are brilliant in analyzing vast amounts of data to learn to complete a particular task, a technique called machine learning. Deep learning is a subfield of machine learning concerned with algorithms inspired by the structure and function of the brain called artificial neural networks. Deep learning could automatically extract meaningful patterns and trends from huge data sets.

Does AI help businesses succeed?

AI helps in important business needs like,

• Automating business processes – Computer Vision, NLP and RPA,
• Predictive analytics and gaining insight through data analysis in huge datasets – Data Science,
• Increase employees and customer engagement with the technologies like chatbots & virtual assistants,
• Cognitive insight and cognitive engagement – Recommender systems,
• Increasing product or service sales – Marketing analytics,
• Fraud detection – Anomaly detection in financial transactions.

And much more…

In account management, artificial intelligence helps in predicting the company revenue which will help to manage business pipeline and resources.

Artificial intelligence has the potential to transform business into various ways. It supplies quick, easy access to massive data and provides insights that can drive improvements across all departments. AI tools can help to generate valuable customers insights, automate everyday tasks and improve workflows for marketing. Tools like chat bots can provide effective customer service for multiple queries and support each and every customer for all their needs.

When a miscalculation is detected, the machine learning algorithm automatically can do both corrections and data analysis within seconds. For a new business strategy machine learning can be used to generate synthetic data through extrapolation and projection of existing data.

Final Thought ?

AI helps in business by automating the routine tasks where employees can improve their productivity and also helps to avoid human error streaming from analysis. Automation softwares saves time and money by replacing manual systems. Generally artificial intelligence plays a major role in achieving best results and increasing revenues in business.