How is DocDigitizer different from OCR?
This is the first question we receive from CIOs, COOs, and CFOs, so we’ll start here.
OCR solutions are not 100% accurate—they are actually closer to about 80% to 95%, depending on the specific scenario. When a new document gets processed, how do you know if the extracted information is correct? To ensure accuracy, you need people to curate that information.
That’s the problem DocDigitizer aims to solve. We offer a simple Cloud Service to extract and deliver actionable curated data to streamline your business processes.
Curated information is key. No insurance company wants to transfer the wrong amount to the wrong bank account or customer.
How does DocDigitizer Compare?
|Accuracy||100%||30% - 95%||100%|
|Create New Customer||10 minutes||10 minutes||Weeks|
|Onboard New Customer||1 Day||Days or Weeks||Weeks or Months|
|Price||Per Document||Per Document||Setup + Per Document|
OCR solutions mainly offer a tech or software service, but they don’t guarantee that the content is valid and accurate and don’t provide SLA assurance.
BPO operations require setting up a complex infrastructure and framework, which often incur high setup costs. Most back-offices struggle with real-time information flow and are far more expensive than DocDigitizer. That’s why a number of BPOs are actually using DocDigitizer as their preferred document processing solution.
The Problem in Depth
In any Digital Transformation program, your organization will have to cope with documents throughout the process. This is true for almost any business.
More than 80% of the costs associated with these processes are currently linked to work involving back-office document management and validation.
The information in those documents will need to be processed. The most frequent solution is having curators in back offices extracting and processing that information. Often, they are copying and pasting that information from the document to your internal systems.
That’s why a large number of Digital Transformation processes get stuck when the workflow must shift back and forward between digital automation and human intervention. The computer will do its part of the workflow in milliseconds, but the process will be stuck in the human pipeline for hours or even days.
A large part of the problem is that the workflow requires the input of information that resides in unstructured documents and must be fetched in order for the process to proceed.
DocDigitizer tackles that problem by taking advantage of machine learning and artificial intelligence to offer information extraction as a service. In business terms, DocDigitizer is replicating the work done by humans but completing it much faster and in a more reliable fashion.
Your Data in the Right Place
How are we doing it? In a nutshell, we receive documents and send the structured information back. For example, when we receive a passport photo, we’ll return data like passport number, valid date, passport holder’s name, nationality, issuing country, issue date, and birth date. A passport is a simple case and there are already many solutions out there, but extracting the contract term or spread of a loan contract is an entirely different ball game.
DocDigitizer is usually deployed as a pure SaaS solution—send us documents, and receive actionable data. 95% of the time, our customers use our Cloud SaaS platform. In a number of highly sensitive scenarios, our customers deploy the solution in private or on-prem clouds. We are able to leverage the massive document workload and machine learning in our cloud to make DocDigitizer smarter every day.