As businesses continue to rely on digital technology for their day-to-day operations, managing large volumes of data has become a huge challenge. Accounts Payable processing, loan processing, contracting, regulatory compliance, and audits all require a high level of diligence to ensure that data is accurately captured. This has led to an increased need for robust data extraction tools that help organizations search, collect, and preserve electronic data quickly and accurately. In this blog, we’ll introduce you to the powerful Discovery module in DocuNECT®, an all-in-one, end-to-end solution for managing and processing electronic documents.
What Is the DocuNECT®, Discovery Solution?
This innovative new software utilizes Artificial Intelligence (AI) and Natural Language Processing (NLP) to automate the entire electronic data discovery process, allowing the business to spend less time managing complex documents and more time finding results quickly and efficiently. Keep reading our blog post to learn more about how the DocuNECT Discovery module can revolutionize the way you extract and utilize data from unstructured documents!
Discovery Highlights
- Document Classification – The module’s document classification capability allows users to tag documents with metadata, making them easily searchable in the repository and identifiable for data extraction rules. Automatic classification using machine learning algorithms can be fine-tuned with users labeling documents in the early stages, and by input from users, the system will adapt and improve accuracy.
- Multi-Faceted Rules – DocuNECT’s® – Discovery features include rule-based criteria for sorting documents for review. It consists of a multi-faceted rule engine that can be set up based on user criteria. Users can define rules for data extraction based on key words, phrases, anchor points, and numerous other methods.
- Natural Language Processing (NLP) – NLP and AI based data extraction from structured and unstructured documents – The multi-faceted rules allow users to extract data from structured and unstructured documents seamlessly. This feature streamlines the process of capturing content such as text, phrases, numbers, and table data. This is particularly useful when extracting data from invoices from thousands of different vendors and means that general rules can apply to hundreds of similar formats.
- DocuNECT Work Center Web-Based UI for Data Confirmation – DocuNECT’s web-based Work Center can be used to review/confirm results or provide input to the business process to gather approvals or additional data.
- Implement Advanced/Complex Logic Using DocuNECT® DocScript – DocuNECT® comes with a powerful scripting language called DocScript that is utilized for handling complex logic and data validation. DocScript is easy to use and significantly reduces the implementation time over traditional programming languages.
- Extensive DocScript Snippet Library with Numerous Financial and AP Document Examples – DocuNECT’s® Discovery module has a vast snippet library filled with pre-defined snippets that can handle financial and AP document types. This library allows faster recognition by providing examples of document templates.
- Data Chain of Custody, Linking Data with Its Source – DocuNECT’s® Discovery module provides an audit trail that ensures that all data is captured and available in the event of a regulatory or compliance review. The data element is permanently linked to not only the document, but the exact location in the document page.
- Extract Data from Multiple Document Formats – The Discovery module can extract data from both image-based documents (utilizing OCR) or natively from electronic documents such as Microsoft Office 365, Adobe PDF Text and Forms documents.
- Test bed to review results with Embedded Help – DocuNECT’s® Discovery module includes a test bed that can provide a preview of the document extraction process. It provides insight into the processing of data from unstructured documents and gives immediate feedback to the developer of the % confidence.
How Do I use Discovery?
Discovery is an available add-on to any existing DocuNECT solution, either on-premise or in our DocuNECT® OnDemand cloud environment. Alternatively, you can utilize our REST based API to integrate a Discovery process within your own application.
Need More Information?
Click on the link below to complete our Discovery questionnaire and one of our sales representatives will contact you.
