AnyDocs: Your Data Extraction Superpower

March 18, 2024
6 mins read
AnyDocs: Your Data Extraction Superpower

    In a world where information is the new currency, extracting valuable data swiftly and accurately can be the difference between product-led growth and product stagnation. Introducing Veryfi AnyDocs OCR: your passport to seamless data extraction from any document you come across. Designed to be your data extraction superpower, AnyDocs revolutionizes the way you handle documents with new levels of efficiency and precision. AnyDocs works with every well-known and niche use case.

    Main Extraction Challenges that No OCR Solution Gets Right

    At the heart of AnyDocs lies its cutting-edge technology, powered by Veryfi’s proprietary machine learning models. Trained on a vast corpus of documents, AnyDocs boasts unparalleled accuracy and adaptability. The adaptability supports accuracy rates, coming in handy for extracting anything in context. Every line item on a receipt, invoice, bill of ladling, and more should be extracted in context where contextual clues from the rest of the document are used to paint a precise data extraction story. Most OCR solutions on the market today do not holistically account for contextual clues, or utilize them to do extraction. An easy example of this is not taking into account the place or address where the document was issued when determining language and currency. Most OCR solutions in the market fall into these traps, relying solely on pattern recognition to do extraction rather than taking into account the surrounding text or document layout. This limitation generally leads to inaccuracies and misinterpretations, especially in documents with complex layouts or multiple languages. In response, Veryfi built OCR algorithms and LLMs designed to handle extraction on the full range of structured and unstructured documents. AnyDocs is a 100% AI/ML-based solution that extracts and relays the full story of any document.

    Extracting languages and currencies accurately is only the first step in the complex process of document data extraction. Yet, it is a critical one that sets the foundation for further analysis and processing. Many OCR solutions in the market fail to get this part right, primarily because they do not offer a wide enough range of languages and currencies. This limitation severely impacts the extraction accuracy performance. Time and time again, results from trials show that competitive OCR solutions are often creating errors and inefficiencies. They are also prone to errors and inefficiencies down the line because these OCR solutions are fundamentally not well-versed in handling the wide range of languages, currencies, and document structures that illuminate context clues.

    AnyDocs Sets Out to Solve the Toughest OCR Challenges

    AnyDocs OCR, on the other hand, excels in extracting a vast array of languages and currencies for line items and fields across the complete multitude of document structures. AnyDocs handles over 110 data fields, over 91 currencies, and over 38 languages (Veryfi provides worldwide coverage). This is how AnyDocs works on every document. Another of AnyDocs’ standout features is its use of blueprints that are meticulously crafted design plans for extracting specific documents. These blueprints ensure that AnyDocs can handle a wide variety of document types with ease, providing you with a versatile solution for all your data extraction needs. With blueprints, you can customize your data extraction process to suit your unique requirements, giving you full control over how you extract and utilize your data.

    But AnyDocs doesn’t just stop at data extraction; it’s also your gateway to enhanced productivity. By automating the extraction process, AnyDocs frees up your time and resources, which allows you to focus on more strategic tasks. Whether you’re a small business looking to streamline your operations or a large enterprise seeking to optimize your workflow, AnyDocs is the perfect tool to help you achieve your goals.

    We’ve already established the importance of gaining contextual understanding from documents, which goes beyond simple text recognition. It involves interpreting the meaning of the text and its relationship to other elements within the document–a skill that majority of OCR solutions cannot offer. Veryfi AnyDocs OCR is smart OCR that provides strong contextual understanding for any document. Leveraging its advanced machine learning models trained on a vast corpus of documents, AnyDocs extracts documents in context by taking into account surrounding text, layout, formatting, and all forms of text recognition combining language, currency, and every aspect visible on a document including barcodes and QR codes. By understanding the context in which the information appears, AnyDocs can provide more accurate and reliable data extraction, even in the most challenging documents.

    Which four industries can immediately leverage AnyDocs for fast, accurate, and secure data extraction?

    This contextual understanding is crucial for industries such as insurance, finance, and legal, where documents often contain complex language and formatting. With AnyDocs, you can trust that your document data extraction is not only accurate but also meaningful, giving you the insights you need to make informed decisions. Let’s see how AnyDocs aids the following industries in achieving data extraction at scale.

    1. AnyDocs Speeds Up Claims Processing for the Insurance Industry

    AnyDocs offers a solution for faster claims processing in the insurance sector by automating data extraction on unstructured insurance claims forms, medical bills, and other relevant documents. This capability enables insurance companies to process claims more quickly and accurately. Studies by McKinsey indicate that implementing OCR technology like AnyDocs can reduce claims processing times by up to 50%, leading to significant cost savings and improved customer satisfaction

    2. AnyDocs Streamlines Bureaucratic Processes in the Government Sector

    In the government sector, AnyDocs simplifies document-heavy processes by streamlining document processing in government offices. This includes processing applications, permits, and licenses, which reduces manual errors and speeds up the overall process. Research by Deloitte suggests that implementing OCR technology can reduce document processing times by up to 90%, allowing government agencies to handle a higher volume of documents with greater efficiency. Being SOC 2 Type 2 certified security in addition to HIPAA, GDPR, and CCPA compliant, AnyDocs is equipped to handle sensitive information such as that inside healthcare and financial documents.

    3. AnyDocs Automates Verification Processes that Require 100% Accuracy

    For KYB-KYC (Know Your Business/Know Your Customer) processes, AnyDocs offers automated verification by extracting and verifying data from business documents and customer identification documents. This streamlines the KYB-KYC process and reduces manual errors. Reports by PwC indicate that automating KYC processes with OCR technology can reduce the time taken to onboard a new customer by up to 80%, leading to significant cost savings for businesses.

    4. AnyDocs Churns Out Supply Chain & Logistics Insights

    In supply chain & logistics, AnyDocs extracts data from shipping and receiving notes, invoices, and other logistics documents. This provides companies with real-time insights into their supply chain and simplifies activity tracking. According to a study by DHL, implementing OCR technology in the supply chain can reduce administrative costs by up to 40% and increase processing accuracy by up to 99.9%. The diagram below shows the range of documents that AnyDocs does precise extraction on today.

    In conclusion, Veryfi AnyDocs OCR is creating a paradigm shift within the world of data extraction use cases. With its unparalleled accuracy and versatility in application across broad and niche use cases, AnyDocs is your ultimate data extraction superpower if you work with any paper-based document at all. Whether you’re in insurance, fintech, or logistics, you could benefit from accurate, reliable, and secure data extraction. Say goodbye to manual data entry and hello to a new era of accuracy and insights with AnyDocs.

    Create a free Veryfi account to try AnyDocs OCR. Check out the API Documentation for AnyDocs to see how the turnkey, out-of-the-box software can work for you. Book a session with Veryfi to figure out your use cases.

    Process your docs in less time than it takes to read this.

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