In today's digital age, businesses are generating vast amounts of data, and managing it can be a daunting task. One of the biggest challenges is extracting relevant information from unstructured data, such as invoices, receipts, contracts, and forms.
This is where AI-based document processing, Nanonets, comes in, using machine learning, natural language processing, and optical character recognition (OCR) to automate data extraction, categorization, and validation from documents.
What is AI Document Processing?
AI document processing, also known as intelligent document processing (IDP), streamlines document processing end-to-end. It typically involves five steps: document capture, pre-processing, extraction, validation, and post-processing.
IDP can be used in various ways, including invoice processing, contract analysis, patient record management, and more.
Nanonets and its key features
AI-based Data Capture: Nanonets uses AI to capture data from documents instantly, reducing manual effort and turnaround times.
Document Understanding: It can read unseen, semi-structured documents that don’t follow a standard template, unlike generic OCR software.
Field Specification and Validation: Users can specify and capture only the fields they need, keeping the data clean and crisp. The platform also allows for quick validation of extracted data.
Continuous Learning: Nanonets' AI learns with every new document, improving its accuracy over time as more documents are processed.
Workflow Integration: It seamlessly integrates with existing workflows, allowing for direct import of data from the user's platform and export of captured data without disrupting the system.
Support for Various File Formats: Nanonets can import and process various file formats, including PDF, PNG, JPG, CSV, XLS, XLSX, TIFF, and DOCX.
Document Classification: It provides a simple and easy-to-use UI to train state-of-the-art machine learning models for document classification, without the need for writing code.
High Accuracy and Fast API Response Time: Nanonets is known for its high accuracy in identifying text, tables, and key-value pairs across documents, with a fast API response time.
Ready-to-Use Solutions and Custom Models: It offers ready-to-use solutions for common document types and allows users to create and set up custom models in just a few clicks.
Generous Trial Offer and Direct Support: Nanonets provides a trial offer for the first 500 pages processed for free and offers multiple direct support options, including a support portal, email, and a dedicated account manager for the top plan.
How Does Nanonets' AI-Based OCR Work?
Nanonets is an AI-based OCR software that automates cognitive capture for intelligent document processing. It uses advanced OCR, machine learning, and deep learning techniques to extract relevant information from unstructured data. Nanonets' OCR technology can interpret and recognize text from images and scanned documents, and it is often used in conjunction with scanning and digitizing documents.
Nanonets' OCR API can be integrated into multiple programming languages, including C#. It is a REST API that provides real-time data extraction tailored to business needs. The API supports various file formats such as PNG, JPG, GIF, TIFF, BMP, and PDF documents for text extraction. Additionally, Nanonets offers pre-built installations using Zapier and UiPath for automation, and it allows post-processing on outputs and data export into formats such as CSV, Excel Sheets, and Google Sheets.
Nanonets' Pricing
Nanonets offers a range of pricing plans for its OCR and data extraction services, starting at $499 per month for the basic plan, which includes 5,000 pages per month, and going up to custolm pricing for enterprise solutions. The pricing is transparent and includes features such as auto-import from email, tables or line items, team features, and support. Nanonets also offers a free trial and a free version with limited features.
Benefits of Nanonets' AI Document Processing
Nanonets' AI-based document processing offers several benefits, including:
24/7 processing: Unlike manual processing, with Nanonets, your document processing won’t stop after work hours. The AI ensures your documents are processed promptly and keeps your business running smoothly.
Compliance made easy: Nanonets creates automatic audit trails and ensures your documents are aligned with regulatory standards. This not only promotes transparency but also simplifies compliance.
Cost-cutting: Nanonets helps you curb operational costs by automating manual tasks. Faster processing means less overhead, leading to a healthier bottom line.
Enhanced customer experience: With Nanonets, you can process documents faster and more accurately. This will help in onboarding your customers faster and addressing support queries promptly.
Robust security: Nanonets ensures the safety of your sensitive data. It uses advanced encryption and secure data storage to protect your data.
Nanonets' Results
Recent research by PwC on automating analytics found that even rudimentary AI-based extraction techniques can save businesses 30–40% of processing time. Nanonets' AI-driven information extraction can tackle many inefficiencies and problems endemic in various scenarios, such as automating the extraction of data from certificates of analysis, which can save enormous amounts of time and streamline processes.
The software has been used to automate the extraction of meaningful fields from receipts, capture relevant data stored in tabular structures on any PDFs, scans, and images, and streamline invoice processing, leading to significant time and cost savings.
According to PwC's AI Predictions 2021, 28% of executives have prioritized using AI and machine learning for information extraction, indicating a growing recognition of the value of automated information extraction.
Nanonets' AI-based document processing offers benefits such as 24/7 processing, compliance facilitation, cost reduction, enhanced customer experience, and robust security. The software has received positive feedback from users, with high ratings on platforms such as G2 Crowd, Capterra, and GetApp.
Conclusion
AI-based document processing is transforming the way businesses handle paperwork. It is overhauling traditional data entry, approval systems, and document management. Nanonets' AI-based OCR software is a game-changer in this field, offering real-time data extraction tailored to business needs.
Its advanced OCR, machine learning, and deep learning techniques make it a reliable and efficient solution for businesses of all sizes. With Nanonets, businesses can save time, reduce costs, and improve customer experience while ensuring compliance and data security.
