Document extraction is a major part of many processes that are best suited for RPA. By getting the document extraction process right, we can achieve maximum ROI from investing in RPA.
Automation Anywhere, a leading RPA platform, has the most sophisticated solution for this – the IQ bot. The IQ bot was introduced to make the document extraction process as seamless as possible. As simple it may sound, document extraction is not an easy task. Documents come in different formats and structure and clarity. Scanned documents can be even more difficult to process and even can include handwritten content. IQ bot, specially designed for this, makes the whole process easier.
As per Automation Anywhere,
“IQ Bot combines the power of RPA with AI technologies such as Computer Vision, Natural Language Processing (NLP), fuzzy logic and machine learning (ML) to automatically classify, extract and validate the information from business documents and emails.”
How does IQ Bot work?
Let us further understand how the IQ bot works with its Intelligent Document processing.
PRE-PROCESSING
IQ Bot uses techniques such as noise reduction, binarization, de-skewing. These are vital for improving the quality of the documents. In cases where the document is a scanned copy or is a low-quality document, these techniques, by reducing the noise, enhance the accuracy of the document extraction.
CLASSIFICATION
For Large documents, classifying the document into relevant sections is important to be able to extract the relevant data. This can be handled by IQ bot.
EXTRACTION
The key part of the IDP is the extraction itself. The previous steps increase the accuracy of the data extraction and then the IQ Bot uses ML technologies to extract specific data from documents. The bot is trained in the relevant context to be able to extract the required information. Extraction with precision increases the percentage of tasks that can be engaged for end-to-end automation and minimize human intervention considerably.
POST-PROCESSING
Once we extract the data from the document, AI-driven techniques are employed to validate the extracted data based on certain rules and conditions. This further improves the extraction results.
Where can the power of IQ Bot be leveraged
Let us look at some rigid examples where Automation Anywhere IQ bot could be leveraged.
Health care
Health care has been gaining attention like never before during the COVID times. Health care companies are looking at ways to improve the overall efficiency of the operations.
Here are the Benefits of using IQ Bot in Healthcare
- Reduce operation costs
- Improve patient experience
- Reduce processing delays
Processes where IQ Bot can be employed
- Claims Processing
- Patient Preauthorization
- Medical Record and Data Management
- Operational Analytics
Insurance Processing
Insurance is another space where processes are document-intensive. The sheer number of documents that need to be processed makes it time-consuming and labor-intensive. By using IQ Bot, much of the document processing work can be offloaded to bots.
Processes where IQ Bot can be employed
- Document ingestion and aggregation in claim management
- Risk Analysis and FRAUD detection in underwriting
- Policyholder Billing
- Customer support
Read Blog: Enabling a smarter claims processing & fraud detection with RPA
Retail – In Store operations and Supply chain
With the COVID situation and restriction in logistics and increased demand for essential goods, Retailers are looking for ways to improve the efficacy of the supply chain process and in-store management process. Using IQ bot and RPA can improve this on different levels.
Processes where IQ Bot can be employed
- Invoice processing
- Vendor relationship management
- Procure-to-pay Process
Read Blog: How RPA can boost productivity and ensure business continuity during COVID-19
Overall, IQ bot has a vast range of applications in various domains and document-intensive processes. Making the right use of IQ bots with RPA can increase the process efficiency greatly.
Is your company facing a similar situation and looking for solutions to fast track your operation? We are happy to showcase a personalized demo and can also help you with a complimentary POC. Send your inquiries to [email protected]
Learn more about: RPA in Insurance, RPA in Claims Processing, RPA in supply chain and logistics
Recommended Blogs
Top 5 Use Cases of Robotic Process Automation (RPA) in Retail
How RPA Process Discovery Tool Saves 60% of Automation Projects
Fast-track Your Digital Initiatives using RPA’s Digital Workforce
Comments