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"Data is the New Gold": Context-centric data extraction for Trade Finance

Updated: Nov 29, 2022

Getting your data digitized.


“Data is the new gold”, is a phrase we hear often. But only if it’s in your systems. Still today, a large portion of useful information is trapped on paper forms or in flat digital documents. Order forms, invoices, financial documents, and a myriad of others are sent on paper or in PDF files. To make the information in those documents useful, it needs to be injected into your IT systems. Yesterday – and for most companies, still today as well – most of that work was fully manual. An operator receives the document, opens it, and retypes the relevant information in an interface. This is costly, time-consuming, and error-prone.



Today, machine learning makes that task lighter. Tools exist which allow operators to indicate which portions of a document are important and what information they contain. A similar document from the same party will subsequently be processed automatically. But there are a lot of different types of documents, and each party has its own format/layout, so this approach still requires significant work.



Tomorrow, AI-centric solutions will be aware of the type of document that is being processed, and which information needs to be retrieved. This will be independent of the format or layout, and there will be no need to retrain when a new customer or supplier sends their first document. This approach is what we offer already today.




What value does it bring you?


– Reduce your processing time, better servicing your customers in times of increasing complexity – Lower your operating costs – Turn an administrative burden into a competitive advantage by processing documents faster than your competitors


Example


Scanned invoice, the labels detected by the solution are in purple, linked fields are in green





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