Intelligent Document Extraction for Logistics & Supply Chain

The Logistics sector is one of the core sectors of the Indian economy. It has a 14% share of the Indian economy and livelihood for around 20 million people. That is why it becomes essential for the logistics sector to make their work smooth and efficient for the sake of the whole Indian economy. One main area where smoothness is required is document extraction & processing.

Supply chain and logistics organizations generate numerous invoices, commercial bills, packaging lists, customer documents, certificates, etc.

Obviously, it would become tough for you to process and extract data from all these documents.  You can automate and speed up this process by using Intelligent Document Extraction tools.

If you don’t know what it is and how it works, keep reading. It would significantly improve your business functioning.

What is Intelligent Document Extraction (IDE)?

Intelligent Document Extraction is an AI-powered technology that can extract data from various sources. These sources include text images, PDF files or hand written invoices, etc.

IDE is based on modern technologies like machine learning, artificial intelligence, and natural language processing (NLP). IDE reduces the task of manual data extraction, which saves time and effort as well as the company’s financial resources.

Why Do Logistic & Supply-Chain Companies Need IDE?

IDE technology is crucial for supply chain management and logistic companies based in developing countries. The flow of imports and exports is rapidly increasing in all developing countries. As a result, handling all invoices and related data becomes very hectic.

To improve business efficiency, it is very important to have error-free, clean data. Without the data, you won’t be able to make wise business decisions. Here, IDE can help you by extracting all the important data from the invoices and other documents. IDE extracts the data and presents it in a systematic format that could give you a clear picture of the business.

Data extraction tools help retrieve and extract data from various sources, including vast databases, physical documents, websites and APIs and make it structured. Here, structured data means the arrangement of data in a systematic way. Extracting it in columns and rows can make the process efficient for further actions.

Steps Involved in Intelligent Document Extraction –

Intelligent Document Extraction is a process that has several stages, including document integration, processing, extraction, and validation. Intelligent Document Extraction with the help of AI technology, IDE extracts all the data with 99% accuracy and speed. Let’s discuss all these stages in detail.

1. Document Integration –

This is the very first step of the IDE process. At this stage, you have uploaded all the necessary documents to the IDE system. These documents could be anything, for example, Handwritten invoices, scanned paper copies, PDFs, text images, email attachments, or cloud-stored digital files.

2. Document Processing –

Once the data is integrated, the IDE system starts processing it. Here, IDE cleans uploaded documents before extracting them. This stage includes processes like image enhancement and correcting the alignment.

3. Data Extraction –

Now, the central part. After completing the basic cleaning, the IDE starts the extraction process.  With the help of AI-powered OCR technology, IDE extracts all the information from given documents. OCR helps identify and extract critical details such as customer name, shipment number, addresses, dates, etc.

There are two methods that IDE uses. One is Template-based, and another is template-less. The prior one requires human intervention during the extraction process. Because it can extract the data only from the templates with which IDP is familiar.

On the other hand, the template-less method is entirely automatic. It doesn’t need any kind of human help. It can extract data from any type of unstructured document. All this is because this method is powered by Artificial Intelligence. You can easily access this extraction method with KlearStack at very affordable prices.

4. Data Validation –

It is important to cross-check the extracted data with the existing records. IDE does this for you, and no human intervention is needed. IDE verifies extracted data, and if it finds any irregularities, then it flags it for human review.

5. Data Integration –

This is the last stage of the data extraction process. IDE technology starts integrating validated data with your existing management system, such as Enterprise Resource Planning (ERP) software. Again, this is an automated process, and no human intervention is needed.

3 Benefits of IDE for Supply-Chain and Logistic Companies –

1. High Speed –

IDE technology completely automates the process of document extraction. It extracts all the crucial information from the documents within a couple of minutes. This saves the company a considerable amount of time.

2.High Accuracy –

As mentioned above, IDE is an AI-powered technology that uses OCR for text and character recognition. Therefore, IDE can easily provide 99% accuracy in the document extraction process. So, you would receive clean and clear data in systematic and editable format.

3. Better Resource Management –

IDE is not an expensive technology. Actually, it comes at very affordable prices. A subscription option is also available in the market. This way, you can save a lot of money.

On the other hand, IDE is entirely free of human intervention. So you can employ your workers to perform other productive tasks.

Features of KlearStack’s Intelligent Document Extraction Software –

A document intelligence company, KlearStack, provides document processing services. It can help your company to streamline the data extraction process. KlearStack is equipped with a lot of advanced features, some of which are as follows –

• Template less software
• Data Extraction from multiple sources
• Document classification
• Multi-language support
• Integration with ERP Software

Want to know how KlearStack can help your business in document extraction? Schedule a demo!

Conclusion –

Intelligent Document Extraction is modern technology that is changing the way documents are processed or analyzed. It has the potential to save 80% of your overall processing time. It will also improve the efficiency of business operations by 500 percent. So, invest in IDE technology to streamline your data game and stay ahead of the competition.