At IBM Content 2017, Pyramidians presented on how to better leverage cognitive capture solutions to extract key process information such as data from medical documents.
Optical character recognition (OCR) a.k.a. capture technology has been around for a long time – like 103-years-long-time. You can trace it back to 1914 when Emanuel Goldberg developed a machine that read characters and converted them into standard telegraph code. In the days of Goldberg, this was an innovative technology on its own, but today, it is just one slice of the document processing technologies available to businesses.
Recent advances in cognitive technology make life insurance underwriters more effective at assessing policy applications. This technology allows life carriers to extract key data from documents, process it into relevant information, and present it back to Underwriters – all within the context of their normal application review process. Anecdotal evidence indicates that this can increase the productivity of underwriters by 30% when assessing complicated applications.
One of the most common questions clients ask us when designing an enterprise content management system is how to best define the document taxonomy.
The Department of Human Services processes over 200,000 documents per day. The Department had a document management system, but the system did not have scanning and indexing capabilities.
At the height of the mortgage boom, SunTrust Mortgage decided that a process that only captures 10% of documents was insufficient. The mortgage lender needed a workflow system that captured more documents to reduce the amount of paper and increase processing efficiency.
Flagstar’s corporate office in Michigan is the primary loan processing hub for its enterprise network of home loan centers and wholesale lending customers in all 50 states. Due to the variety of loan document types needing to be processed, Flagstar was having problems with data entry errors. The bank’s staff was forced to spend tremendous amounts of time reviewing loan documents and correcting mistakes.