In today’s information-rich world, organizations are challenged to effectively manage an onslaught of complex source data with manual or repetitive processes while maintaining high accuracy. Companies are increasingly looking to automate aspects of their operations, and document management is a prime candidate. With solutions like Wipro’s Cognitive Content Automation, global organizations can achieve their objectives of improved efficiency, streamlined processes, increased accuracy, and lower costs.
Cognitive Content Automation, available through the Wipro Digital Experience Platform, transforms an organization’s operations by digitizing, automating, and simplifying the document-management process. Built on leading open-source architecture, Cognitive Content Automation leverages advanced technologies such as artificial intelligence, pattern recognition, natural language processing and machine learning, advanced analytics, and smart OCR. This powerful mix empowers companies to classify documents, extract data, and even leverage image analytics across multiple document formats and templates.
Using Cognitive Content Automation, companies can streamline their document management across business functions. Legal applications include extracting key values from financial statements and loan agreements; pre-configuring the extraction process for legal agreements; capturing data for loans, credit cards and accounts; digitizing key fields from contracts and other binding documents; and digitizing elements for regulatory-compliance matters.
For customer and partner engagements, the system can streamline the processing of onboarding information; perform background/document verification; accelerate the speed with which tickets and claims are classified, estimated, and resolved; and verify the presence and validity of signatures. Even marketing organizations can leverage Cognitive Content Automation, as it can perform sentiment analyses from news articles and unstructured data.
CCA enables organizations to streamline their efforts in managing and processing documents with reduced efforts at lower costs with higher accuracy. Some of these instances are as follows:
- Extracts key values from large financial statements & Loan agreement
- Pre-configured extraction process for Legal Agreement
- Data capture for Loan/Credit Card/Account
- Contract digitization with handling of Agreements and key fields (party’s involved, renewal date, agreement date) extraction for contract insights
- Clinical Trial (Consent Forms, Investigator brochure, Insurance Statements etc.)
- Regulatory Compliance Digitization
- Efficient Customer onboarding by auto filling details through processing documents such as Passports, Driving Licenses, Tax statement
- News articles sentiment analysis and unstructured data analysis to identify Fraud for e.g. Anti-Money Laundering
- Visual recognition to for claim processing for faster claim estimation
- Background/Document verification for onboarding
- Natural language processing for ticket classification and resolution
- Automate process of Claim assessor manually identifying the damaged part of the vehicle and assessing extent of damage
- Signature recognition – Ability to detect signature in documents
- Visual recognition enables Verification of signature on a Financial document – reducing Customer service time
- Verification/ Submission of signature, images(proof)on an Insurance claim– reducing Claim processing time
By deploying cognitive solutions like Wipro’s Cognitive Content Automation, companies can deliver:
- An Improved Customer Experience: Digital onboarding and document management for customers in real-time leads to a better customer experience and improved brand loyalty.
- Reduced Cycle Times: Deployment turnaround times can go from months down to weeks.
- Scalability: The system is capable of handling large volumes of documents in multiple formats, far more than human intervention alone.
- Traceability: With real-time document tracking and management, companies can improve their efficiency, visibility, and overall user experience.
- Enhanced Document Management: Digital documents with improved accuracy can be easily shared, filled, reviewed, and analyzed with minimal effort.
- Improved Productivity: Faster document processing leads to reduced average handling times.
- Boosted Security and Compliance: Companies can replace paper-based processes with digital workflows that are compliant with broad legal requirements and stringent security standards.