The world’s businesses rely heavily on documents to convey information. Think of all the PDFs, emails, forms, and contracts that you interact with on a daily basis. There’s an enormous amount of data in these files.
The problem with this type of data is that it is unstructured or dark data. Dark data is information that businesses collect, process, and store during regular activities, but generally fail to use for other purposes. This information often needs to be digitized for it to become useful; however, this is usually accomplished through time-intensive, manual processes.
In other words, businesses are sitting on a document goldmine full of data that could be used to automate processes or gather analytics if it could be extracted into a machine-readable format.
Unleashing the Potential of LLMs
LLMs are adept at text extraction because they understand the context of words and phrases and can filter out extraneous information from important details. They are trained on massive datasets of text and code, which allow them to learn the relationships between words and phrases and understand the context of text.
By leveraging LLMs, organizations can rapidly build AI-powered applications using platforms like Katonic Generative AI. These applications can extract key information from unstructured text, PDFs, tables, or forms from millions of documents, dramatically speeding up the data extraction process and reducing the need for time-intensive manual processes.
A Spectrum of Use Cases
The application of LLMs in data extraction is vast, spanning multiple industries and use cases. Let’s delve into some of the most prevalent ones:
LLMs can be used to automatically extract critical information from both scanned and digital invoices. This includes vendor details, invoice number, date, total amount, and line item details. The automated extraction process not only reduces manual errors but also accelerates the entire accounts payable process.
Similar to invoice extraction, LLMs can be utilized to extract essential information from receipts, such as the date of purchase, items purchased, and total cost. This can be particularly useful for expense management applications, where accurate data extraction is paramount.
In industries like banking and insurance, verifying a customer’s identity is a crucial part of the customer onboarding process. LLMs can extract relevant information from ID cards, passports, or driving licenses, aiding in swift and accurate identity verification.
Insurance Card Extraction
Insurance companies can leverage LLMs to extract policyholder details, policy numbers, and other pertinent information from insurance cards. This can help streamline the claims process and improve customer service.
Business Card Extraction
LLMs can extract contact information from business cards quickly and accurately. This can significantly simplify the process of updating contact databases and ensure the data is always up-to-date.
In the legal field, extracting key clauses, terms, and conditions from contracts can be a tedious process. LLMs can automate this process, saving valuable time and ensuring a high level of accuracy.
Tax Form Extraction
Tax preparation can be a complex task, especially when dealing with numerous forms. LLMs can extract necessary data from these forms, simplifying the tax preparation process and reducing the likelihood of errors.
In conclusion, leveraging LLMs for document processing and data extraction presents an opportunity for businesses to unlock the full potential of their data. By automating document processing workflows, businesses can streamline their operations, make informed decisions, and gain a competitive edge in the market.
Try Katonic for Free Today
Experience the power of Katonic’s Generative AI Platform first-hand. Try the free version today and discover how it can streamline your data extraction processes, reduce manual tasks, and empower your team to make more informed decisions.
Ready to start your journey with Katonic AI? Follow the step-by-step guides in our documentation to get started. Unlock the potential of your unstructured data today with Katonic.