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Tags: model teaming artificial intelligence natural language processing derive actionable insights segmentation reinforcement learning bard lidar drug discovery

Document-based information is useful for any business process. In today’s times, businesses have to deal with the plethora of documents across various business units and to maintain and manage those documents, organizations spend huge amount of money and manpower which increases the overall cost and sometimes also result in unwanted errors. Processing the documents and extracting the correct information is still an uphill task for several businesses because of the type of data that has to be processed by humans. This is where Artificial Intelligence (AI) comes into the picture. The AI-enabled solutions can easily extract and process the data in multiple formats while ensuring accuracy. According to a study, by 2025, about 50 per cent of the business invoices worldwide will be processed and paid with any human intervention. Several technologies of AI like Machine Learning, NLP Datasets. etc are game-changer and are transforming the business processes. Data Extraction Data extraction comes under Data processing services. It is a process in which useful information is extracted from the documents available in different formats like word documents, JPEG, PDFs and others. There are several types of documents from where the data can be extracted. 1- Financial documents include a bank statement, bills, invoices. 2- Educational documents: mark sheets, degrees etc 3- Customer Acquisition Forms 4- Loan and Mortgage forms 5- Income proofs and among others Advantages of having data processing services Multiple formats can be used such as PDF, XML, HTML,Word file etc. 2. It increases employee productivity and minimizes the unwanted error. 3. It will be cost-effective to the businesses and the information can be easily shared and stored. 4. Errors can easily be detected and rectified. There are several other benefits that a business can have after implementing the proper data processing services which include data classification, Image sorting or filtering, document processing etc. Data extraction using bounding box annotation method Bounding box annotation method is widely being used these days in processing large amount of textual data to save time. Extracting any data from the given image can be easily done with this technique. Data extraction can be done to the documents such as credit card, bank statements, invoices, receipts, government issued IDs, passports, customer acquisition forms, mortgage applications, and other documents.