This process can be extremely time consuming as these financial documents are typically physical or scanned digitally which involves inputting each line item manually. Attempting to automate this process tends to lead to a balancing act of speed and accuracy.
When improving the process there are three primary areas to resolve for:
In this guide we will explain how to modernize your approach to spend more time improving your business and less time on redundant tasks.
By utilizing Optical Character Recognition (OCR) technology, Artificial intelligence (AI), and Machine Learning (ML) you can greatly increase the alacrity of inputting the analog data into your digital space. The improved maturity of AI and ML technology has allowed for the ability to automate repeatable processes. This automation can improve data extraction speed by 70%.
In addition to an improvement to speed, the maturity of AI and ML technology has allowed for an increase in accuracy for automation processes. Additionally, ML technologies have become much easier to train allowing for a much more efficient auditing processes. This technology can result in a data extraction accuracy of 99.6%.
Finally, automatic integration to the credit spreading software of your choice is important to ensure data sets are properly and consistently input into your analysis tool.
Advancements in technology can be a boon for a variety of data analysis including Financial Spreading. By leveraging these modern technologies, you can increase efficiency and expediency that is required of these tasks dramatically. While these technologies can be complex with the right tools and expert advice any company can set these time saving tools up quickly and easily.
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