Capturing data the smart way: Supervised Machine Learning
By now, artificial intelligence is no longer just a trend waiting for us in the future. According to a study by Crisp Research, an independent IT research agency and consultancy based in Germany, one in five IT decision-makers state that they already use machine learning technology productively. In total, 64 percent are engaging with the topic in general.
The expected benefits for that are optimised processes, increased efficiency and entirely new insights into data and information to create competitive advantages for their own business.
Especially in areas, where a majority of work is still conducted manually – for example when processing orders, invoices and other documents – hides significant potential for optimisation. Via solutions, in which smart components are already integrated, this potential can be realised, even without expensive initial investments, for example via Ephesoft Transact, a tool for Smart Document Capture based on Supervised Machine Learning.
Supervised Machine Learning is a special form of machine learning: The basis for this technology is an intelligent algorithm, which manages the classification of documents and automatically matches documents into different categories. However, the algorithm does not do this entirely by itself, but with human support.
During the implementation of the system, a user teaches the algorithm via example documents. This allows the Smart Document Capture tool to learn which aspects of a document are relevant for its respective matching and which of its characteristics signify what kind of document it is. During regular operation, the classification is then performed automatically by the system; only in special cases or critical situations human support is utilised again.
Should the smart technology be unable to clearly decide how to classify a particular document, the case is referred to a human user, who helps the solution with his know-how. This new piece of information is then saved in the system, allowing it to continuously learn. Consequently, the work done by humans is steadily decreasing, due to the tool taking on the routine tasks of document classification quickly, reliably and correctly.
Using the synergies between different types of intelligence
In contrast to the fear that artificial intelligence will endanger people’s jobs, Supervised Machine Learning capitalises on the synergies between human and machine.
The system works quickly, is ready to perform at any time, and possesses nearly limitless resources. And due to being provided flexibly from the cloud, the solution does not even put a strain on a company’s internal IT infrastructure. The clearly-defined algorithms keep the susceptibility to errors very low and prevent deviations from predefined processes or distractions due to other tasks or urgent, spontaneous projects.
This enables the machine to ideally relieve its human colleagues by taking on high-effort tasks, which have to be performed efficiently and error-free, but do not require any special skills. The human factor becomes relevant when specialised know-how and contextualised knowledge are needed – users only need to support the machine, where it cannot continue its work by itself and are in the meantime able to focus on tactical and strategic topics, where their skills are actually needed. Thanks to the synergies between human and artificial intelligence, the company benefits from optimal results and gains valuable competitive advantages.
A verifiable improvement of results
Today more than ever, business intelligence is worth good money. The more transparent a business operates, the more information is available and the more detailed data analyses can be performed by decision-makers, the better this wealth of information can be used to future-proof the business’ strategy.
Thanks to document capture processes on the basis of Supervised Machine Learning, the accuracy of document classification can be increased by 92 % after only two days of teaching the technology. In addition, there are also benefits in regard to complying with the European Union’s General Data Protection Regulation (GDPR): Lean, efficient processes lead to optimal transparency in the entire business, which is the ideal basis for being able to accurately locate any particular set of data, which a business might have stored, or for being able to hand over or delete said data upon request.
Furthermore, eliminating paper-based processes and manual recording of information can increase productivity by up to 400 percent, allowing businesses from different industries to make the most of new opportunities, from finance to insurance, public administration and healthcare as well as accounting and invoice processing: Every company processing large volumes of documents as part of its business benefits from smart document capture on the basis of Supervised Machine Learning.