The Importance of Accuracy and Security in Automatic Document Processing

Why is data accuracy important?

Accuracy is a critical aspect of automated document processing, as it determines the quality of information used to make business decisions and automate processes. Many software vendors make bold claims about the accuracy of their data extraction technologies, often claiming accuracy rates of 99% or even 100%. However, prospective buyers should evaluate these claims using their own specific business data, both before and after purchase.

To ensure accuracy, it is critical to conduct ongoing testing on a significant sample of documents, using reference data for comparison, and monitoring for any changes in data source or format that could impact accuracy. Ignoring these issues could lead to incorrect conclusions and ill-informed decisions, resulting in reputational damage and financial loss.

Accuracy Industries and Impacts

Accuracy greatly impacts the success of the entire process and the validity of the application. Let’s look at some practical cases:

• Insurance: An insurance company automates the extraction of data from policy applications. If the data is not extracted correctly, this could lead to errors in costs and coverage, causing significant financial losses.
• Healthcare: In healthcare, accuracy is vital for patient care and safety. Errors in medical records can lead to incorrect diagnoses and treatments.
• Accounting: Errors in accounts payable can generate financial losses for a company, which also negatively impacts relationships with suppliers.

Common Causes of Data Inaccuracy

Sources of errors in automated data processing include:

• Poor Input Data Quality: Low-quality data, such as blurry or poorly contrasted images, can lead to inaccurate results.
• Formatting Issues: Systems may have difficulty interpreting non-standardized text, such as text in different fonts or formats.
• Lack of Training Data: An inadequate volume of representative training data can compromise the accuracy of results.
• Data Ambiguity: Ambiguous data, such as different date formats, can confuse automated systems.
• Human Error: Errors in system configuration or manual recording can impact accuracy.

How to Evaluate Data Accuracy

Assessing the accuracy of automated document processing tools can be complex. Many vendors use confidence intervals, which reflect how confident the software is in the accuracy of its results. However, these are not the absolute measure of accuracy. It is essential to combine these metrics with the operating point, which determines the success of the system and the return on investment.

The operating point is made up of two values: the read rate and the error rate. For example, if the read rate is 85% and the error rate is 1%, out of 100 documents, the software will read 85 documents correctly, making an error on one. The remaining 15 will need to be reviewed by a human operator.

Steps to ensure data accuracy and security

When choosing a document extraction tool for automated processing, it is critical to consider the tool’s ability to accurately extract information from a variety of document types. Other factors include compatibility with existing systems, the level of security offered, and the support available.

Some managerial steps that can improve accuracy and security include:

1. Define requirements: Determine the type of data to be processed and the level of accuracy desired.
2. Select appropriate software and hardware: Choose tools that meet the desired accuracy standards.
3. Implement quality control measures: Continuously monitor the quality of the data processed.
4. Train staff: Ensure staff understand how to properly use the processing tools.

Find a Reliable Partner for Document Automation

In short, data accuracy and security are essential in automated document processing. Investing in information accuracy is crucial to making informed decisions and preventing errors. Software like Retica ensures high data accuracy through advanced algorithms and the integration of human verification processes, offering a reliable solution for companies looking to optimize their document workflows.

By prioritizing accuracy and security, organizations can fully leverage the benefits of automated document processing, including increased efficiency and improved customer experience.