As the world is digitizing, everything we do on paper is also converted to digital files, folders, and word documents. In every business, there are several records that are kept on manual entries on papers. Software is being used to now record these entries in either word, pdf, or excel files for which the manual documents is scanned and converted to digital files or better-called images.

But the bigger challenge with these scanned documents or images is – the data that compose it – is neither editable nor searchable. You must employ a human to read these specific text/figures and type them into the destination file on your computer to make it readable, editable, and searchable.

To ease this kind of challenge, OCR comes into the picture.

What is Data extraction?

Data extraction is a process of converting unstructured data from images or digital documents. You scan the entire document but train the model using AI and deep machine learning technology to read the specific text or figures and process them in a way that could be understood by the machine. This extracted data is now saved into data tables which can be used to analyze, edit or search for required information.

Optical Character Recognition, or OCR as it is commonly known, is a type of software that converts those scanned images into structured data that is extractable, editable, and searchable.

What is OCR and how does it work?

Data extraction revolves around two main processes: Optical Character Recognition (OCR) followed by Natural Language Processing (NLP). While OCR is a process that involves reading specific text from the image or document and converting it into machine-coded text, NLP helps to analyze the text to infer its meaning or category.

Let’s have a look on how OCR works. The OCR software identifies and extracts letters from the image and assembles them into words and sentences, essentially translating those dots and lines in the form of a readable, editable document. These documents include Word, PDF, Excel and other text formats.

The technology behind our OCR system (Ultimate OCR for Business)

Ultimate OCR for Business is an intelligent document processing solution that is built to help in process automation for Modern-day Businesses. Ultimate OCR brings in exclusive capabilities of selective M365 services, OCR technologies viz Azure form recognizer API, and AI power into a single, enterprise-scale platform to handle every type of document, from simple forms to complex free-form documents, and read the required data instantly. This data is then parsed and fed into a structured Database system (like SharePoint list/ library) from where it can be sent out to relevant authorities for the further approval process in an email.
Learn more about the solution

Ultimate OCR for business uses the power of Microsoft 365 technologies like:

1. Power Automate
2. SharePoint online
3. Form Recognizer (Rest API V2.0)
4. Azure Blob Storage
5. Outlook
6. Teams

Learn more about the M365 and AI solution in our on-demand webinar

Microsoft 365 +AI Solution: The Alternative to Paper Cuts and Manual Labor.

Watch the webinar

Benefits of using Ultimate OCR for Business

Save time 

OCR technology allows document recognition 40X faster than manual retyping.  Manual data reading in typing takes 5 to 10 minutes for every type of entry while industrial scanners can process the scanning upto120 pages per minute. This speeds up the process at a significant rate than any human employee.

Reduce costs 

OCR software reduces manual work and paper-based documents providing great cost savings.  Since multiple documents can process at the same time, it makes it easy for bulk documents. Also since human resources are also reduced to a great extent, it comes to an extremely cost-effective solution.

Enhance speed 

OCR enables businesses to process their paperwork far more quickly and convert any volume or form of data to structured text at an incredibly fast speed.

Provide accuracy 

With the help of advanced pattern recognition technology, OCR extracts every little detail from scanned documents and provides more than 98% accuracy. The solution also gives you the accuracy level on each conversion which is an added benefit.

Final thoughts!

OCR is a beautiful technology that is a real example of Process automation. When utilized properly by organizations, it not only helps save time and effort but also on cost in the longer run. Ultimate OCR for business, is one such AI-powered example. At Beyond Intranet, we can help you with the required customization on the OCR solutions. Various types of documents, invoices, bills, Purchase orders, resumes and more can be trained to do specific data extraction and more.

Learn more information on how our OCR software can help you in everyday life. Connect with us today by filling up the form in the bottom of the page.

For example, a mortgage brokerage reviews thousands of documents each month like contracts, forms, billing statements, and tax returns. They need an automated system that classifies the different document types quickly while accurately extracting crucial information for their employees to analyze.

Most businesses need an integrated business solution for file retrieval and digital asset governance. Microsoft SharePoint Syntex does this by converting your data into knowledge.

What is SharePoint Syntex?

SharePoint Syntex users create content understanding models that automatically classify documents hosted in SharePoint libraries. By training the model through example files, data can be extracted from documents and displayed by columns in SharePoint document libraries.

For example, your model can identify and classify all contract renewal documents uploaded to your library. The model can display the document’s customer’s name, phone number, and total dollars as a column in a library view.

Using other applications like Power Automate, you can customize your solutions to perform tasks like notifying your legal department about contract renewals that exceed a certain dollar amount.

SharePoint Syntex uses two different models for data classification and extraction.

1. Form processing model

2. Document understanding model.

Form processing models manage structured and semi-structured documents such as forms where the data is typically in the same location in the document. Form processing uses AI Builder, a Power Platform capability, to automate metadata extraction with AI Builder you create and train a model to extract the information, Syntex then allows you to reference that model with a Power Automate flow and run it on newly uploaded files to a specific library.

Check out our AI-powered M365 & OCR solution: Ultimate OCR for Business

The document understanding model processes unstructured documents where the information is contained in blocks of text. The model uses machine learning techniques to train your model to classify and extract documents by using a small unlabeled teaching set of files. The model’s interface also tests its effectiveness to make changes on the fly.

Pricing

Microsoft Syntex costs an additional $5 per user per month, so you can explore the functionality of the program on a modest budget before scaling your usage.

Note:

SharePoint Syntex is only available to customers currently licensed for Microsoft 365 F1, F3, E3, A3, E5, A5, Office 365 F3, E1, A1, E3, A3, E5, A5, Microsoft 365 Business Basic, Business Standard, Business Premium, or SharePoint Online K, Plan 1, or Plan 2.

Final Thoughts

In this article, we have seen what SharePoint Syntex is? Its data classification and extraction models, as well as the price information, and in the next article we will cover how to activate a SharePoint Syntex trial account, assign it to users, and set up it in a Microsoft 365 environment.

Learn more about SharePoint Syntex by contacting us at contact@beyondkey.com to receive a free demo of the service.