Automation is the buzz word in industries today, rendering processes simplified and efficient.
Before automation came into being, all the tasks were carried out by humans making the activity time-consuming and reducing productivity.
In the metal industry, many repetitive tasks involve a lot of paper documents. These repetitive tasks get reduced by automating these processes. By using automation solutions, there are a lot of benefits to the business.
Some of the benefits of automation solutions include:
- Lower operational cost
- Low involvement of workers
- Reduced errors
- Increased efficiency
- Improved productivity
- Improved end-customer satisfaction
- Faster decision making
- Improved performance
Automation using AI-based OCR technology:
OCR or Optical Character Recognition is a software that enables one to read the text, be it handwritten, printed, or embossed, and converts it into a digital format. But this traditional method of depicting data information is limited.
Traditional OCR can only read what gets entered, but cannot accurately classify detailed information. The information stored with traditional OCR is template-based. For example, if an invoice or receipt has errors due to a wrong entry, then Traditional OCR cannot correct the wrong entry made by humans. It just scans the document that gets useless.
Using Artificial Intelligence-based OCR technology, also known as Intelligent DataProcessing or Intelligent Automation, data processing accuracy gets more accurate, and theinformation required is processed faster. Combining AI with OCR enhances the capability ofdata extraction and data mining. Documents can be processed effortlessly and fastly using AI-basedOCR technology. Machine learning is involved in the process to speed up the digital transformation.
For example, any incorrect invoice cannot get corrected using traditional OCR, but, can get amended using AI that helps analyze the document deeply by deep learning.
Some of the benefits of using AI-based OCR technology for the Metal Industry are:
1) Greater Accuracy:
Using AI-based OCR technology, businesses can increase document processing accuracy up to 99%. Traditional OCR technology only gave document processing accuracy of up to 60% – 70%. In automating the Accounts payable process, the use of AI-based OCR technology-enhanced productivity by 90%. The invoices got matched with the Purchase order, and the bills got paid easily. Duplicate purchase orders got discarded and resulted in vendor satisfaction. Invoice processing gets done in a faster and accurate manner using AI OCR software. Financial services organizations are using this technology for fastertransactions.
2) Improved productivity:
This technology enhances the productivity of employees. Document understanding is vital for the success of any organization. Manual processing of documents is a tedious process and increases the chance of human errors. Traditional OCR technology also fails to depict the erroneous documents accurately.
The quality of raw materials matters a lot in the metal industry. A material test certificate attached to the raw materials is analyzed to check their quality. Material test certificate check is usually a manual process taking a lot of time, and manual errors may creep in. Automation using AI-based OCR software resolves human errors and improves the quality of the production process.All the data like chemical properties, heat no., etc. are extracted from the MTR and automated to the ERP.
Productivity gets improved as more products can be produced, and more paper documents areanalyzed using this software.
3) Improved customer service:
Automation using this technology also leads to better customerservice.Vendor management is the most significant part of the Metal Industry. Suppliers supply rawmaterials to metal processing companies along with Invoices. These invoices are processedvery inefficiently because of the staff involved in the process.
This technology reduces the inefficiency caused due to human errors in processing the invoices and bill payment. It makes the bill scanning error-free and improves the bill payment process. The supply chain gets streamlined using this software.
4) Improved employee efficiency:
This technology reduces the mundane work of administrative staff,thus improving their efficiency. Thus employee morale gets a boost. They can now utilizetheir time in more productive work.
5) Improves decision making:
AI-based OCR technology analyses documents at a faster speed creatinginformation for the decision-makers. This assists in making decisions on strategic matters.This process occurs in real-time. Details are furnished to the decision-makers usinginformation analyzed.We do have a separate workflow to carry out multiple checks and authorization by our bot itself or through human intervention.
6) Quality production and improved profits:
This technology analyze the material test certificate provided by suppliers and classify the materials which are to be used for production. We do follow the poka-yoke system and it gets better with time and no. of MTR’s processed. It will give alert to the quality person if the chemical properties are not in the defined range.
7) Improved Business process:
This technology also assists in streamlining business processes by Process Automation. Sales orders get analyzed properly to integrate the sales function with production planning.
Thus all business operations are integrated and streamlined with automation.
8) Reduced operational cost:
It is the most cost-effective OCR solution. Thisautomation solution reduces the repetitive process and enhances customer satisfaction byfaster document analysis. Manual intervention can be reduced to a minimum level.
Star software helps Metal firms by automating business processes using AI-based OCRsolutions. Our products include – AP Automation, MTR Automation and SO Automation.