AI-Based Text Extraction Software Reduced Data Entry Time from 10 Days to 30 Seconds
Base64.ai was created to eliminate the need for companies to spend countless hours manually logging data. Through their artificial intelligence-based automation solution, Base64.ai is able to recognize and extract text, photos, signatures, and more from virtually any document type. Their scalable cloud solution is flexible enough to accommodate a range of file and document types, including driver’s licenses, invoices, travel visas, and even handwriting.
Thanks to its wide range of industry applications, Base64’s AI solution is quickly transforming the way businesses organize, process, and manage their data. Whereas manual data entry can take days to complete, Base64.ai allows teams to seamlessly extract data from over 500 document types out of the box in as little as 30 seconds.
In Q2 of 2021, Base64.ai was approached by a US healthcare company that needed help automating their data entry process. Prior to adopting Base64.ai, the company would spend 10+ days processing Statement of Benefits and Coverage (SBC) forms. These forms are issued by insurance companies and job-based health plans to explain insurance benefits as required by US law.
Initially, Base64.ai’s customer had a manual process to enter the data on each SBC form into their system. They hired out an external third-party vendor to help their internal teams process each form. This manual process could take up to 10 days or longer, and the results were often riddled with typos.
After realizing that this process was inefficient at best and highly inaccurate at worst, this company approached Base64.ai to try and process their SBC forms through automated document processing. Part of the challenge, though, was Base64.ai had never worked with this specific document type before.
To rise to the challenge that this unique case presented, Base64.ai began by asking the company to provide training materials for the AI. The company offered several thousands of SBC files, along with their expected output. After analyzing the problem, the team was able to train their AI solution. After just 2 months, the Base64.ai team was able to achieve over 98%+ accuracy extracting data from these forms—and all in a process that took under 30 seconds.
After signing a long-term pay-per-use contract in June, the healthcare company was about to automate their data entry process and replace 10+ days of manual labor with just 30 seconds of AI-powered automation.
This solution was an incredible start, but the team knew their AI solution could continue to get better. Under an NRE agreement with their customer, Base64.ai is able to continuously improve the scope and accuracy of their automated solution. What’s more, labor-reduction and improved efficiency aren’t the only benefits this customer received. Today, this customer is the only company in the world that has the capacity to instantly process Statement of Benefits and Coverage forms—an advantage that’s helped them gain a significant competitive edge in the market.
Manual data entry is a tedious, time-consuming process that often leaves outcomes that are less than desirable. Today’s teams need smart, automated solutions that can allow them to focus time and energy on higher-value tasks.
Through Base64.ai’s solution, businesses can process over 500 document types virtually instantaneously. From insurance companies to airlines and logistics providers, any business dealing with high volumes of data and forms can benefit from this technology. And as the SBC use case shows, the AI powering this software can handle new document types with ease.
As more businesses look to improve efficiencies and reduce margin of error, being able to quickly and accurately process forms is becoming increasingly crucial. Automated solutions can help eliminate these inefficient processes, and give teams the time back they deserve.
If you and your teams struggle to keep up with manual data entry, investing in automated text extraction may be the best way to move forward. Contact the AIP team today to get connected with the Base64 team (and a whole host of other AI-focused companies) and start letting AI take care of your data today.