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Hack: How IDP Can Automate Manual Maker-checker Process In Document

How IDP can automate manual maker-checker process in document-heavy back end operations

How intelligent Document Processing Can Automate Manual Maker-checker Process In Document

Intelligent Document Processing (IDP) has been widely used in the last few years to automate various back-end processes in Banking, Insurance, E-commerce, Healthcare, etc. Right from simple KYC documents to complex unstructured handwritten documents, IDP can be implemented to automate document-heavy business processes across any industry. 

Fig. 1 highlights some of the potential use cases of IDP in a few industries.

How IDP can automate manual maker-checker process in document-heavy back end operations
Source: Deloitte Intelligent Document Processing report

IDP companies have been favored over traditional OCR companies because of their ability to carry out a much larger chunk of operations using AI, ML & NLP and validate data for more accurate automation of both maker and checker processes. While OCR’s ability is restricted to data extraction, IDP solutions go way beyond to validate the extracted data and also support integration with downstream processes such as RPA. 

What is the Maker-Checker process? 

Let’s understand this by using a quintessential KYC onboarding use case in the Banking industry. When a customer wants to open an account with a particular bank, he/she has to submit a set of documents acting as proof of identity and address. Once the agent working for the bank receives these documents, he/she inputs the relevant information from the document, such as name, address, date of birth, etc. in the bank’s ERP/CRM system. This process is called the “maker” process, where a data entry is performed by a human agent from the physical document into the system. 

The next step in the process is to validate the information provided by the customer. The bank agent will validate the information such as name, address, DOB, etc. across documents as well as on online government portals using APIs or manual search. Only if the data obtained from both processes match, is the customer’s onboarding application approved. This validation process is known as the “checker” process. 

The “maker” and “checker” in a particular bank can be one or different agents depending on the size of the bank. 

IDP - Intelligent document processing
To improve efficiency in the workplace, an intelligent document processing solution is highly necessary to automate the maker-checker process of data collection.

How does Intelligent Document Processing automate the maker-checker process? 

The limitation with traditional OCR solutions is that it can only automate the “maker” process i.e. data extraction part, and it being template-based extraction if a new template is introduced, the solution needs to be re-trained on a new format. This is where Intelligent Document Processing (IDP) comes into the picture. IDP leverages Machine Learning (ML) and Natural Language Processing (NLP) along with OCR technology to automate not only data extraction (maker process) but also data validation (checker). 

In the use case stated above, if IDP were to be implemented, then, once the customer submits the document to the bank, the IDP solution will extract relevant information from the documents. The IDP solution can extract data from either a PDF file, scan copy or image file of the document. Once the relevant data is extracted, IDP will use validation logic (which AmyGB terms as Triangulation logic) to validate the information. For example, once IDP extracts the name, address and DOB from each document, it will validate each character in every field across documents. Based on this, the solution will display a confidence score for the data validation and the bank can set a threshold score based on which the validated field can be termed as “pass” or “fail”. Another level of validation layer can be introduced to further improve the accuracy of results, that is using API validation. Once the “Triangulation” is performed, IDP can utilize various APIs to validate the authenticity of the documents. In the above case, the extracted information such as name, address & DOB for a particular document can be cross verified from trusted government portal databases prior to accepting the customer application.

Read how AmyGB helps a leading payment bank to automate the maker-checker process resulting in a significant reduction in Turn-Around-Time (TAT).

Benefits of Intelligent Document Processing in maker-checker process 

For companies that deal with a huge influx of documents, manual processing becomes time-consuming and inefficient. Automating the maker-checker process helps companies to improve their efficiency, reduce the overall turn-around time and enable long-term cost advantage. Companies can also utilize the workforce for more productive, core-business tasks by simply automating the manual document verification processes. Many companies have witnessed significant improvement in customer experience and satisfaction after introducing automation to their back-end processes. 

The last few years have witnessed a huge surge in demand for IDP solutions worldwide, across industries. Substantial benefits and ease of implementation of the solution have been key factors for organizations to move from traditional processing towards Intelligent Automation

AmyGB is one of the leading Intelligent Document Processing companies capable of processing a variety of documents from structured-printed documents to unstructured-handwritten documents. It has received recognition as a progressive IDP company by leading market research reports for its strong product portfolio and excellent industry penetration. AmyGB’s VisionERA (IDP product) has been implemented across industries such as Banking, Insurance, Healthcare, Cash Management, etc. enabling excellent results and customer satisfaction.

In order to automate the maker-checker process of data collection, there is a need for an intelligent document processing solution that would automatically facilitate the collection and authentication process.

In case you’re wondering how IDP can help your organization improve process efficiency, quality, and customer satisfaction, feel free to talk to our IDP experts to help you embark on the automation journey.

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News

5 Ways to Stay Physically Active During Middle Age

Though you may not like to think about it, everybody ages. As you age, you will experience changes in your mind and body that make it more difficult to live the same kind of lifestyle you did as a teenager. Consequently, you may have to reevaluate how you approach different tasks once you reach middle age.

This is especially true when it comes to physical activity. Once you reach your mid-40s, you will likely start to experience some major changes in your body. Perhaps you find it difficult to get in and out of your easy chair, or maybe you just get winded walking to the mailbox. In any case, it’s important to remain active so that you reduce the risk of experiencing health issues like obesity, diabetes, or heart disease.

So, in today’s post, we are going to look at 5 ways to stay physically active during middle age!

How To Stay Active During Your Middle Age

1. Address Pain First

If you’re experiencing any kind of pain, it can make it difficult to start (or continue) exercise and other physical activities. As a result, you need to address physical pain first. For example, if you have painful bunions, you can seek out more information about treatment plans and costs from the experts at Northwest Surgery Center. Once you get your bunions removed, you can start moving around pain-free again!

2. Practice Simple Standing Exercises

It’s always important to start out slow. If you try to hit the gym like a 20-year-old, you could end up seriously hurting yourself. So, do simple standing exercises like lunges and basic stretches. These will help loosen up your muscles and prepare your joints for more rigorous activities in the future. 

3. Upgrade Your Routine Slowly

While you will want to start with simple physical activities, you won’t want to continue doing the same things forever. So, be prepared to upgrade your routine at a slow and reasonable pace. For example, once you feel comfortable doing lunges, you can advance to power walking or even jogging. If you want to focus on activities that are least likely to cause an injury, you can also try out swimming.

4. Work With a Personal Trainer

In the past, personal trainers were something reserved for very wealthy people. Now, you can easily access a personal trainer for a reasonable price. You can find one directly online or acquire one through your local gym. Either way, a personal trainer can help you identify your exercise goals, demonstrate proper technique, and help push you to keep going. 

5. Play Low-Impact Sports With Friends

Traditional exercising is not for everyone, especially if you find yourself getting bored easily. So, why not enjoy a little socialization and competition instead? By playing low-impact sports like badminton, cycling, or golf with a friend, you can enjoy a healthy social life and get in some quality exercise at the same time. It’s a win-win!

We hope you enjoyed this guide on 5 ways to stay physically active during middle age! If you’re looking for even more great content and advice guides, be sure to check out some of our other articles at Tech At Last today!

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Featured IoT (Internet of Things) News

Impact Of Technology Advancements On Transportation Management

The past 20 months featured unexpected realities. You’ll agree with me that technological advancement has impacted every aspect of our living system. Even if we are reluctant to embrace some of these new innovations, the social challenges have forced us to see the need to quickly adapt and implement new technology for a better lifestyle. 

These emerging technologies are changing the way we work and interact with others. These technologies are revolutionizing the way we do business and making high-tech approaches an essential part of our lives and also reshaping the career space. 

The effect has impacted several organizations and industries like the health sectors, transportation, and more, to unlock new business opportunities and to provide solutions to a better way to fast delivery.

In fact, recent research by Gartner shows that by 2023, 50% of global product-centric enterprises will have invested in real-time transportation visibility platforms. 

However, as the new innovation becomes the priority of every organization, consumers become more demanding, the transport industry needs to ensure that users’ requirements are met through the deployment of transport management software technologies. To create improved safety, better performance, and superior communication and service to customers.

Advancement of Technology on Transportation Management Software

Impact of technology advancements on transportation management software
The Era of Transportation Management Software: The transport industry needs to ensure that users’ requirements are met through the deployment of transportation management software solutions which makes it easier for effective execution.

Below, therefore, are the impacts of technology advancement on transportation management.

1. Improved transparency and data automation

As the global population will increase from 7.4 billion to 9.7 billion by 2050, the volume of goods shipped will be more than double by 2050, driven by urbanization, increases in disposable income and internet penetration, and ease of access to new technologies. 

Document and paper-based shipments are expected to decrease significantly as digital document management evolves. There are innovative ways in which firms can combine transportation and distribution systems to increase their transparency and data automation in the globally competitive environment.

  • Use multiple data sources to monitor system congestion, also to support travel time estimation
  • Consolidate efforts to develop data management tools across agencies
  • Frequently process and distribute measures of effectiveness (MOE’s), Including to operators, to improve operational effectiveness.
  • Utilize features in the software to track and report performance which can also utilize onboard device data from agency vehicles to monitor pavement condition

However, transparency in data collection and analysis will lead to improved operation, enhance customer service and promote work efficiency in transport management.

2. Innovated mobile communications and wireless network

Advances in wireless technology provide options when it comes to modernizing their field equipment and increasing data coverage.

The rapid development of GPS technology could offer the opportunity to freight operators as well as cross-boundary public transport operators to consider establishing a fleet management system. The launching of such a system would enable more journeys to be made and reduce operating costs due to much better planning and schedule.

Moreso, it will be easier to utilize commercial mobile devices and apps to support collaboration between freeway service patrol and other emergency responders. TMC operations staff and field maintenance staff will be easily connected to improve communication and enhanced field collaboration. 

3. Truck platooning

Truck platooning is the linking of two or more trucks in a convoy, using connectivity technology and automated driving support systems. These vehicles automatically maintain a set, close distance between each other when they are connected for certain parts of a journey, for instance on motorways. 

The truck at the head of the platoon acts as the leader, with the vehicles behind reacting and adapting to changes in its movement – requiring little to no action from drivers. In the first instance, drivers will remain in control at all times, so they can also decide to leave the platoon and drive independently.

Truck platooning holds great potential to make road transport safer, cleaner, and more efficient in the future. The platoon technology allows digitally connected packs of two to five vehicles which make the road safer for drivers, truckers, and vehicle transport services to reduce unexpected accidents and loss of customer’s goods.

“Platooning optimizes transport by using roads more effectively, delivering goods faster, and reducing traffic jams, says Nicholas, founder of Car Shipping Carriers; one of the cheapest car shipping companies in the United States. The driving range of trucks can also be extended in certain situations. It allows drivers to undertake other tasks, such as administrative work or making calls. The impact of technology on the transport system should never be underestimated.

4. Implementation of transportation management software

The use of transportation management software cannot be overlooked as they help companies from wasting a significant amount of time. The technology behind this system increases the performance of necessary tasks and allows the company to concentrate on other aspects of the business, giving them access to do more without driving up cost.  

The development of TMS would optimize usage of transport systems and networks by various means like traffic monitoring and regulating, information provision and safety enhancement, travel time information coming from toll tag readers, Bluetooth sensors, and/or third-party providers.

Companies that implement a cloud-based TMS have increased visibility throughout their supply chain, opportunities for communication and collaboration with carriers and customers, and significant time and money savings.

Conclusion

There are innovative ways in which firms are combining transportation and distribution systems to increase their efficiencies in the globally competitive environment. However, the new technological advancement will bring about a positive change in the way we live.

If the trend of technology innovation in transport sectors continues, there’s no doubt we are speeding into a future of smarter and safer travel for all. 

The transport industry needs to ensure that users’ requirements are met through the deployment of transport management software technology.

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Blockchain Technology Featured News

Why the Auto Transport Industry is so Excited About Blockchain

Blockchain
Image by mmi9 from Pixabay.

In 2019, four major vehicle logistics companies came together to form a blockchain consortium backed by IBM and named Vinturas. But this tweet is not about the companies or the consortium they formed; it explores what, in the first place, would pique the interest of vehicle transport companies in blockchain technology. 

What is Blockchain?

Blockchain is an open-source decentralized public ledger of transactions from start to finish. Anyone can contribute to it by adding new blocks to it; this decentralization ensures that no single entity controls the system and that changes can be reviewed and approved by consensus before they are included in the final block. 

The key benefits of using blockchain technology include increased security, transparency, and record-keeping efficiency.

Blockchain in Logistics

Blockchain technologies have the potential to disrupt multiple industries. From the supply chain to finance, blockchains can dramatically increase the speed at which information is verified and transferred from one place to another. 

Primarily, the integration of blockchain into the operations of the consortium was to boost supply chain efficiency. 

In the logistics industry, blockchain has the potential to lower transaction costs while increasing transparency and lowering transaction costs for shipments between different countries.

As the world is moving towards decentralisation, blockchains are presented as an alternative to current structures which still have a lot of traction.

Tracking and Accountability

Blockchain offers companies a safer way to track and manage intellectual property, increase transparency and improve accountability. The technology behind blockchain provides an alternative set of incentives to traditional business models, which may encourage more innovation and reduce costs. 

By digitalising logistics processes, carriers can boost supply chain visibility and provide a more reliable service to their customers. What does this mean for the transport logistics industry as a whole?

With blockchain, it is possible to run entire auto transport logistics without having to rely on physical or even digital documents; instead, data is shared through unique digital signatures based on blockchain technology. This also boosts accountability on the part of carriers. 

Openness

Blockchain-based truck tracking enhances not just the visibility of the chain, but also the reliability of the transactions between carriers and brokers and their customers. Such an arrangement particularly allows customers to monitor their vehicles in real-time during transit. 

Therefore, being an open system, it helps to protect the interests of customers and reduce fraud in the auto transport sector. 

Shipping a car requires signing various contracts and agreements to ensure the absolute protection of the vehicle as well as clarify to whom belongs liability in the case of damage. With blockchain, this process can be more seamless since both parties would be able to share data and information easily. This includes information from comprehensive vehicle assessments before pickup and during delivery. 

Trust

Blockchain has widespread appeal because it creates trust in a distributed network. It has the potential to disrupt existing industries by enabling members to execute transactions in a manner that is both secure and transparent.

Thus, another factor that blockchain introduces into the car shipping process is trustworthiness. Vehicles are an expensive investment and no car owner wants to entertain the possibility of their vehicle going missing in transit because they handed it over to frauds. 

Vehicle transport companies also, on the other hand, want their customers to be at peace and trust them with their valuable vehicles. Blockchain could serve as a meeting point of trust between both parties. Transactions carried out over the blockchain are secure and authentic forever. 

Coordination

Blockchain technology would also help brokers to coordinate their operations. Brokers function as liaises between customers and carriers and thus play a significant role in auto transport operations. However, this role can come with a lot of bulk work trying to connect customers to carriers and vice versa. By maintaining documents on the blockchain, brokers can manage and share data better across their clientele. 

We will, first, consider the impacts that blockchain technology has been making in the logistics industry as a whole before focusing on car shipping specifically. 

The whole process can be resolved quickly by signing smart contracts backed by blockchain technology. By drastically reducing processing times, all that’s required is for the customer to submit their vehicle for pick up/drop off and then ease their mind until delivery is made. 

Conclusion

Many people think of blockchain as cryptocurrency and bitcoin but that’s only a small bit to the comprehensive dimensions of the technology. 

So, blockchain in the auto transport industry does not necessarily mean companies would start accepting payment in bitcoin (that’s for the larger society to decide). Rather, it explores the various ways that introducing blockchain into the car shipping process optimizes operations and enhances the quality of the transactions between carriers, customers, and brokers. 

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Information and Communication Technology (ICT) IoT (Internet of Things)

The role of virtual reality in improving healthcare

Virtual reality and extended reality in general have been making their way to many industries at a steady pace for the last decade, with more and more applications every year. No longer is VR exclusive to entertainment – albeit the recent developments in that area are almost as exciting.

The healthcare industry in particular has been improved by virtual reality technology, introducing innovations in medical training and patient treatment, among others. There has been a major increase in the use of VR technology by medical and pharmaceutical companies.

What exactly is VR used for in the healthcare industry? Let’s find out!

Radical change of the medical training process

You might have heard of the popular VR video game Surgeon Simulator, where you perform surgeries on a virtual patient. Medical training with VR is similar in concept – although the simulation is infinitely more detailed and complex.

Virtual reality gives aspiring medical professionals an ability to experience the human body on another level, viewing areas which would otherwise be impossible to access. Instead of using a corpse to learn on, medical students can now train on a simulation of a fully detailed, live human body that reacts in a way you would expect a live organism to react.

Virtual reality in patient treatment and therapy

The use of VR in medicine isn’t exclusive to training – actual medical procedures are also provided with the help of virtual reality. Surgeons often perform using robotic appendages controlled from thousands of miles away, limiting the risk of complications during the surgery and increasing the accuracy of the procedure.

Virtual reality also provides innovative capabilities for mental healthcare. Patients with psychological trauma can experience a tailored VR scenario, created to help them overcome their issues. Therapists can also heal physical trauma in a more efficient way, shortening recovery time by allowing patients to exercise in VR. Physical therapy scenarios can have patients doing specifically prescribed movements disguised as a fun activity in a fully virtual world.

VR has tons of uses for healthcare professionals – it fosters their ability to learn and expands their actual medical capabilities. How is it all done in practice? With projects such as Mazer – a flexible extended reality platform for building customized virtual spaces. For more information about Mazer’s uses in improving healthcare, check out https://mazerspace.com/healthcare/.