We have explored and used various tools to automate this process. The following are details of the tools used, and highlights of the project.
IQ Bot by Automation Anywhere (AI Engine)
Automation Anywhere is a popular vendor in the RPA market today, offering powerful and user-friendly RPA capabilities to automate any complex tasks. It is one of the “revolutionary” technologies that changes the way enterprises operate. The IQ Bot possesses the ability to process unstructured or semi-structured data, and extract the information into a CSV file for further use. Most importantly, the IQ Bot can be trained to extract the data based on unique user needs
During this hackathon, we were able to train the IQ Bot to read 20 semi-structured contracts after a bulk upload. We noticed that it took the IQ Bot 5-hours to process each document. Once the documents were processed, we had to manually map the information to be extracted into a CSV.
UiPath Taxonomy Manager (Process Contracts)
UiPath is another leading RPA vendor, providing a complete software platform to help organizations efficiently automate business processes. The UiPath Taxonomy Manager is a document type manager which is used to categorize the documents.
Digitize Document is a prebuilt activity in UiPath which is part of UiPath Intelligent OCR Activities. This pre-built activity can be used to extract data from the Taxonomy Manager by digitizing the document and creating a template. The Position-Based Extractor can be used to define Data Extraction Scope to extract specific content from a document. In this use case, we decided to use UiPath’s AI-based document processing engine.