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BANKING

OCR Platform Approach: An Automated Solution for a Real Estate Information Services Company


The Challenge

An information services company serving the U.S. real estate industry wanted a fast, accurate way to extract data for analysis from more than one million documents. The company’s existing vendors couldn’t meet the challenge because they resorted to manual processes. Operation costs increased while the solution gradually became less flexible and unable to meet requirements. This resulted in a data backlog, and the company struggled to deliver data on time. It approached Cognizant for a cost-effective solution.


Our Approach

Cognizant brought together a team of digital banking solutions specialists to investigate the company’s challenges using analytics, robotic process automation, and platform and global technology resources and to design a holistic solution. There were three main challenges: The company’s work spread across more than 2,000 associates, making it difficult to disseminate procedural changes; the complexity of data input rules for standardization increased the probability of errors in the data; and, above all, the company relied on employee expertise to identify and correct nuances in the data.

We proposed the Cognizant Digital Automation Fabric, a highly accurate optical character recognition (OCR) platform that integrates several capabilities and automates desired output. We reengineered the process of capturing data by delineating data capture and standardization rules, thus accelerating automated metadata capture, and assisted with that data capture. Our OCR implementation is effective because it uses controls at the time of data capture. Along with statistical sampling, this adds a high degree of confidence in the accuracy of the data fields the platform captures. Cognizant also introduced easily configurable data visualization tools that enable more effective data analysis and presentation. This enhances productivity and gives users maximum control over the data captured.

Machine Learning-Driven Solution for Streamlining Data Cleansing and Standardization

Our fully trained associates developed the process automation solution in six months. It helped the company save 30 percent in total cost of ownership (TCO) and process 50 million documents annually at high speed. Data is processed at 99.5 percent accuracy within two to three days of capture. We also developed more than 15 other process and technology interventions, increasing efficiency by 26 percent and generating more than $1 million in savings.

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99.5%

accuracy of data processed

30%

savings in TCO

26%

increase in efficiency due to process and technology interventions


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