Automated Text Extraction & Processing for Bulk Check Management

Client Background:
The nation's largest consumer credit counseling provider faced challenges in efficiently processing tens of thousands of checks stored in PDF files. Their previously manual and digitized process was not only cumbersome and costly but also prone to errors. With regulatory constraints demanding high accuracy, they sought a sophisticated solution to automate and optimize this process.

Objectives:

1. Extract text from tens of thousands of checks stored in PDF files.

2. Automate the processing of these checks in bulk with high accuracy.

3. Achieve significant time and cost savings while adhering to regulatory constraints.

4. Implement ongoing monitoring and exception reporting for inaccuracies.

Challenge:
The client's existing manual process for digitizing and inputting check information was time-consuming, expensive, and fraught with errors. Meeting the tight deadline and achieving the desired accuracy rate posed significant challenges.

Approach:

1. Stakeholder Organization & Process Mapping: Massena Consulting swiftly organized the relevant stakeholders and meticulously mapped the existing manual process to understand the bottlenecks and inefficiencies.

2. Custom OCR Solution Development: After evaluating various open-source libraries and cloud offerings, our team recommended a custom Optical Character Recognition (OCR) solution. This solution was tailored to achieve a minimum of 95% accuracy, ensuring compliance with regulatory constraints.

3. Image Conversion & Enhancement: Each PDF document was converted into a JPEG format, followed by image quality enhancement to ensure optimal results during the OCR process.

4. Advanced Text & Data Extraction: Beyond simple OCR, our solution identified specific fields in forms and information stored in tables, ensuring comprehensive data extraction.

5. End-to-End Automation: The extracted data was automatically transferred to the client's check processing portal, ensuring a seamless, automated workflow from document retrieval to data input.

6. Ongoing Monitoring & Exception Reporting: We implemented a system to continuously monitor the accuracy of the OCR process. Any checks that weren't accurately processed were flagged in automated exception reports, allowing for immediate corrective action.

7. Model Refinement & Recalibration: Recognizing the importance of near-perfect OCR, our team is committed to ongoing refinement and recalibration of the model. This iterative approach ensures that the solution remains at the forefront of OCR technology and accuracy.

Outcome:
Our custom OCR solution transformed the client's check processing approach. With an impressive 99.2% accuracy rate, the solution drastically reduced manual input needs. Key results included:

• Time Efficiency: 750 monthly labor hours saved, equivalent to 4.5 Full-Time Employees (FTE).

• Cost Savings: Estimated annual savings in processing fees, time, and efficiency gains exceeded $725,000.

Key Takeaways:

1. Custom OCR solutions can drastically enhance efficiency in document processing tasks.

2. Automating manual processes can lead to significant time and cost savings.

3. Continuous monitoring and exception reporting are crucial for maintaining high accuracy rates.

4. An iterative approach to model refinement ensures that OCR solutions remain accurate and effective over time.

At Massena Consulting, we're dedicated to harnessing the power of technology to address our clients' unique challenges. By developing tailored solutions and committing to ongoing refinement, we empower businesses to optimize operations and achieve their objectives.