Today, most of our financial statement information is available digitally, yet a large amount of information is restricted to paper or scanned PDF files. This information cannot be easily digitized and converted into a structured format for further analysis. A well-designed Machine Learning (ML) pipeline can help digitize this information and convert it into a format that is usable by other learning algorithms and can help enrich the quality of data for various ML tasks.
The Automatic Analysis of Financial Statements solution from Virtusa xLabs is based on open source technologies for the document digitization and information extraction process. Our advanced neural network–based pre-trained models can increase OCR accuracy significantly.
Furthermore, these same neural network techniques can be used to train models to recognize tables and other structured information in a document. These tables can then be converted into a digital format individually and analyzed further.
Benefits of Automatic Analysis of Financial Statements
- Improve operational efficiency in financial processes by reducing manual workload
- Enhance your organization’s audit and fraud detection capabilities
- Streamline financial reporting process
- Increase reliability and eliminate human error
- Save time and costs