From documents to knowledge, digital assets that create our company’s own data

2023/11/07 | 3 mins

• Writer

  Eunjung Park (Upstage CSO)

• It's good to read someone like this!

  Anyone interested in digital transformation

  Anyone who wants to improve work processes

• What you can find out in this article

  Definition of digital assetization

  Why digital assetization is necessary

• index

  ✔️ What is digital assetization?

  ✔️ Relationship between digital capitalization and digital innovation (digital transformation)

  ✔️ Five effects that can be achieved through digital assetization

  ✔️ How to make digital assets

(This blog is part 1 of the Digitize Anything! series. It covers digital assetization that becomes a company's assets.)

Documents are at the heart of every business operation. There are emails, presentations, and reports exchanged internally, and invoices, estimates, and receipts exchanged with customers and business partners are also plentiful every day. These seemingly routine documents are key assets to your business.

In order for documents to serve as core assets, digitalization is essential. Digitalization not only increases business productivity but also allows for digital transformation by converting data into information. In this article, we explain the concept of digital capitalization, how it is different from digital transformation, and why digital capitalization is essential for business.

What is digital assetization?

Digitization is the act of converting and storing all documents into a form that is easy for machines to process. A representative example is OCR (optical character recognition) that allows computers to read offline paper documents. The main goal of OCR is to accurately read the text contained within the paper, whether it is wrinkled or shadowed. Another example is information extraction. Information extraction extracts key information from any given document.

[ Convert the document to text → ]

Relationship between digital assetization and digital innovation (digital transformation)

By reading the text accurately and processing the read text into a form that is easy for machines to process, we can create business value by utilizing our organization's data.

Here are some representative examples of business value creation:

• An advertising company automatically reads the text in the image on the online shopping mall product detail page to identify the characteristics of each product and automatically generates advertising text.

• THE INSURANCE COMPANY FINDS KEY INFORMATION WITHIN MEDICAL EXPENSE RECEIPTS AND DETAILED MEDICAL EXPENSE STATEMENTS, AUTOMATICALLY LOADS THEM INTO THE DATABASE WITHOUT MANUAL WORK, AND CREATES AN ELECTRONIC DISPLAY BOARD WITH STATISTICS ON DRUGS RECORDED IN THE DATABASE.

• CARD COMPANIES STRUCTURALLY READ THE CONTENT WRITTEN IN THE PRODUCT INTRODUCTION AND PROVIDE CUSTOMERS WITH A PRODUCT EXPLANATION BOT USING LLM

Do you see what the examples above have in common? These are all examples of digital innovation where digital capitalization is essential. In other words, digital capitalization alone does not have great business value, but digital capitalization is essential to achieve digital innovation.

[ Learn about Document AI solutions for insurance → ]

Five effects that can be achieved through digital assetization

1. Increase access to data for our organization or customers. When data is stored on paper or documents contain visual information, such as tables or figures, our organization's or our customers' data is less accessible. However, if you capitalize the data, you can effectively index and search the data.

2. Increase mechanical accessibility to data. Digitalization not only increases human accessibility to data, but also improves machine accessibility.

3. Automate document handling processes. Since digitalization increases mechanical accessibility, we can improve work efficiency by automating our organization's document processing process and have the advantage of increasing the productivity of our members.

4. You can manage access rights to your data. Because digital asset data has high mechanical accessibility, internal information can be effectively managed. If there is offline data that needs to be managed differentially according to position or job, it can be safely processed during the digital assetization process.

5. The foundation for digital innovation is laid. Digitalization allows you to produce even higher added value by providing materials for digital innovation.

How to make digital assets

Digital capitalization is essential for the digital transformation of our organizations, but it's not always easy. This is because simply reading the text contained in a document does not make it a digital asset. In order to properly convert documents into digital assets, it is necessary to not only make documents readable by machines, but also encompass the process of converting them into a form that is easy for machines to process.

Upstage provides digital assetization services through its Document AI product. When a physical document is converted into an image by shooting or scanning, it provides a “document OCR” service that reads all the text in the image, and provides key values that are easy to load into the database when a list of key information you want to extract from the image is given. We even provide an “information extraction” service. Design digital assets accurately and sustainably and successfully establish digital innovation through Upstage Document AI products.

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Create new value through capitalizing data

Feel free to test the Document AI API in the Upstage console and create the service you want!

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