How to extract critical information from the Q1 report using aiMDC | Article

Extracting Critical Information from Q1 Financial Reports using v500 Systems’ aiMDC SaaS Platform

Welcome to v500 Systems’ aiMDC SaaS platform, your solution for efficiently extracting critical information from Q1 Financial Reports. With the power of AI and our AI Multiple Document Comparison (aiMDC) technology, you can effortlessly extract comprehensive answers from both the Master copy and up to 8 comparison files. This guide will walk you through the process step by step.

Although we provide step-by-step instructions for a Business Analyst to extract and compare information from the Q1 Financial Report, the same applies to different sectors. Our LLM (Language Learning Model) is trained to recognise information from various Domains, such as Information Technology, Financial Services, Insurance, Underwriting, Actuarial, Pharmaceutical, Industrial Manufacturing, Energy, Legal, Media and Entertainment, Tourism, Sport, Healthcare, Telecommunication Extractive Industry, Food and Beverage, Car Industry, etc.

What is aiMDC (AI Multiple Document Comparison), and what does it do?

AI Multiple Document Comparison is a technology that uses AI to analyze and understand the content of multiple documents. Users can ask questions, and the AI system extracts relevant information from the documents to provide answers in a structured report. This automation saves time and effort, making it particularly useful for tasks like legal document review, where precise information needs to be compared across documents. It ensures accuracy, consistency, and efficiency in processing large volumes of text data.

This process involves the following steps:

1. Document Analysis: The AI system reads and comprehends the content of each document provided to it. It employs natural language processing techniques to understand the text, identifying key concepts, entities, relationships, and context within the documents.
2. User Queries: Users specify questions or queries that they want the AI system to answer based on the content of the documents. These queries can be specific requests for information or comparisons between different documents.
3. Information Extraction: The AI system leverages its understanding of the documents to extract relevant information corresponding to the user’s queries. It locates passages, sentences, or data points that address the questions posed by the user.
4. Generating Reports: The extracted information is compiled and organized into a report format. This report presents the answers to the user’s queries in a structured manner, allowing users to quickly understand the similarities and differences between the documents in relation to the specified questions.
5. Automation and Efficiency: The AI system automates what would otherwise be a time-consuming and labour-intensive task. In the example you provided, where lawyers work with similar documents, AI can save them significant time by quickly identifying whether specific information exists in each document without requiring manual searching and comparison.
6. Accuracy and Consistency: AI systems are designed to provide accurate and consistent results. They don’t suffer from fatigue or human errors that might occur during manual comparison. This is especially valuable when dealing with large volumes of documents.

Overall, AI Multiple Document Comparison streamlines the process of reviewing and extracting information from multiple documents, enabling users to make informed decisions, identify patterns, and gain insights more efficiently. It finds applications in various domains such as legal, research, compliance, and business analysis, where dealing with large amounts of text data is a common challenge.

Step 1: Uploading Documents:

1. Access our secure cloud-based SaaS platform by visiting https://docusense.v500.com/signup and logging in.
2. Go to the “Upload” section in Compare, then upload the Q1 Financial Report, making sure it’s in a compatible format like PDF or DOCX.Figure 1
3. Choose the “Scanned Documents” option to activate OCR (Optical Character Recognition) for extracting text from scanned PDFs, a common need for law firms or digital documents. Digital documents allow text selection, while scanned documents do not; this is the critical distinction between them.
   Figure 2
4. In this specific scenario, we are choosing 8 documents for comparison, but there’s no limit to the number of documents you can compare. These 8 files are Q1 Financial Reports that will undergo analysis and be compared to the Master document for Q1 2023.
   Figure 3 and Figure 4

Step 2: Defining Questions:

1. Go to the “Question Template” section under the “Compare” menu.
2. In the template provided, list the questions you wish to have answered based on the Q1 Financial Reports. You can modify the template by adding or removing questions. Additionally, we offer an Import feature that allows you to bring in hundreds of questions from Excel. This is particularly useful when multiple team members are working with the same questions, facilitating the extraction of information from a large volume of documents.
   Figure 5
3. Ensure your questions are straightforward, brief, and closely tied to crucial financial details. Follow the designated format in the template for accuracy.

Step 3: Initiating Comparison:

1. We currently offer OCR (Optical Character Recognition) and Translation services for three languages: English, Arabic, and Polish. If you need support for additional languages, please reach out, and we can accommodate your request. While our proprietary AI LLM system comprehends all languages for optimal accuracy, translating documents to English yields the best results. Figure 6
2. Once you’ve chosen the document’s language, proceed to Step 2, which involves selecting the Master Document. You can do this in two ways: either type the initial letters of the document’s title or pick it from the folder where it was uploaded. Afterwards, you have the option to either enter the question in the question bar or specify the template containing the prepared questions. Finally, click ‘Get Answers’ to proceed.Figure 7, Figure 8

Step 4: AI Analysis:

1. During Stage 3, in the ‘Ask Questions’ phase, the aiMDC system reads and comprehends the content within the Master document. It then furnishes comprehensive answers, as displayed in the provided images. Once all the questions have been addressed, you can either choose ‘Select All Questions’ or pick individual questions and answers. To proceed to the next stage, click ‘Process’ located at the bottom of the page.Figure 9, Figure 10, Figure 11
2. In Section 4, titled ‘Comparison Documents,’ you should select all the ‘Source Files’ from the appropriate folder. The aiMDC will then process these files, applying the same set of questions used with the Master File. It will extract information from each of these files and compare them to show what information has changed between the files, providing an appropriate score for the comparisons.
   Figure 12, Figure 13, Figure 14, and Figure 15

1. Activate the AI analysis by clicking “Start Comparison.” The aiMDC technology will begin processing the documents.
2. The AI will read and understand all the Q1 Financial Reports, compare with the Master document, and provide comprehensive answers to the specified questions.
   
   Figure 16

Step 5: Review and Extraction:

1. After the analysis is finished, go to the “History” section, specifically the “Comparison” tab.
2. In the “History” section, within the “Comparison” tab, you will discover an Excel report generated for you. This report contains all the comprehensive answers extracted from the Q1 Financial Reports.
3. Please review the report carefully to confirm its accuracy and completeness.
   Figure 17

Step 6: Export and Utilization:

1. Download the Excel report to your device for reference.
2. You can utilize the extracted information for various purposes, including decision-making, reporting, presentations, or any other activities that require insights from the Q1 Financial Reports.

Conclusion: With v500 Systems’ aiMDC SaaS platform, the process of extracting crucial information from Q1 Financial Reports has become exceptionally efficient. Utilizing a user-friendly interface and the capabilities of AI, you can quickly obtain comprehensive answers to your designated questions. This empowers you to make well-informed decisions swiftly and effectively.

Use our Free AI (ROI) Calculator to find out how many documents you can process with AI and what benefits you can achieve

Simple input Instructions:
Enter some information about your current document processing needs; you don’t need to be precise – you can check different scenarios as often as you like. Adjust the automation factor to estimate how much document processing you expect to automate without human intervention.

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Stefan Czarnecki

The Blog Post, originally penned in English, underwent a magical metamorphosis into Arabic, Chinese, Danish, Dutch, Finnish, French, German, Hindi, Hungarian, Italian, Japanese, Polish, Portuguese, Spanish, Swedish, and Turkish language. If any subtle content lost its sparkle, let’s summon back the original English spark.