OCR Spreadsheet Data Mapping for Financial Statements
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Solution Overview
Problem
The process of entering financial data from varying financial statements into standardized financial industry model spreadsheets is often inaccurate and inefficient, leading to erroneous business decisions due to the manual nature of data entry and inconsistencies across different customers and time periods.
Innovation Solution
A method involving optical character recognition to automatically extract data from digital images of financial statements and map it into standardized spreadsheets, with user selection and validation to ensure accuracy, and comparison with previous statements to identify differences and update mappings for automatic spreading.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If manual data entry is used to transfer financial data from varying financial statements to standardized spreadsheets, then flexibility in handling different statement formats is maintained, but accuracy and consistency of data entry deteriorate
Solution Approach 1:
The patent uses optical character recognition (OCR) to create digital copies of financial statement data, automatically transferring it to standardized spreadsheet formats. This eliminates manual copying while maintaining the ability to handle various statement formats through image-based recognition, thereby improving both accuracy and adaptability simultaneously
Solution Approach 2:
The patent replaces the mechanical manual data entry process with an automated optical character recognition system. This substitution eliminates human error in data transcription while maintaining flexibility through the OCR system's ability to recognize text from various formats, resolving the contradiction between manual adaptability and automated precision
2Ease of operation
If manual spreading process is used by financial analysts, then customization and review capability are maintained, but productivity and efficiency deteriorate
Solution Approach 1:
The patent performs preliminary automatic data extraction and population of standardized spreadsheets using OCR technology before final review. This preliminary action handles the time-consuming manual entry work automatically, allowing analysts to focus on review and customization tasks, thereby improving both productivity and ease of operation
Solution Approach 2:
The system enables self-service by automatically performing the data spreading function without requiring manual analyst intervention for each entry. The OCR system autonomously extracts data and populates templates, freeing analysts to perform higher-value review and analysis work, thus enhancing both efficiency and operational flexibility
3Manufacturing precision
If automated optical character recognition is used to extract data from financial statements, then accuracy and efficiency of data entry improve, but device complexity and processing requirements increase
Solution Approach 1:
The patent introduces an intermediary OCR system that acts as a bridge between the raw financial statement images and the standardized spreadsheet format. This intermediary layer handles the complexity of automated recognition, converting unstructured images into structured data that can be easily validated and integrated, thereby improving accuracy without requiring the end system to become overly complex
Applied Scientific Principles
This section explains which scientific principles are used to turn an abstract innovation direction into a practical engineering solution.
Function Achieved in This Case
This approach enhances the accuracy and efficiency of data entry, reduces human error, and ensures consistency across different financial statements, leading to more reliable business decisions by automating the data mapping and validation process.
Implementation Method 1
determining data of the first data statement based on the digital image. The data of the first data statement may be determined by performing an optical character recognition process on the digital image
Data Source
AI summary
A system and method for managing a spreadsheet are disclosed. The method may include determining a portion of a digital image of a data statement, determining data of the data statement based on the portion of the digital image, and mapping a data cell of a standardized spreadsheet to the portion of the digital image based on the data of the data statement. The data of the data statement may be determined by applying an optical character recognition process to the digital image. The data cell may be mapped to the portion of the digital image based on a label or key included in the data of the data statement, a set of coordinate values, a mathematical equation, and/or the like. The method may further include determining a location of a second data statement based on the mapping data.