How to Harness ‘Trapped’ Data to Advance And Accelerate Federal Finance Operations

Federal finance operations face significant challenges in managing and processing vast amounts of data trapped in paper and digital documents, requiring considerable staff time and resources. Instabase aims to resolve this issue by streamlining data extraction for various financial activities, such as tax returns, loan applications, invoices, insurance claims, and more. The federal government’s annual collection, spending, and obligation of trillions of dollars necessitate efficient management, tracking, and budgeting operations across all agencies.

Manual data extraction has long been a time-consuming process for federal financial functions, leading to inefficiencies and increased workloads. With countless tasks and functions performed daily by federal finance teams, it is crucial to find a solution that can alleviate the burden of manually extracting data from numerous paper and digital sources. Instabase presents a promising solution for simplifying these processes, potentially revolutionizing the way federal finance teams operate and manage their resources. Some of the documents involved in these processes are:

Approximately 80 percent of a large organization’s total data is embedded within various document types and formats. As a substantial portion of the organization’s essential data is confined to these documents, the process of harnessing this information for business operations proves to be considerably laborious, time-consuming, and costly.

The challenge of transforming confined data into actionable information frequently results in case backlogs, causing frustration for both constituents and agency staff and potentially leading to expensive efforts to alleviate these backlogs. Such backlogs can negatively impact the quality of citizen services and experiences. Moreover, they hinder an agency manager’s capacity to promptly access and comprehend the necessary data for a comprehensive understanding of the mission landscape, risk assessment, and informed decision-making. Ultimately, these backlogs can diminish mission effectiveness and performance, attracting heightened congressional scrutiny.

Instabase: A modern approach to automating federal financial operations

To significantly enhance federal financial operations, it is essential to extract, validate, and transmit data trapped in various documents to downstream systems for further analysis and processing. This procedure must be swift, accurate, and scalable while adhering to strict privacy and regulatory requirements. Instabase excels in accessing and understanding highly variable documents, intelligently extracting necessary data, and enriching and circulating it for enterprise utilization. As a hyper-automation software platform, Instabase employs deep learning to efficiently digitize and leverage valuable data embedded in an agency’s documents.

Instabase not only digitizes trapped data rapidly and accurately but also enriches, processes, and circulates it to immediately realize its value for the agency enterprise. Utilizing the low-code Instabase platform, federal financial teams can effortlessly build customizable apps to automate their business workflows. For instance, a federal loan agency can rapidly create an app that automatically verifies customer income by processing documents such as camera pictures or scans of paystubs, tax documents, bank statements, and other customer-submitted records.

The Instabase platform employs machine learning, natural language processing, optical character recognition, and other tools to classify, extract, and crucially validate the necessary data from documents. This versatility makes the platform remarkably adaptable and applicable to a multitude of federal financial use cases.

Why Instabase

Only Instabase combines high accuracy, an infinitely modular platform, and extreme scalability into an enterprise-grade solution for leveraging trapped data. Moreover, only Instabase:

Our machine learning capabilities can automate data extraction from a structured one-page tax form or a 200-page vendor contract and everything in between. That’s a unique differentiator. 

Instabase services many large-scale, highly regulated financial organizations around the world and supports most data privacy regimes.

An investment in Instabase never grows obsolete. As new technologies and innovations emerge in the marketplace, Instabase is fully capable of leveraging them due to its highly modular, open architecture and commitment to continuous innovation. 

The benefits of Instabase

Instabase accelerates day-to-day operations by swiftly and automatically converting trapped data into actionable data at scale, resulting in shorter cycle times, reduced costs and backlogs, enhanced citizen experiences, and dramatically increased throughput for federal finance teams. This allows finance leaders to redeploy their staffing talent to higher-value work. Moreover, Instabase delivers to agency leaders a wealth of mission- and business-relevant data that was previously unavailable or expensive to obtain, enabling finance leaders to gain better visibility into their business and mission operations, improve risk management, and ultimately enhance mission and business performance.