Parascript Automates Data Entry and Modernizes Document Processing
This is an excerpt from the article published in EnterpriseTechSuccess InsurTech Top 20 Solution Providers, pages 28-29.
Machine Learning (ML)—a subset of artificial intelligence—offers one of the most promising technologies that businesses are considering as part of their automation plans. While many are struggling in terms of understanding how best to leverage machine learning, there is one company that built AI-based automation software long before AI became a buzzword.
Established 24 years ago, Parascript delivers the most advanced document automation solution in the industry with their unique AI called Smart Learning. The company was established by a team of scientists who launched ParaGraph, a software that leverages AI, pattern recognition and ML to automatically recognize handwriting and translate it into a machine-readable format. This technology was later used by Apple in its Newton series of personal digital assistants and by Microsoft in its tablet operating systems.
Parascript: Any Source. Any Data. Any Document.
Parascript specializes in automation to reduce manual processes and optimize document classification, data location, extraction and verification. It helps businesses to significantly reduce document review, data entry and data preparation issues. Parascript processes over 100 billion documents involved in banking, insurance, and government each year.
Parascript software, driven by data science and powered by machine learning, automates simple and complex document-oriented tasks, such as document classification, document separation and data entry. Parascript helps prevent fraud and enhances the customer experience by increasing process accuracy and efficiency in areas such as mobile deposit and ATM deposit, according to Alexander Filatov, Parascript CEO and President.
Parascript is the pioneer in solving the cursive handwriting problem. The company has partners in over 50 countries across the world. It is a preferred source for applied artificial intelligence technologies for some of the largest global financial institutions, postal services and other Global 2000 enterprises.
Parascript FormXtra.AI Smart Learning provides a near-zero configuration solution capable of analyzing and classifying a wide variety of documents to support automation workflows and data extraction regardless of a content type. It can curate production data in the background, verifying it and automatically adjusting parameters to optimize data output—continuing to adapt and improve in real-time.
“FormXtra.AI allows data extraction from a range of document types including machine-print, handwritten documents and signatures. It provides pre-trained models for use cases such as claims, invoices and checks, allowing quick adoption by enterprises that are important across industries,” added Alexander.
How Parascript Helps Automate, Configure and Optimize Data
Parascript understands that using ML to automate the configuration of a system is key to unlock the true value of document automation for any organization. Parascript’s self-learning document automation platform, called Smart Learning, acts as a group of data scientists and machine learning experts and learns the tasks you wish to automate and configures and optimizes the system for you.
It helps businesses deploy pre-trained skills without the traditional trade-off of limited performance or the hassle of manual configuration. Organizations can choose from an array of capabilities including the ability to recognize handprint and handwriting, or extract data from invoices, checks, claims and purchase orders with precision out-of-the-box.
“Smart Learning intelligently analyzes output and can understand when it needs help meeting your specific data accuracy requirements. As a result, a high percentage of data can move straight through with only a small amount requiring human review,” said Greg Council, Vice President of Marketing and Product Management at Parascript.
Through its many different machine learning techniques including digital image analysis and advanced pattern recognition, Parascript software enables the digital workforce with unattended document automation. Parascript software supports loan processing, payment processing, claims and revenue cycle management, customer onboarding, mail processing and fraud prevention.
There are significant implementation and operational costs involved with most intelligent document processing software so many organizations today use it only on one or two of their processes.
“Most, if not all, of our competitors focus on the benefits of automation once the system is in production. But the practice of configuring, testing and optimizing these systems results in significant costs and risks to a project’s success. Parascript’s Smart Learning offers the highest level of automation on complex document-based information while providing the easiest means of adoption. We turn months of configuration into days by reducing it to a ‘compute-time problem,’” Greg explained.
Parascript Helps BPO Major to Reduce Labor Cost by 90%
A forty-year-old, Inc. 5000, business process outsourcing (BPO) company had expanded its service offerings, staff and facilities. Due to rapid growth, the company experienced significant data entry costs. Its existing document processing platform lacked the capabilities to handle the new variety, complexity and volume of documents.
The BPO could not process faxed documents due to image quality complexities, including different resolutions, sizes and the interference of form structure and actual data elements. Some forms also had handwritten information, which had to be handled separately from their existing workflow. In addition, accuracy was an ongoing challenge that increased costs by requiring manual verification.
In order to avoid passing costs on to its customers, the BPO needed to find a technology capable of reducing costs while simultaneously adapting easily to new customer projects and document types. To do this, the BPO chose Parascript as its partner and reduced its labor costs by 90 percent.
Parascript: At the Helm
Alexander Filatov, CEO and President
Alexander has been with Parascript since it was founded in 1996. His 20 years of research and development expertise in the fields of pattern recognition, image processing and artificial intelligence have proven invaluable in his leadership of the product development and engineering teams.
Ilia Lossev, Chief Scientist and Vice President, Advanced R&D
Ilia has over 28 years of research and development expertise in the fields of pattern recognition, computer vision and applying artificial intelligence technologies to real-world problems.
Igor Kil, Senior Vice President, Research and Development
Igor has been working at Parascript, LLC since its founding in 1996. Igor’s more than 20 years of research and development expertise in the fields of pattern recognition, image processing and artificial intelligence have made him one of the key members of Parascript’s management and development teams.
Greg Council, Vice President, Marketing and Product Management
Greg Council is Vice President of Marketing and Product Management at Parascript with over 20 years of experience in solution development and marketing within the information management market.
Future Outlook
Parascript technology is unique in its focus on precision document processing enabling straight through processing with almost no manual intervention. Full automation is their goal. Low error rates contribute to significant downstream cost reductions and higher customer satisfaction. Today, Parascript software touches just about everyone in the U.S. who sends mail or writes a check. In the near future, Parascript software will become the digital assistant to employees, automating those most mundane document classification and data entry tasks.
“Parascript continually strives to leverage its expertise in applied machine learning technology to solve complex challenges and live up to the promise of delivering the world’s best products for today and tomorrow’s digital workforce,” concluded Alexander.