Parascript Creates Artificial Intelligence Software That Streamlines Access To Your Data With Unequaled Precision
Today, we caught up with Parascript VPs Bill Johnson and Greg Council to discuss their new offering, FormXtra.AI, what differentiates it from other technologies and how its impact on document automation promises to accelerate change in business processes across industries.
Q: Can you give us insights into your solutions?
A: Greg: Our solutions are focused on automating tasks associated with processing document-based information—whether scanned or “born digital.” Functions such as identifying document types, sorting documents, and locating and extracting specific data within documents is our area of expertise.
Bill: Parascript provides highly advanced document classification, recognition and data extraction capability over virtually any type of document-based information transmittal be that checks, contracts, invoices, mortgages, insurance documents, paper based or digital. When you consider that the very first point of contact for essentially every business process relies on accurately and efficiently identifying and routing source document/data into the workflow, you can easily see how important increased speed and reduced errors are because from an overall process perspective, it has an exponential effect on the ensuing processes downstream of capture.
Q: Tell us more about FormXtra.AI Zero Configuration and Smart Learning. What makes these so important?
A: Greg: When you consider advanced capture (our solution domain), the ability to provide positive impact is completely reliant upon optimization of document processing where the measurements are the amount of documents that can be automated at a specific accuracy rate. The ability to optimize advanced capture is typically time-intensive and requires a high degree of expertise – both of which are in short supply.
This underlying requirement is unlike most other business solutions where ROI is measured upon capabilities that do not require as much specific expertise or “tuning.” Parascript Smart Learning uses a variety of machine learning technologies to automate this configuration and tuning, resulting in as close to a zero-configuration experience as is possible today. Smart Learning also powers adaptive capabilities once in production that maintain and even improve performance as it encounters new data. No other solution can reduce the time and skills required to achieve high performance.
Bill: As a solution architect and business person, I believe there are essentially 3 things to consider when assessing the value and contribution of a solution.
1)Time to live – That time it takes from engagement to entry to User Acceptance Testing (UAT). This is a critical factor as you are basically burning daylight (investment) on system development until you actually go live with the solution and begin to take advantage of the benefits it is designed to deliver. With Zero Configuration, we eliminate all the rules based configuration and coding requirements as well as the time to deliver and test them. It’s all compute time and typically accomplished in days once we have samples and relevant data sets.
2)Real Time Adaptability – FormXtra.AI provides unattended self-learning. This means the system learns on its own as it goes and does not rely on (nor is it subject to) attended learning or the errors associated with the human-supervised learning and rules-based models. This significantly increases the ability to deal with new forms or transactions without having to have an engineer write new rules in the capture system.
3)Reduction of Risk – as it relates to specialized skill sets and availability. FormXtra.AI is far less dependent on proprietary skill sets and tribal knowledge (experience) when it comes to configuring and maintaining an advanced capture platform. Illness, vacations, job competition and basic cost for specialized talent are mitigated to a large extent.
