One mindset shift in advanced capture is necessary for success.
Our biggest challenge from an industry awareness standpoint is making the fundamental mindset shift from the conventional thinking that a specific set of features or tools is necessary to a results-oriented focus. This is echoed in the recent presentation of FormXtra.AI, and if you missed it, here is the link. The old idiom, “I don’t care how the watch works, I just need to know what time it is,” applies perfectly here.
Basics: Accuracy, Lower Costs & Higher Productivity
We all know everyone is looking for improved accuracy, lower costs and better productivity. What we need to understand is what these equate to in terms of overall business achievement within the enterprise, how we can facilitate them and to what degree. It’s the basic definition of a value proposition.
Whether a project is budgeted or not is irrelevant because a business solution deployment should be self-funding in terms of capital performance. In other words, the solution must provide sufficient savings or benefit on a monthly basis to more than cover the costs of the project if you were to borrow the money to facilitate it. Call it Monthly ROI. And, you must consider the cost of the project from inception not from “Go Live” in order to get a true assessment of ROI.
End of Feature Wars & Zero Configuration Capability
Why is the end of the feature wars and the zero configuration capability important to solution designers and sponsoring executives? It means lower “Time To Live” periods and “Reduced Complexity” in supporting the application going forward.
Zero configuration reduces the complexity of getting your advanced capture operational and also improves accuracy. This equates to a significant reduction in project and support cost, greater “uptime” and real-time adaptability. Unattended machine learning means greater accuracy and improved throughput as result of reduced technical requirements and staff to adapt to changes in documents or the process. Also, fewer specifically skilled or trained technicians are necessary to support the application, which further reduces risk.
Time to Live
Time to Live is the time it takes your project to be fully up and running in production. ROI should be calculated from the time you write your first check, not later when you turn the system on. If your ROI is based on “N” number of dollars saved per month, but it takes a year to build and deploy it, you have to amortize the years’ worth of build cost into the equation. Shortening the Time to Live period is critical to increasing ROI. Parascript FormXtra.AI provides an extremely rapid Time to Live capability because there is so little manual configuration.
Gizmos for Gizmos Sake
Referring to Greg’s drill example, people don’t buy tools for the sake of having tools, they have tools to accomplish a project goal. A project is an escalating succession of accomplishments achieved through the use of tools to obtain a goal. The question is, do you want to use hand tools or power tools?
Where the Capture Industry Is Now
In my opinion, that’s where the capture industry is now. Over the past 30 years we have evolved the document processing or capture methodology from a purely manual process to the use of hand tools with batch capture products. Most people are still using hand tools or batch capture techniques when there are highly efficient power tools or advanced capture capabilities available to the end user community. The issue is they simply don’t realize the potential as the hand tools are still working fine and aren’t broken. Until you have to drive a lot of nails, you wouldn’t appreciate the difference between a hammer and a nail gun when it comes to productivity.
When the placement of the nail becomes important, you require a smart tool.
Smart learning, the way we do it, which is unsupervised or unattended learns correctly. You have to be mindful of assisted or supervised learning methods as you are relying on the accuracy of the human to supply correct information. We are all aware of human error ratios, but what’s important to understand is, supervised machine learning can actually miss-train or cause the system to learn incorrectly. Now you have a system that has learned the wrong lesson and operates incorrectly at machine speed.
What we at Parascript provide is an efficient method to obtain and process large volumes of documents efficiently and accurately providing high quality data and information to ensuing business systems. The reduced error rate out of Parascript FormXtra.AI increases efficiency in those business processes without changing a single thing simply by supplying more items that can be worked without exception processing.
Simply stated, we process more documents faster with fewer people and less errors. And, due to greatly reduced configuration and development requirements, we are the fastest “Time to Live” solution in the industry.
I know no better way to facilitate or epitomize the corporate goal of: Improved Accuracy, Lower Costs and Improved Productivity.
>>Below is a brief demo of FormXtra.AI self-learning software for advanced capture.
FormXtra.AI provides an easy-to-configure engine capable of recognizing all data types from machine print, handprint to cursive handwriting so that you can easily process all types of documents with variable content and format. It streamlines access to your data with unequaled precision and zero configuration.
>>If you found this article interesting, you might find this eBook useful: