Longmont, CO — Parascript, a global authority in data extraction and interpretation powered by machine learning, just launched a new pricing model that enables clients and partners to pay only for the data that is automated. By partnering with qualified enterprises that process large amounts of documents or outsource this work, Parascript is transforming the competitive landscape of the data capture industry.
Most organizations rely on page- and/or field-based pricing models for their document processing automation, which means that they pay their vendors no matter what quality of results are delivered. In today’s real-time business climate, it is a strategic imperative that any enterprise that uses document-based data reduces operational overhead while maintaining data quality.
“While there’s nothing inherently wrong with traditional page- or field-based pricing models for data extraction, it places the onus on the enterprise to ensure quality data. Some of our clients prefer this model, and we support that,” said Mark Gallagher, Vice President of Sales at Parascript. “Other clients, though, come to us because they believe that they shouldn’t be paying for data that still has to undergo manual verification or correction. They’re looking for something that has higher automation, more built-in data quality, but is still very cost-effective.”
“We back our superior automation with an equally innovative pricing model that is the ultimate ‘put your money where your mouth is’ model,” added Mr. Gallagher.
How It Works
For document types such as checks, receipts, invoices and claims that are already tuned and measured, the client simply selects the accuracy rate required for the data and then only pays for the data that automatically passes through the system. For documents that are not tuned, Parascript works with the client to configure the document types and measure the accuracy of the data results.
“Our pricing model goes against prevailing industry logic and assumptions, but we’ve found the market is more than ready for it because we assume the risk. We’re comfortable with this since our team of data scientists and document processing experts are laser-focused on how best to leverage our automation to meet the specific challenges of each client. Changing how we innovate on pricing seemed like the natural next step,” explained Greg Council, Vice President of Marketing and Product Management.
About Parascript, LLC
Parascript automates the extraction and interpretation of data from image and document-based information to support transactions, information governance, fraud prevention, and business processes. Parascript Artificial Intelligence (AI) software processes any document with any data from any source with its easy-to-use, image-based analysis, classification, data location, and extraction technology. More than 100 billion documents for financial services, government organizations, and the healthcare and life sciences industry are analyzed annually by Parascript software. Parascript offers its technology both as software products and as software-enabled services to our partners. Our BPO, service provider, OEM and value-added reseller network partners leverage, integrate and distribute Parascript software in the U.S. and across the world. Visit Parascript.