Parascript, which provides document analysis software processing over 100 billion documents each year, announced today it will provide advancement to NTT DATA’s complex, document-based business processes, providing immediate access to structured data to improve efficiency, quality and customer experience.
NTT DATA is consistently ranked as a leader in the digital transformation of business processes — creating digital strategy roadmaps for organizations, enabling new revenue models, exceptional customer engagement and superior operational excellence — through a novel application of digital technologies, such as analytics, mobile, social media, cloud and IoT, to deliver end-to-end client solutions.
“We are really enthusiastic about our relationship with NTT DATA,” said Alexander Filatov, CEO of Parascript. “They share the same philosophy when it comes to focusing on the successful outcomes of how automation is applied rather than the technology itself. With our combined expertise, and leveraging Smart Learning, which automates initial configuration and ongoing optimization of document tasks, we can effectively move the current levels of automation which hover around 50 percent to well over 90 percent while holding the accuracy of data at rates higher than pure manual processes can achieve.”
One immediate target area is within the costly and time-consuming processes associated with prior authorization of medical procedures and prescription medications. The combination of NTT DATA’s deep experience with process re-engineering through application of a variety of advanced technologies combined with Parascript’s document analysis capabilities significantly improves the efficiencies and reduces the time required to identify needed documentation and review specific supporting information. In many cases, approvals can be completely automated.
“What attracted us to Parascript is their unique approach to applying a variety of machine learning techniques to the problems of document-based information,” said Harsh Vinayak, Senior Vice President, Digital Tools and Automation, NTT DATA Services. “It’s not just the standard low-hanging fruit represented by forms and invoices, but the complex documents and processes that represent the biggest opportunities for transformation. Using FormXtra.AI and Smart Learning, we can configure and train the systems on client-specific data and deploy automation in a much shorter amount of time than we have experienced before.”
Parascript software, driven by data science and powered by machine learning, configures and optimizes itself to automate simple and complex document-oriented tasks such as document classification, document separation and data entry for payments, lending and AP/AR processes. Every year, over 100 billion documents involved in banking, insurance, and government are processed by Parascript software. Parascript offers its technology both as software products and as software-enabled services to our partners.