Parascript, the pioneer in data extraction powered by machine learning, today introduced the first commercially available data location, extraction and verification software solution that deploys template-less, neural network-based document extraction. Parascript has productized its machine learning platform to support custom-developed recognition projects with much quicker turnaround than traditional rules-based approaches. The result is significantly faster production with more reliable and refined results for Parascript clients.
“Machine learning offers a whole new set of opportunities for organizations across many industries to more precisely streamline their operations and deliver rapid, accurate data to their clients,” said Greg Council, Vice President of Marketing and Product Management. “Parascript is pushing the frontiers of capture and recognition automation with this latest software release.”
Historically, processing any type of document—from invoices, receipts, checks, loan applications to medical claims—has been time consuming and prone-to-error. Traditional recognition and capture solutions often successfully use business rules to process information. These rules place parameters around how information should be entered, increasing the accuracy of data recognized by software and reducing the amount of manual data entry that has been required. Unfortunately, rules are only valid when they are comprehensive, and these rules can only be comprehensive when the document types and their variability are well understood.
“Rules are brittle to change, that’s why implementing machine learning allows for so much more accurate results over time because it gracefully handles a dynamic environment without manually creating a whole new set of rules every time you have a new document type or image added to the system,” said Council.
Even the best-run organizations struggle to maintain and improve data quality. Variations in documents and their data constantly occur. Using truth data or the set of data on sample forms that represents what the actual recognition answer should be provides the software with the knowledge of what the right results should look like so that it can automatically develop new rules. Armed simply with truth data and a sample document set, Parascript can easily implement client-specific changes and performance improvements and send them the new, trained neural net.
“With our in-house advanced machine learning platform integrated into this new release, Parascript helps clients ensure that the output of their data extraction and entry operations is as accurate as possible. We’ve significantly reduced the chance of sending erroneous data downstream to other business processes and applications,” said Mark Gallagher, Vice President of Sales at Parascript.
About Parascript, LLC
Parascript automates the extraction of meaningful, contextual 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.