Challenges – Verification of Documentation
Within any business process that is regulated such as tax recovery, revenue audits, or FSA administration, there is a critical component within the process: verification of supporting documentation against a system of record or supplied information.
For instance, tax recovery and financial audits both require evaluation of a business entity’s purchasing documentation against their own accounting general ledger to verify that data within the system of record is supported by the individual paper or scanned invoices and purchase orders. The verification process is extremely time-consuming and expensive due to the need for higher-skilled staff. For FSA administration, user-supplied data on medical expenses must be corroborated by supporting documents such as receipts or explanation of benefits. Verifying documentation takes time away from higher value-add services, but automation can reduce these efforts by 80% or more.
Advanced Document Automation
Parascript advanced document automation combined with our sophisticated 1-to-1 matching and verification workflow can identify any supporting document you import and verify it against a system of record or other verification data. Our machine learning-based template-less approach to document identification and data verification can process complex support documentation such as invoices, purchase orders, EOBs and receipts and delivers a high-degree of verification precision; often removing 80% or more of the manual process.
Parascript has combined its expertise in advanced artificial intelligence with its experience with large-scale verification projects to develop flexible software and workflow that can be implemented in less than two weeks and deliver high levels of automation with high accuracy. Our self-learning technology uses multiple advanced algorithms to identify any type of document regardless of layout and enables data location and extraction on electronic PDFs and scanned documents that include both text and handwriting. The result is a comprehensive verification platform to support your critical verification processes.
Automated Document Classification.
Using a number of advanced visual and text classifiers, Parascript technology can use any information on the page as a “feature” to distinguish one document type from another. Rather than require staff to program complex rules, the machine learning algorithms automatically detect key characteristics of samples you provide. The result is the industry’s most precise document classification capability that can sort various supporting documentation with ease.
Smart Data Location and Verification.
Parascript has used its more than 40 years of experience with advanced machine learning technologies including deep neural networks to apply it to the challenge of finding and matching data required to support audits and other verification activities. The technology automatically analyzes data element characteristics including layout and type to generate algorithms that find and verify the specific data that you need.