Parashift launches AI-based document extraction solution for BPOs, software manufacturers and enterprises
Today, we launch Parashift Document Center, Parashift ‘s solution for large enterprises, software and business process outsourcing vendors.
The existing offer of extraction APIs will be replaced with the first customers with a comprehensive product after the last 6 months of learning. Below is an overview of the current and future features of Parashift Document Center (PDC).
There are now three different processing options available to our customers:
With the option “Basic-Extraction”, all fields of a document / document defined by Parashift are read out and delivered within 10 to 40 seconds via the Parashift API. This option is ideal for software vendors which eg. For example, you want to continue to use billing information such as IBAN, date or total amount in your application.
The “Self-Validation” option also provides the customer with an interface for the revalidation of data. In the first step, the Parashift extraction reads all data (Basic Extraction) and subsequently makes them available in a workflow for postprocessing. The user can validate the data, where necessary, and have it automated and standardized via the Parashift API.
The “Full Extraction” option saves parashift customers from having to revalidate the results completely. The extraction results are already delivered after validation via the Parashift API. With this processing method, the customer can dispense with all manual work in connection with the data extraction. Parashift ensures the appropriate quality with its own QA team and various technological measures.
The processing option allows situational decisions when uploading documents to the Parashift API. This means that only one interface has to be created, which can then be simply parameterized depending on the use case.
Constant Radical Improvements to Accuracy
In the last 24 months Parashift has been able to achieve a high extraction accuracy for document type invoice / receipt for Switzerland and Germany. From various benchmarks of our customers Parashift emerged as the provider with the highest accuracy. While the achieved accuracy is already very high, even our own team is amazed at the rate of improvement. We would have expected the weekly improvement to gradually flatten after 24 months. The opposite is the case; the rate of improvement is even increasing over time.
We are confident that our goal – to be able to extract all business documents of the same quality as a human being in less than 10 seconds at a cost of less than 1 ct – will be a big step closer. There is still a lot of work ahead of us, but the thesis that we set up at the beginning, that there is a technologically and economically valid way to reach this goal, is confirmed more and more.
«Document Network» – everyone learns from everyone
Besides Parashift’s proprietary machine-learning cluster, the reason behind these improvements is that our models learn from all processed documents. We call this part of our infrastructure the Document Network. While the actual data of the documents are strictly protected and separated, the lessons learned from the processing are quickly integrated into the machine-learning models and are thus available to all customers from day one.
Later, we plan to open the Document Network on the customer validation page so that validation teams can fill their idle time with work from other Parashift platform participants, significantly helping to further reduce the cost of extraction. In addition, we will also open the network to external part-time / home-based employees taking into account the highest level of data protection, which will further reduce processing costs considerably.
While Parashift Document Center is currently training on the document type of bill, we will continue to expand our platform over the next few months:
A wide range of standardized document types
Together with interested parties and customers, we have compiled a list of about 50 document types, all of which we will implement over time as so-called parashift standard document types. Among them are other types of accounting documents, but also document types of logistics, credit processing, property management and private document types. For each document type, we define the standard fields, which are required in 80% of all use cases for further processing. These we train with our technology on the same level as today’s calculations and then improve the accuracy of these ongoing.
Custom, Custom Document Types
In addition to the standard document types, the creation of individual document types is expected in Q4 / 2019. Any type of document type can be taught in this way. In addition, a standardized Parashift document type can be used as a template. So it is possible for. For example, to read an invoice and to train and read additional customer-specific fields. Private, individual learning can thus be combined with the Fleet Learning of the Document Network.
Extending the Validation Interface
The Validation Interface will be significantly expanded in the coming months to cover different scenarios and document types. In addition, we will add other useful features that will enhance both user-friendliness and user productivity.
It is expected that in Q3 / 2019 we will also launch a processing option for independent document classification. This allows documents to be quickly classified and the subsequent processing mode to be determined.
In recent months, we have put significant effort into compliance with DSGVO. We can now offer processing in all compliance zones completely DSGVO compliant. The Parashift-specific compliance zones currently include “Switzerland”, “EU” and “Worldwide” and relate to data management and processing.
Access and Pricing
Pricing Parashift Document Center is simple: It consists of a monthly subscription of EUR 549 (2’000 documents per month inclusive) and a processing price per document graduated by volume. The subscription includes application support and operation. License costs or annual maintenance costs are not incurred. With a subscription any processing option can be chosen and combined.
Getting started with the product is simple: no demo deadlines and lengthy setups are required. Simply open your Parashift Document Center account and start the non-binding 14-day trial immediately. For advice, we are also happy to help.