3 reasons why niche-oriented document capture platforms won’t solve document extraction
Niche-oriented solutions make sense in many areas. Not so in the document industry and not so for document extraction. The requirements are too unconventional, the challenges too great. For future-oriented document automation, a different, universal and horizontal approach is needed.
Quadrant Knowledge Solutions has included Parashift as a challenger in the Spark Matrix Intelligent Document Processing Report for the first time in 2021 because of its innovation capabilities.
With its Intelligent Document Processing (IDP) platform, Parashift enables just this fundamentally different approach to document extraction. Three reasons why niche document capture platforms don’t provide a solution for document extraction and how Parashift does.
Reason #1: One-dimensional approach for too little document understanding
With the one-dimensional approach and the traditional concept of niche-oriented document capture, the result is also one-dimensional and conventional. The context for comprehensive document extraction is simply too small and the effort too great. Using a single model per document type causes costs to skyrocket and makes it impossible to scale in an economically feasible way.
Solution with Parashift IDP Platform: Parashift, on the other hand, creates big technology differentiators with Document Swarm Learning technology. Instead of creating and training one ML model per document type, learnings are tied to data point extractors across document types. With this technology, any learning extracted from the interactions made across all documents processed on the platform can be leveraged. This enables scaling across all document types.
It all started with accounting automation before Parashift moved to processing any type of document.
Reason #2: Complexity and variation in documents
Niche-oriented document capture platforms are limited to their templates and have too little context for real-world document problems. They are unable to deal with variations and complexity of everyday documents.
Solution with Parashift IDP Platform: IDP combines AI technologies to allow processing of different document types to be detached from any templates and industries. Parashift focuses exclusively on classification, extraction and data structuring of all documents, creating a best-of-breed IDP. Thus, Parashift is perfectly suited for the extraction of complex, unstructured documents in industries such as logistics, real estate and banking.
Reason #3: No overarching data network
The third reason why niche-oriented document capture platforms are not a solution for document extraction is that a vertically oriented system also only processes document types from the respective industry. Consequently, a comprehensive and industry-independent data network will never be achieved.
Solution with Parashift IDP Platform: With the global AI training enabled by Document Swarm Learning, learning efforts are also leveraged across the platform. With the general approach, a structured and industry-agnostic data network is created. This, in turn, leads to more and more standard document types that can be used out-of-the-box and across industries.