While it’s true that paper documents are on the decline, the assumption that this means companies need to process fewer documents in general is wrong. In fact, the opposite is true: companies today are literally flooded with a volume and variety of documents. This creates insurmountable challenges for employees, slows down processes enormously and drives up costs (unnecessarily). The need for a powerful automation solution that can handle all of the documents and data in your organization is ever-present.
The limitations of traditional document processing solutions
In addition to the manual capture and processing of documents that still takes place in many companies and in virtually every industry, legacy optical character recognition (OCR) solutions are also used. But why are companies still using legacy OCR solutions for their document processing? One reason may be that OCR solutions can be ideally suited for capturing structured data from documents that never change in form. The extraction results for static documents are good, which means that much of the previously manual work can already be automated.
The problem, however, is that in most companies and in every industry, there are significantly more documents to be processed on a day-to-day basis that do not necessarily follow a clear structure. And the problem with traditional, template-based solutions is that even the smallest variations in a document bring that solution down to its knees. In other words, each new document type requires new, extensive setup and training time. Not only does this require a great deal of effort and cost, it makes rapid scaling an impossibility. Companies usually try to cope with this with additional employees and manual capture from these complex documents, which obviously is anything but a solution.
To reiterate the limitations and disadvantages of an outdated OCR solution:
- Works only for structured and static documents, does not understand any context within the documents
- Even the smallest changes in the document reduce the extraction rate to an absolute minimum
- Configuration and training is time-consuming and cost-intensive for each new template
- Maintenance of a legacy OCR solution is also extremely cost-intensive
The ultimate solution for automating your document processing
Intelligent Document Processing (IDP) takes a fundamentally different approach to document capture and processing than traditional OCR. IDP combines multiple Artificial Intelligence (AI) technologies, including Machine Learning (ML), Natural Language Processing (NLP), Deep Learning, Computer Vision and even Optical Character Recognition (OCR) into one system. This approach already offers clear benefits such as the elimination of templates and significantly more accurate extraction results than with a traditional solution. However, with its proprietary Document Swarm Learning technology, Parashift takes this one step further and offers an innovative approach of its own. As a result, your organization will benefit from the ultimate solution for automated document processing:
- Global data network for unprecedented data extraction: Proprietary Document Swarm Learning is the core technology underlying the Parashift Intelligent Document Processing platform. This “document swarm” enables customers worldwide to learn from the insights of other users (fully GDPR compliant, of course, and without sharing business knowledge). This is possible because Document Swarm Learning is powered by ML algorithms trained on billions of data points across every customer, every document processed, and across every industry. The global data network gives your organization data extraction that is unmatched.
- Automate the processing of all document types, even those with small volumes: With Document Swarm Learning, flexibility finally becomes a reality by allowing you to automate the processing of even relatively smaller volume document types. But it’s not just the small-volume document types that you’ll be processing automatically with Parashift IDP in the future. This applies to all the document types you need to process, including your industry-specific document types.
- A document processing solution that continuously improves:Thanks to the unique Document Swarm approach, learning from all documents, customers and industries is shared at the field level. This continuously improves performance during normal operation and more training data generates better and new use cases. At the same time, continuous learning exponentially accelerates the accuracy and efficiency of the IDP solution, ensuring maximum document processing efficiency for your organization.
- Hundreds of out-of-the-box functionalities: Several hundred standard document types require no configuration and no training whatsoever, but are ready to use right out of the box. This shortens the time-to-value enormously and ensures a fast ROI.
- Large Language Models (LLMs) for text interpretation: With the advances around Large Language Models (LLMs), Parashift has also integrated LLMs into its IDP solution. With this combination, your organization can use the IDP solution, for example, to verify that contracts meet certain legal requirements or that invoices contain all the required information. Summarizing documents and interpreting the context is also easy thanks to the integration of IDP with LLMs.
The added value and positive impact with the Parashift Intelligent Document Processing platform on your business is enormous:
- You can reduce your business costs: Finally untether your employees from manual and tedious work like entering data. Instead, you can finally redeploy them to more value-added work, which in turn will save you money and improve productivity.
- Improve efficiency: By automating your document processing end-to-end, you’ll reduce cycle times and noticeably improve your business processes.
- Single platform for all documents: Thanks to the powerful IDP platform, you automatically capture and process hundreds of different document types with a single solution. In the process, you automatically extract all the data that is relevant to you, including line item data, from the documents.
- New document types mean hardly any additional work: With the no-code platform and out-of-the-box functionalities, your employees (not IT!) can easily click together individual document types themselves.
- Highest recognition rates: Thanks to Document Swarm Learning, you ensure the highest recognition rates, even for completely unknown documents. At the same time, the constantly increasing number of training data creates better and better results.
At Parashift, everything originally started with accounting automation.
Accelerate your invoice processing
Of course, one of the central use cases for Intelligent Document Processing in companies is and remains invoice processing. This has to do, among other things, with the fact that with more and new suppliers and customers, this is no longer a walk in the park. Or to put it another way, if you work with different suppliers and need to be flexible as a result, an Intelligent Document Processing solution like Parashift’s is needed. The benefits with Parashift IDP for your invoice processing quickly become obvious:
- Extract line item data: For a detailed match with a purchase order or a comparison of suppliers’ general agreements, you need the relevant line item data. With Parashift IDP, you automatically capture and extract all the necessary line item data from invoices.
- Full validation: In order for you to be able to use your employees for the work that really adds value, Parashift also takes care of the validation of invoices. This eliminates 100% of all manual interactions of your employees with invoices.
Parashift AI OCR software reads invoices using artificial intelligence and reduces effort by up to 90%.
Forms, land register statements and Co: Automate the processing of complex documents
With constantly changing document layouts, the complexity of documents increases, making it more difficult to read out the relevant data accurately. Especially with complex document types like land register statements, this can be a problem for some IDP solutions. Not so for Parashift: All (in this case for banks and financial service providers) important line items can be captured and read automatically with the Parashift Intelligent Document Processing solution. The same applies to complex forms with tables and diagrams: here, too, you extract all the relevant data automatically, optimizing business processes and reducing costs.
With the Parashift platform, we have helped hundreds of customers integrate Intelligent Document Processing into their existing processes and business applications. – Alain Veuve, Founder and CEO at Parashift
Seamless integration with existing systems
For companies, seamless integration and compatibility of a new automation solution with existing systems is crucial. This is exactly what is easily possible with the Parashift IDP platform. You can seamlessly integrate the solution with existing application landscapes. Alternatively, you can integrate the Parashift IDP Platform into your own application via a REST API. It almost doesn’t get any simpler than that.
With more and more documents to process in your organization, it’s increasingly important that this doesn’t become a bottleneck. Instead, increase accuracy and efficiency and drive your document processes forward with Parashift’s Intelligent Document Processing solution and a single platform.
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