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KMWorld Recognizes Parascript FormXtra.AI as Trend-Setting Product

1067 Days ago

Longmont, Colorado, Aug. 01, 2019 (GLOBE NEWSWIRE) -- Parascript, which supplies the digital workforce with automated document classification and data entry solutions that process over 100 billion documents annually, announced today that KMWorld recognized Parascript FormXtra.AI in its KMWorld Trend-Setting Products of 2019

Many technology trends are fundamentally altering the knowledge management landscape. To help navigate this changing landscape, KMWorld annually compiles a list of key products that are advancing the art of the possible in knowledge management. Some are well-established trendsetters, while others are new in knowledge management (KM). The list highlights innovative, foundational tools that provide new capabilities and greater efficiency in key KM areas such as document classification, data extraction and data verification.

"We're excited to announce the KMWorld list of Trend-Setting Products of 2019,” remarked Thomas Hogan, Group Publisher at KMWorld. “Across a broad range of industries, the focus for both new and enhanced products is to improve the outcomes of processes, decisions and interactions. This list seeks to highlight products that are advancing what is possible in knowledge management through both radical innovation and continuous evolution.”

The Parascript vision is to enable enterprises with highly optimized advanced document capture without the complexity and costs that typically come with it. The Parascript advanced capture solution uses a variety of machine learning techniques to automate configuration and optimize performance before and after production deployment. It also solves the “input data problem” increasingly common in the use of machine learning. Few organizations have the necessary data available or the staff skills to ensure that training data is free of bias and other data quality problems. Parascript Smart Learning analyzes production data and corrects for many data quality problems, curating a reliable training set. This data science capability enables a system that can adapt and optimize itself.

“We really appreciate KMWorld honoring Parascript FormXtra.AI as a trendsetter in 2019. From our inception, Parascript software has always been about how to reliably and precisely automate common document-oriented tasks to enable high levels of straight through processing,” said Greg Council, VP of Marketing and Product Management at Parascript. “Our goal for our clients is unattended automation where there is no need for a person to oversee actions of a system. FormXtra.AI achieves document automation without humans constantly in the loop. Enterprises are realizing real gains in rapid, accurate and quality output with this straight through processing.”

Attaining Unattended Automation

With Parascript’s trend-setting FormXtra.AI, enterprises leverage advanced capture, ICR/OCR, handwriting recognition including cursive, signature verification and fraud detection from a single platform with fewer upfront and ongoing costs. Organizations no longer have to integrate multiple platforms and spend a significant amount of effort to configure a system to accomplish high levels of automation.

“By applying artificial intelligence to document automation, Parascript software has achieved new levels of handwriting recognition accuracy,” said Mr. Council. “FormXtra.AI eliminates the need for templates, which quickly become dated in dynamic environments.”

To classify and extract data from highly variable, multi-page documents, Parascript FormXtra.AI requires only a sample data set and its output to ensure proper system training for the most precise results. Parascript unattended automation is attained in hours of compute time versus the weeks and months of manual configuration and testing required of alternative tools. In addition, Parascript software is easily incorporated into automation projects to enable efficient access to document-based information.

About Parascript, LLC

Parascript supplies the digital workforce with document automation solutions focused on transactions, information governance, fraud prevention and business processes. Parascript provides advanced capture leveraging machine learning with real-time adaptability and zero configuration. Our software offers easy-to-use, image-based analysis, classification, data location, extraction and verification. More than 100 billion documents for financial services, government organizations and the healthcare 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.


Rebecca Rowe

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