Nov. 2 2015 01:18 PM

Document Classification and Data Extraction Speed Business Processes


Digitech Systems announces the launch of PaperVision Forms Magic technology (the FM technology), which introduces accurate document recognition and classification along with data extraction. Known for improving efficiency, tight information control and lower cost Enterprise Content Management (ECM), Digitech Systems understands that information is at the heart of business processes, and these new capabilities make it even easier to organize and utilize important business data. The FM technology is available as a component of PaperVision Capture, the company’s scanning and indexing software.

Despite efforts to “go digital” or to become a “paperless office,” many organizations are still struggling with a glut of paper-based information. When combined with information that was born digital but is scattered across a variety of applications and desktops throughout the business, information management can feel overwhelming. Often, the hardest part is getting started, because the variety of document types and data can be significant. What if you didn’t have to sort or organize your records in advance?

One of the First Practical Applications of Machine Learning
The FM technology is one of the first practical applications of machine learning for business users. Machine learning describes a category of artificial intelligence in which software algorithms learn from large data sets without relying on the more traditional conventions of rules-based development. This allows the computer to explore an exponential number of options before selecting the right answer. For example, IBM’s Watson machine used self-generated scores in selecting potential answers to rout competitors on the popular game show Jeopardy! in 2011.

Digitech Systems is the first company to bring machine learning to document management users and the ECM industry. What is the benefit? Rather than lengthy configuration and setup processes that involve software developers manually importing documents into a forms processing application and telling the system what each document is—or worse, sorting documents by hand and typing identifying index terms manually—Forms Magic learns by ingesting documents and develops its own patterns for classification making it faster and easier to setup than outdated forms processing technologies. In addition, by relying on many more data points than other forms processing options when making classification decisions, the FM technology also offers dramatically more accurate results.


Beta customers of the technology have averaged classification accuracy above 90%, resulting in less time spent manually reviewing and resorting documents.

Benefits of PaperVision® Forms Magic:
  • Convert vulnerable paper records into electronic files that are protected by user login, encryption, and multiple layers of system security.
  • Extract critical data from both paper documents and electronic files to populate the index terms used to locate the document or to send to other business applications reducing manual data entry and saving time and money.
  • Improve the accessibility of information by ensuring documents get classified appropriately, and thus can be located more quickly when needed.
  • Implement quickly, because the FM technology does not require complex configuration or custom code.
HK Bain, CEO of Digitech Systems said, “The FM technology dramatically simplifies the process of getting information into a usable format for business processes and decision-making. Just throw the files or documents into PaperVision Capture, and the FM technology will identify what they are, where they belong and what protections to apply, and what business processes to supply with the data. The FM technology will even extract and send information to other business programs to eliminate hand-keying data throughout the enterprise. PaperVision Forms Magic helps businesses solve some of their most complex and cumbersome information challenges.”

The FM technology is currently available as a component of PaperVision Capture. Visit www.digitechsystems.com/products/papervision-forms-magic/ to learn more.

About Digitech Systems, Inc.
Digitech Systems, Inc. enables businesses of any size to more effectively and securely manage, retrieve and store corporate information of any kind using either PaperVision® Enterprise content management (ECM) software or the world’s most trusted cloud-based ECM service, ImageSilo®. Digitech Systems has moved ECM from a luxury convenience to an essential element for every well-managed business by improving efficiency, boosting information control and saving organizations money. They are the source for EfficiencyNOW! ControlNOW! MoneyNOW! ECMNOW!

Digitech Systems continues to raise the standard of excellence in the ECM sector, as evidenced by the numerous awards they have received including the InfoWorld 100, CRN’s Emerging Tech Dynamos and multiple Nucleus Research ROI Awards. In addition, Buyer’s Lab has recognized both PaperVision® Capture and PaperVision Enterprise as the best products in the enterprise capture and ECM fields. To learn more about the company’s software and services that deliver any document, anywhere, anytime, visit www.digitechsystems.com.

 

SPONSOR  

Follow