Machine learning document analysis accelerates quality contract processing, customer onboarding and payment solutions.
Parascript, which provides document analysis software processing for over 100 billion documents each year, announced today the Smart-Force (SFORCE) and Parascript partnership to provide a digital workforce that augments operations by combining cognitive Robotic Process Automation (RPA) technology with customers’ current investments for high scalability, improved accuracy and an enhanced customer experience in Mexico and across Latin America.
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“Partnering with Smart-Force means we get to help solve some of the greatest digital transformation challenges in Intelligent Document Processing instead of just the low-hanging fruit. Smart-Force is forward-thinking and committed to futureproofing their customers’ processes, even with hard-to-automate, unstructured documents where the application of techniques such as NLP is often required,” said Greg Council, Vice President of Marketing and Product Management at Parascript. “Smart-Force leverages bots to genuinely collaborate with staff so that the staff no longer have to spend all their time on finding information, and performing data entry and verification, even for the most complex multi-page documents that you see in lending and insurance.”
Smart-Force specializes in digital transformation by identifying processes in need of automation and implementing RPA to improve those processes so that they run faster without errors. SFORCE routinely enables increased productivity, improves customer satisfaction, and improves staff morale through leveraging the technology of Automation Anywhere, Inc., a leader in RPA, and now Parascript Intelligent Document Processing.
“As intelligent automation technology becomes more ubiquitous, it has created opportunities for organizations to ignite their staff towards new ways of working – freeing up time from the manual tasks to focus on creative, strategic projects, what humans are meant to do,” said Griffin Pickard, Director of Technology Alliance Program at Automation Anywhere. “By creating an alliance with Parascript and Smart-Force, we have enabled customers to advance their automation strategy by leveraging ML and accelerate end-to-end business processes.”
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“Our focus at SFORCE is on RPA with Machine Learning to transform how customers are doing things. We don’t replace; we compliment the technology investments of our customers to improve how they are working,” said Alejandro Castrejón, Founder of SFORCE. “We make processes faster, more efficient and augment their staff capabilities. In terms of RPA processes that focus on complex document-based information, we haven’t seen anything approach what Parascript can do.”
“We found that Parascript does a lot more than other IDP providers. Our customers need a point-to-point RPA solution. Where Parascript software becomes essential is in extracting and verifying data from complex documents such as legal contracts. Manual data entry and review produces a lot of errors and takes time,” said Barbara Mair, Partner at SFORCE. “Using Parascript software, we can significantly accelerate contract execution, customer onboarding and many other processes without introducing errors.”
The ability to process simple to very complex documents such as unstructured contracts and policies within RPA leveraging FormXtra.AI represents real opportunities for digital transformation across the enterprise. FormXtra.AI and its Smart Learning allow for easy configuration, and by training the systems on client-specific data, the automation is rapidly deployed with the ability to adapt to new information introduced in dynamic production environments.
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