November 20, 2019

ABBYY Pumps FlexiCapture with Machine Learning Technology to Process Enterprise Content at Industry Leading Rates

ABBYY Pumps FlexiCapture with Machine Learning Technology to Process Enterprise Content at Industry Leading Rates

Comprehensive Content Intelligence Platform Boasts Significant Accuracy Improvements

ABBYY, a global leader in Digital IQ, announced FlexiCapture 12 has enhanced machine learning (ML) technology to further improve the accuracy and speed of processing enterprise content. The modern intelligent document processing (IDP) platform delivers a unified platform whether deployed on premise, in the cloud or called by developers using SDK or RESTful APIs.

FlexiCapture meets the needs of organizations struggling to capture and transform unstructured content locked within documents, forms and correspondence into meaningful structured data needed to fuel automation in the cloud or on-premise. These include invoices, claims, new account opening and customer onboarding documents, purchase orders, bills of lading and contracts – content that impacts revenue and the customer experience.

HR Technology News: AtWork Group Opens New Office in Mid-Town Manhattan

“Powered with ML and AI, ABBYY FlexiCapture is the most comprehensive, robust, and technologically advanced platform that supports organizations’ digital strategies,” commented Bruce Orcutt, Senior Vice President of Product Marketing at ABBYY. “Customers and partners are able to process more transactions faster, with fewer errors, improve customer service, reduce costs and make smarter process decisions.”

Additionally, ABBYY is testing the application of natural language processing (NLP) technology in FlexiCapture to extend capture capabilities to unstructured documents. NLP will make unstructured data easier to understand, analyze and consume by providing structure through content classification and entity extraction.

Currently, up to 90% of enterprise content is unstructured and growing up to 65% per year, according to Cognilytica. Analysts also assert that most unstructured data goes unanalyzed and valuable information is “lost” and unable to be used because of the complexity of extracting valuable information. Through the use of ML and AI, internal ABBYY tests demonstrated that FlexiCapture 12.3 can achieve a more than 93% extraction accuracy rate that can feed data into robotic process automation (RPA), business process management (BPM) and content driven process engines.

HR Technology News: Pentegra and ADP Launch Innovative 3(16) Fiduciary Solution and Interactive Plan Sponsor Tool

Other industry-leading performance enhancements include:

  • Overall FlexiCapture 12.3 platform performance is improved by 50% for small batches (3-5 pages) and 10% for large batches (100 pages)
  • Updated neural network improved invoice extraction quality
  • New machine learning methods increased extraction rates and improved processing of complex tables

ABBYY was recognized by Everest Group as a leader in its Intelligent Document Processing products PEAK Matrix Assessment 2019. Everest Group defines IDP as any software product or solution that captures data from documents, categorize and extracts relevant data for further processing using AI technologies.

“Our continued investment in applying AI technologies to FlexiCapture to improve performance is an example of our continued leadership in intelligent document processing,” added Orcutt.

HR Technology News: PeopleTech Partners Announces Launch of Parenthood at Work Virtual Summit

Previous «
Next »

3 Comments

  1. Pingback: Paper Is the Enemy of On-Time Payment
  2. Pingback: Ceridian Named One of ‘100 Best Companies’ and ‘Best Companies for Dads’ by Working Mother Magazine
  3. Pingback: Lucid Named One of 2019 Best Small and Medium Workplaces

Leave a Reply

Your email address will not be published. Required fields are marked *