Machine Learning for Data Extraction and Classification
Our document analytics team put together a great presentation for banks, and a KYC-centric banking solution. See the video below:
We have had several requests recently to show how we can help in processing contracts and extracting metadata. The below video uses Ephesoft Transact in two ways to process contracts:
Here is the overall Contract Management Solution:
We launched the first fully functional Capture as a Service (CaaS) offering in Microsoft Azure this week at the Microsoft Inspire Partner Conference. We were helped along the way by one of our larger partners, that had high demand for Capture as a Service, and we were seeing more and more requests for the intelligent processing of unstructured data in the Cloud. Below are some core benefits of our cloud offering:
Time to Value – On-premise software implementations can be a long-term journey and require additional budget for hardware, IT resource time and long budget cycles for capital expenditure approvals. With the Ephesoft Transact Cloud, your time to value is minimized and your intelligent capture platform can be up and running in a fraction of the time. Want to see how you can calculate a quick ROI on CaaS? See our recorded webinar here: The Ephesoft Effect
Cost of Ownership – Software as a Service (SaaS) reduces the overall solution cost of ownership by including support, and eliminating the need for hardware, backups, monitoring, dedicated administration and overall management. By including these costs in one recurring fee, complexity and overhead are reduced, and IT spend becomes more predictable.
Competitiveness – No longer is intelligent document capture only for large organizations with an army of IT folks. Now smaller organizations can have access to enterprise-class technology, and glean the all the advantages and efficiency to stay competitive, and challenge their larger rivals.
Gartner estimates that the annual cost of owning and managing software applications can be as much as four times the cost of the initial purchase.
Access to Innovation – with SaaS, access to the latest and greatest software is included. As Ephesoft improves its processing engine, you can immediately take advantage of the added efficiency. Your subscription provides continuous value, and appreciates over time as more features and functionality are added.
Scalability and Agility – the Ephesoft Transact Cloud is built for maximum scalability and agility. You can easily add more cores, features and processing power, depending on your requirements and needs. You can start small, and grow with our flexible subscription model.
Capture Anywhere – with the Ephesoft Cloud provides intelligent document capture anywhere, on any device. You can automate document processes with a browser, a smart phone or a tablet. This allows todays distributed workforce to access all the benefits Ephesoft can provide.
Read more on our offering in the Cloud here: Unlocking Unstructured Data: Document Capture, OCR and Scanning in the Cloud
We are ramping up our team for the Microsoft Inspire Conference (Booth 1237) in Washington, DC in a few weeks (July 9-13), and I thought I would put together some ideas on the power of Ephesoft technology when combined with Microsoft technologies. We have been working with several Microsoft Teams (Azure, SharePoint, Flow) to bring solutions to market, and provide extensive document-centric solutions to their partner and customer ecosystem. So how do we fit? I will outline a quick primer.
Ephesoft was founded in 2010 by leaders from the document capture industry that wanted to drive innovation and disrupt the legacy document automation space. The company has shown explosive growth through its unique perspective on taming unstructured content using patented complex analytics and machine learning. Its technology has garnered broad interest, and investment from top-tier firms like Fujitsu and In-Q-Tel.
At the heart of Ephesoft Technology is an engine that provides automated document classification and data extraction. Feed it documents from any source (fax, scanners, copiers, folders, legacy ECM systems, mobile devices, repositories) and it will do all the heavy lifting – sorting, separating, classifying and getting you the data you need to drive efficiency, productivity, automation and decision-making with minimal end-user intervention. Providing SaaS and PaaS solutions, and available on premise or in the cloud, the Ephesoft platform can provide great value to any size organization. Ephesoft has two products:
Ephesoft Transact – a transaction document capture platform for day-to-day document processing.
Ephesoft Insight – a document analytics platform for ingesting large volumes of existing unstructured content and extracting meaning.
Think of Ephesoft as an added intelligent document automation layer that can be placed on top of other technologies as a catalyst for automation. Below is a list of core technologies from Microsoft, and how Ephesoft can fit from a business perspective.
With SharePoint, Ephesoft Transact can be an intelligent on ramp for documents into SharePoint libraries. As a front end loader, Transact can auto-identify and route documents from just about any source, and make sure they wind up in the right library, as a searchable PDF, with all the important metadata extracted. It provides a standardized, repeatable process for adding any type of document to Microsoft SharePoint.
With Ephesoft Insight, SharePoint libraries can now be consumed and leveraged for Document Analytics. Insight provides the “document side” of the analytics equation.
You can get more information here:
Utilizing Ephesoft Web Services in the cloud, you can add intelligence to any Microsoft Flow workflow. Using the classification or extraction services, you can use Ephesoft Transact technology to “open up” documents mid-process, and make workflow branching decisions based on what you find. An example of a Flow use case here:
ERP and Accounting systems can leverage the power of Ephesoft in many different ways. As a processing engine, Ephesoft Transact can extract information from critical documents, like invoices or sales orders, and pass the information on to Dynamics. No longer will employees have to hand key information, and waste precious time. Along with time savings, data entry errors can now be eliminated through Ephesoft Transact’s validation and exception processing capabilities. More info:
Document capture and automation is a great fit for the cloud. Ephesoft’s web-based technology and RESTful APIs are cloud ready, and are available in Microsoft Azure. As a Cloud Infrastructure partner, Ephesoft has worked diligently to insure compatibility with Azure, and also to take advantage of all the cloud has to offer from a scalability and availability perspective. Read more on Ephesoft’s cloud platform:
This is just a short list of possibilities. Ephesoft’s products are built for partners, and have an open architecture to facilitate the building of portable solutions to add value and drive revenue. Come see us at Inspire (Booth 1237), or reach out to us directly for more information: Contact Us.
I have been working with several of our MFP/Copier partners, and wanted to put together a video demo on how to use copiers to train Ephesoft when it comes to our machine learning engine. This demo shows how you can use our document analytics engine and train HR documents.
The new General Data Protection Regulation (GDPR) is set to replace the older Data Protection Directive in the EU on May 25, 2018. This new roll out of privacy protections for EU nations has broad and expansive implications for any company within the realm of the EU, or those that process EU citizen information and data. Here is a summary of the major changes:
There are a set of core subject rights that apply, and below is a quick summary:
So, with that quick outline, imagine the implications of millions of application documents with personal information that are breached. What about the accidental scan of medical records to an insecure document sync folder? Or the directory of millions of scanned documents that have a few documents with private information?
Organizations need a two-pronged approach to prevent the document minefield. So, to get this under control, and mitigate risk, there are really two types of technologies that need to work hand in hand.
First, a document and content capture technology that works as an ingestion point for new content and existing document-centric processes. This form of enterprise input management can be placed as an non-invasive automation layer to flag/identify suspect content and provide reporting capabilities around private information for compliance. Once again, focused on day forward transactions.
Second, is a solution to crawl existing repositories to classify, extract and identify documents that pose a risk. This technology can work hand in hand with the transactional layer to build machine learning profiles, and establish analytical libraries of document and data profiles so the analytical side can become proactive and preemptive. This can be a critical step in identifying possible legacy documents that house private information that could be subject to GDPR fines.
So, where does Ephesoft fit? We have two products that span the transactional and analytical requirements to help organizations capture, classify, identify and visualize their documents in a broad sense, and comply with GDPR privacy rules.
One of our regional reps produced this video to help show how we differ from other document capture and analytics platforms on the market. This is a great expansion to one of my earlier posts – Analytics and Document Capture – Why it Matters The video gives a great overview on the many dimensions of a document, and how Ephesoft leverages its patented technology to enhance accuracy, analyze large volumes of documentation, and process unstructured information.
Every organization has them in both their technical realm and organizational/departmental structure: the Old Silo. But the elephant in the room is usually the document repository. That terabyte nightmare no one wants to address for fear of what lies within. Compounding the issue is the fact that most organizations have numerous document silos, usually the result of years of acquisitions, changing technical staffs with new ideas, or new line of business systems that house their own documents. Repository silos usually take the form of one of the below:
So, how can we leverage intelligent document capture and analytics to breakdown silos and make life easier? Here are some core “silo breaking” uses:
Just a quick brain dump on breaking down silos with intelligent document capture and analytics. Thoughts? Did I miss anything?
I wanted to write a post about some trends we are seeing within the market, mostly focused on leveraging intelligent document capture (Ephesoft) to mine existing document repositories. So what constitutes a repository? Well, it could be 100,000 scanned TIFFs in a network folder. It could be a legacy document management system like Documentum housing terabytes of documents. Or like many larger organizations, it could be a massive set of 10 separate repositories that span acquisitions, offices and countries. With content growing exponentially, organizations are quickly realizing that this information can be a treasure trove, or it can be hiding something sinister that needs to be identified.
So what are the key use cases and industries? Here are two below:
Financial Services – Anti-money Laundering (AML) – There have been a number of regulations passed that govern how financial institutions detect and report the flow of “dirty money” in and out of their institutions. The Bank Secrecy Act has been around since the 1970’s, but has been amended with some key requirements through the Patriot Act, with a focus on terrorism and funding. The onus is on financial firms to quickly identify, track and report suspicious transactions or face massive fines. Much of this data is based in documents, and finding and extracting this critical information can be impossible without the right technology. How do you tie new account ID information to another account opened and closed 3 years ago when all you have is a scan of a passport/ID and the original new account form in scanned PDF? It gets more complex with trade-based money laundering, and there are several red flags that require evaluation of documents, such as:
As you can imagine, you need all the components of an advanced capture and classification engine to identify key documents, extract core data, and place that information into an analytics engine for processing.
Healthcare – The Quest for a Cure – Imagine the value of being able to go back and consume 30 years of cancer patient lab reports. Size of tumors, type of treatment, type of cancer, and all the metabolic information. The challenge lies in the fact that the majority of patient records still exist in paper format, or at least those that were created prior to the rise of the Electronic Medical Record (EMR). These labs are buried in a deep mess of the typical medical record. What if you could process it all, automatically identify all the lab reports and pull out everything you need to map trends and results? What if you could easily identify and extract the typical lab report table?
We have some customers today processing records for this very purpose.
The list can go on and on:
Anything I missed? Thoughts?