Longmont, CO, July 19, 2018 (GLOBE NEWSWIRE) -- Parascript, which provides document automation solutions that process more than 100 billion documents per year, today announced the availability of FormXtra.AI. This high performance capture system significantly reduces the complexity and costs associated with document classification and data extraction through a self-learning system that automatically configures rules and learns by itself in order to improve performance. Maintaining ongoing system performance in dynamic production environments becomes effortless because FormXtra.AI adapts to new changing streams of documents in the background while documents are processed.
"With FormXtra.AI, we approached our clients’ challenges from an entirely new angle," said Greg Council, Vice President of Marketing and Product Management at Parascript. “Our system automatically configures itself and adapts to the most dynamic document streams while it simultaneously measures and improves performance in the background. It learns what data is able to run ‘straight-through’ with no user intervention and preserves better than human-level precision. It’s the first of its kind. All those time-consuming—and sometimes costly—professional services for configuration and to ensure quality performance are no longer necessary."
The new smart-learning capability is based on Parascript’s 25 years of expertise with advanced artificial intelligence. While leading capture systems have some "learning" capabilities, they are based upon the combination of user-supplied instruction and template creation. This means that they require a user to sit with the application and tell it where the required data is through an explicit action. This typical process fails to reduce work with the initial configuration and creates a large, unmanageable system. Parascript solves this problem.
Beyond Disruptive Innovation
"Parascript’s approach is to analyze documents through FormXtra.AI self-learning," Mr. Council explained. "You can provide FormXtra.AI a structured form or you can provide tagged samples, and it will analyze and automatically create a 'document map' with the push of a button."
In production, FormXtra.AI monitors and collects background data from operations and uses it to measure and improve performance with no change to existing workflows. By working in the background, it completely eliminates manual efforts to configure or optimize the system. In addition, the data resulting from the self-learning process are stored in a file that can be transferred or shared from one system to another.
"I’ve been in the capture business for decades both as an end user and on the software side, and I’ve never seen anything like this. Parascript machine learning makes processing complex documents and forms not only easy, but painless," said Bill Johnson, Vice President of Sales at Parascript. "FormXtra.AI processes high volumes of documents faster, using fewer people with less errors."
About Parascript, LLC
Parascript automates the interpretation of meaningful, contextual data from image and document-based information to support transactions, information governance, fraud prevention and business processes. Parascript provides smart self-learning document processing automation for any document with any data from any source with its easy-to-use, image-based analysis, classification, data location, extraction and verification technology. 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.