by Angela Guess

According to a recent press release, “Parascript, the pioneer in data extraction powered by machine learning, today introduced the first commercially available data location, extraction and verification software solution that deploys template-less, neural network-based document extraction. Parascript has productized its machine learning platform to support custom-developed recognition projects with much quicker turnaround than traditional rules-based approaches. The result is significantly faster production with more reliable and refined results for Parascript clients. ‘Machine learning offers a whole new set of opportunities for organizations across many industries to more precisely streamline their operations and deliver rapid, accurate data to their clients,’ said Greg Council, Vice President of Marketing and Product Management. ‘Parascript is pushing the frontiers of capture and recognition automation with this latest software release’.”

The release goes on, “Historically, processing any type of document—from invoices, receipts, checks, loan applications to medical claims—has been time consuming and prone-to-error. Traditional recognition and capture solutions often successfully use business rules to process information. These rules place parameters around how information should be entered, increasing the accuracy of data recognized by software and reducing the amount of manual data entry that has been required. Unfortunately, rules are only valid when they are comprehensive, and these rules can only be comprehensive when the document types and their variability are well understood. ‘Rules are brittle to change, that’s why implementing machine learning allows for so much more accurate results over time because it gracefully handles a dynamic environment without manually creating a whole new set of rules every time you have a new document type or image added to the system,’ said Council.”

Read more at PR Web.

Photo credit: Parascript