MILPITAS, Calif.–(BUSINESS WIRE)–
Comprehensive Content Intelligence Platform Boasts Significant Accuracy Improvements
ABBYY, a global leader in Digital IQ, today 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.
“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.
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.
More product specifications and use case scenarios that transform business documents into business value can be found online at ABBYY FlexiCapture.
ABBYY is a global leader in Digital IQ for the enterprise. We create a new class of AI technologies that provide digital workforce the skills to understand enterprise content and processes. Our technologies are used by thousands of enterprises in finance, insurance, transportation, healthcare and other industries, helping organizations make intelligent business decisions. ABBYY has offices in 13 countries around the world, including Australia, Cyprus, France, Germany, Hong Kong, Hungary, Japan, Russia, Spain, Taiwan, the UK, Ukraine, and the United States. For more information, please visit www.abbyy.com/company.
ABBYY and the ABBYY Logo are either registered trademarks or trademarks of ABBYY Software Ltd. Other product names mentioned herein may be trademarks and/or registered trademarks of their respective owners and are hereby recognized.
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