The velocity, variation and volume of data available today continues to grow to ever dizzying heights. For businesses the main vessel of their critical information continues to be in the form of documents. Every year millions of documents are processed manually with up to 49% of work across financial services and insurance involving data collection, processing and analysis. McKinsey estimates that up to 67% of these activities can be automated and currently cost organisations $305 billion p.a.
The business costs of manual document processing
Time & resources
We all know that time is precious yet on averagewe each lose 127 days a year to tasks relating to data collection, processing and analysis that could be automated. For an organisation with thousands of workers that time quickly translates into high fixed costs, low net returns and a workforce constrained by repetitive, low-impact tasks.
According to a survey of financial services leaders by Bloomberg BNA, the most common reporting mistakes arise as a result of incorrect entry of manual data into a reporting system, which was cited by nearly 28 percent of the respondents. The impact is typically more lost time and expense through investigation and rework and can even result in contract breaches, compliance issues and fines if they fail to be identified and corrected quickly.
Without the ability to see data clearly, organisations ultimately fail to make better, data-driven decisions and miss out on a wealth of opportunities. We spoke to one asset manager who said they currently “lose out in as many as one in three trading opportunities” because extracting the information required in the necessary time frame was impossible using manual processes.
We estimate that 25% of costs can be automated with the help of Intelligent Data Capture. For a team of 10 that translates to an annual saving of $102,000 annually. Moreover, the increase in productivity means that your workforce has more time to focus on high-value, high-return tasks and unlock new trading opportunities.
What is ‘intelligent data capture’?
Intelligent data capture is a technology solution to extract, interpret and analyse data from your documents. At Freyda, we follow a six-step process to unlock the business benefits of higher accuracy, increased transparency, lower operational costs and more time to focus on business critical tasks.
The first step is to extract unstructured document data from a variety of formats and reporting guidelines. Using a combination of OCR and AI, the goal is to unlock data from across the document regardless of its structure, content or quality. Freyda can handle both scanned and digital documents as well as tables and text to ensure we capture more data, faster.
Next we are able to intelligently infer context, meaning and relevance. Rules based approaches quickly falter when faced with non-standardised information and need to be constantly reconfigured to account for changes in document formats, content and interpretation. By using a machine learning approach we can start to reap the benefits of dynamic comprehension that adapts without the need for templating and manual intervention.
We work with existing operations and finance teams to verify data and continuously improve results. Also known as ‘active learning’ in AI circles, we combine human expertise with machine power to improve accuracy rates to up to 99.9%.
As data repositories continue to grow the ability to locate relevant information quickly becomes increasingly challenging. At Freyda, once data is extracted it is made completely searchable to allow users to quickly find the critical information that is important to them.
Unlock actionable insight
A common frustration for CxOs is the difficulty in translating technology into real business cases. Achieving fast and accurate data comprehension enables us to help customers find actionable insights such as fraud detection, notable changes to portfolio exposure and risk, and new trading opportunities to unlock.
Much of the inefficiency that exists today in financial services is due to the lack of cross platform compatibility. We integrate into existing workflows via our own REST API to enable automated data flows and eradication of manual data entry.
Who are Freyda?
Freyda is a cloud-based solution helping financial institutions to process, interpret and analyse data from their documents. Founded by a team of financial professionals, technologists and PhDs, the Freyda platform leverages machine learning, natural language processing and artificial intelligence to help organisations and their workers free up time and resources for high-value, high-impact work. For a demo, visit us at www.freyda.io