Most enterprises are usually burdened with the task of manually entering data from consumer documents that are highly time-consuming and prone to errors and could therefore turn out to be inefficient. In fact, the majority of document processing is outsourced to Asian countries, where entire floors of individuals process financial services applications.
This is where Singapore-based Docsumo comes in. Docsumo, founded by Rushabh Sheth and Bikram Dahal in January 2019, claims to provide enterprises with an end-to-end workflow automation solution for capturing and analyzing data from unstructured documents. The main technological platform can read any document, record critical data points and tables, and give analytics on top of that data – in other words; it can do everything an analyst can.
The company has also claimed that it has achieved 10X operational efficiency by digitizing laborious, error-prone back-office processes that rely on documents using machine learning algorithms. In a nutshell, the company advertises its platform via the following features:
- Training a machine learning model on the existing data set
- Integrating human-in-the loop review tool in their current process
- Making use of simple validation checks like excel to improve the overall accuracy
- Categorizing all the transactional data in order to gain rich attributes for decisioning.
The advantage of the above-stated points, according to Docsumo, is that it can process millions of documents each year for various organizations while remaining flexible enough for developers to automate procedures easily.
“What differentiates Docsumo is that the technology can read non-standardized documents such as financial statements with very high accuracy and automates the workflow end to end. We enable companies to read, analyze & act on documents & unlock 10x efficiency” – Rushabh Sheth, CEO of Docsumo.
Recently, Docsumo raised $3.5million in Seed capital. With this fresh funding, the AI startup wants to expand its product offerings to include more use cases, such as customer onboarding, income verification, financial fraud detection, data for underwriting, and other vital, everyday jobs presently performed by analysts.
Commercial lenders could also potentially use Docsumo’s API stack to automate loan and insurance applications, income verification, and claims. Moreover, the organization is already claiming to work with companies like National Debt Relief, Biagi Bros, Hitachi Payments, PayU, and Arbor Realty Trust.
Amreen Bawa is a consulting intern at MarktechPost. Along with pursuing BA Hons in Social Sciences from Panjab University, Chandigarh, she is also a keen learner and writer, having special interest in the application and scope of artificial intelligence in various facets of life.