Straight-Through Processing: Saving Time on a Big Scale
Many companies are embracing automation to save time and money with their document processing practices. That said, there is one step of the process that still takes up valuable employee resources: verification.
Despite the advancements of automated data extraction, so many hours are still being lost to manually verifying data that has already been processed. Enter straight-through processing. Thanks to improved accuracy, artificial intelligence, and confidence margins, programmes like Xtracta can eliminate the verification step. Dive in as we explain what straight-through processing is, how it saves time on a big scale, and how Xtracta has been structured to provide straight-through processing on certain document types.
What is straight-through processing?
Straight through processing describes a process where someone submits a document through Xtracta’s platform and—according to the structure, AI capabilities, and data validations in place—they do not need to review the final product.
For larger companies, one of the main objectives of implementing automated data extraction is reducing people’s time spent on arbitrary tasks. Companies typically have more focus on achieving large amounts of automation, but despite that accelerated automation, they still need to verify the work. This unavoidably takes up time.
With straight-through processing in place, our clients don’t have to spend any time verifying the processed information. This is easiest with highly structured document types, such as with invoice scanning and data capture, because these are easier for programmes to parse with 100% accuracy.
How Xtracta Accomplishes Straight-Through Processing
A lot of our users are used to logging into the online Xtracta system to verify any processed data, but with our straight-through processing capabilities, they can opt out of this step. The question is, how can you be sure that Xtracta is accurately extracting data and digitally reconfiguring it?
There are several measures we have in place to ensure maximum accuracy, including:
Confidence scores how we assess the performance of our own machine learning algorithm without looking at the actual data. Using a complex system of confidence intervals, bootstrapping, and probability analysis, we quantify our AI’s performance as a figure between 0 and 100. The higher it is, the more confident we are that the program is performing accurately.
As a cloud-first company, Xtracta has a large pool of past and present client data that we use to progress our AI’s capabilities. We also use this data pool to compare documents undergoing straight-through processing. This means the processed data is checked against a large collection of verified data to determine its accuracy, which is essentially automated verification.
Finally, as with all other AI-based programmes, Xtracta relies on a pool of training data supplied by a human user. To maintain accuracy and ensure straight-through processing is viable, users can ‘train’ the program by identifying and highlighting errors in documents processed by the system. This helps the program find and resolve mistakes later without any human intervention.
With advancements in straight-through processing in programs like Xtracta, complete automation with no need for verification is on the horizon. Take your first step into a time-saving future; automate with Xtracta.
Talk to the team at Xtracta about implementing straight-through processing in your company.
Xtracta’s invoice, receipt, and contract capture API are designed for seamless integration into your company’s existing software. Save time, money, and stress with Xtracta. Talk to our expert team today.