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Knowledge worker automation using artificial intelligence

Country of Origin: Singapore
Reference Number: TOSG20170428001
Publication Date: 29 May 2017

Summary

A Singapore SME that specialises in information access by applying advanced artificial intelligence (AI) has developed a knowledge worker automation tool that is able to extract both structured and unstructured information.

The company seeks to partner Multinational Enterprises (MNEs) or SMEs of all sizes to explore licensing or services agreements.

Description

The knowledge worker automation tool developed by the Singapore SME artificial intelligence solutions provider is a multi-lingual information extraction tool. It applies advanced semantic and reasoning algorithms, combined with machine learning and natural language processing to automatically identify, extract, cleanse, validate and store key pieces of information from unstructured and semi-structured documents (e.g. Profit and Loss, Balance Sheets, Powers of Attorneys, Policies). 

The tool is able to extract information from a wide range and type of documents, in digital or physical. By applying advanced Optical Character Recognition (OCR) technology, input documents are digitized so that the AI core can read, understand and identify the key pieces of information contained.

A visually compelling dashboard provides actionable knowledge about the usage and metrics of the system, enabling tracking accuracy and a wide set of predefined or customer built key performance indicators (KPIs).

The company seeks to partner MNEs or SMEs of all sizes to explore the following types of collaboration:

- Licensing agreement
- Services agreement

Advantages and Innovations

i) Cuts down operating and manpower costs

A great deal of costly manpower and time is spent manually inputting into corporate systems the information contained in physical and digital documents. The AI fully automates this process, dramatically reducing costs and increasing efficiency.

ii) Increasing availability
The tool helps firms become more agile and swift in using extracted information by making available the key data in the preferred format, storage or target third party application, to be used as the organization requires.

iii) Unstructured and Semi-Structured Data Extraction
The tool knows that not every contract, resume or balance sheet looks the same. Because the tool understands the meaning of the data, it does not matter if the documents to be processed have different layouts or formats.

iv) Automatic Metadata Generation
The tool can identify, understand and structure information automatically. Through its cutting-edge processing ability, it can tag millions of certified documents and place them in client systems automatically.

v) Dealing with Heterogeneous Documents
The tool extracts information from a wide range of both digital documents and physical documents. By applying advanced OCR technology, input documents are digitized so that the key pieces of information contained can be identified.

vi) Reporting and Analytics
A visually compelling, user-friendly dashboard provides information about the usage and metrics of the system, enabling tracking accuracy and analytics through a wide set of predefined or customer built KPIs.

In the financial services sector alone, companies can drastically reduce costs by automating Know Your Customer (KYC) checks, client-onboarding processes, regulatory compliance, due diligence, reconciliation and anti-money laundering.

In the legal industry, firms can conduct due diligence, contract review and corporate secretarial work with a greater efficiency, saving precious billable lawyer hours.

Stage Of Development

Already on the market

Requested partner

The Singapore company seeks to work with SMEs or MNEs of all sizes.

The partner sought could be:

i) a solutions provider/ systems integrator or
ii) an organisation that is keen to adopt the solution to improve its operations

The types of desired partnerships would be as follows:

i) License Agreement
The partner (a solutions provider or systems integrator) could license the technology to develop into a product or service to introduce to its clients.

ii) Services Agreement
The partner (an organisation that is keen to adopt the solution) could undertake a services agreement partnership with the Singapore SME where the Singapore SME would provide the services support in implementing the solution.

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