Make better use of your data science tools and resources by taking an intelligent approach.

Every company in this digital world wants to employ data science and analytics methods to be the most “data-driven”. A study by McKinsey also states that more than 50% of CEOs feel that they’re leading their company with analytics. But there’s a difference in how companies use data analytics. Some collect data and analyze it periodically whereas others make data analysis a core part of their business processes. It’s a general assumption that the volume of data might more or less be the same, but what matters is how quickly a company can turn data into insights. This becomes critical when a company is working with siloed data.

• Enterprises Look for these 8 Modern Data Architecture Characteristics
• Businesses Cope with Non-tech Challenges of Big Data Analytics 
• Decoding the Five Pillars of an Enterprise Data Integration Journey 

The Cause of Friction

When organizations work with siloed data, different teams, like IT, cybersecurity, software,  will have different their own tools and data sets. Ideally, this should generate multiple data sets with the same conclusion. But there are one too many, there is bound to be chaos and confusion. There are several studies that highlight companies using multiple monitoring tools that do the same thing, one or 11. This causes friction in the overall team performance, adds up additional and unnecessary costs, and affects the project. According to Gartner, only 20% of the analytics projects will successfully finish their tasks by 2022. By then, there will be more such tools in the market.

COVID-19 worsened the situation as cross-functional teams couldn’t collaborate easily. This made it harder for teams to working in segregated silos with no proper resolutions in place. In this cut-throat business world, a company’s standing in the industry depends on agility. Data can significantly contribute to a company’s growth, as long as the silos are broken. How can this be achieved? By arming teams with the large raw data sets first which they can use as a part of their tasks.

According to Iain Chidgey, vice-president of EMEA at Sumo Logic, “Centralizing data handling and analysis, and then getting more teams involved around the one set of data should help companies make more of their data with different teams.” If a retailer is running an e-commerce website, its business operations team will be notified of all the abandoned carts. Then comes the urgency to inspect the cause as it directly affects the business. The same data can be used by the IT teams to understand if the dissatisfaction is the result of a poorly made infrastructure like show page load times or a bug that keeps crashing the website. Then the software development team will use this data to find a solution and monitor the website. If the issue was security-related, the cybersecurity and compliance team will take the needful actions. Not only will be approach be cost-effective, but it will also help the website maintain a record of all the issues and the impact it had on the business. It will help generate performance and developmental reports and improve the business optimization process.

The crux of the issue is to eradicate data silos. By doing that, all teams will work in tandem, use the same data source to tackle business problems and more profitable business over time. Whether the teams work remotely or not, a single data set will keep chaos away and generate data across all business domains. If companies want to shift more of their focus towards data science and analytics, this is the right way forward.

The post THE SIGNIFICANCE OF ELIMINATING SILOS FROM DATA SCIENCE PROCESSES appeared first on Artificial Intelligence.

Machine learning document analysis accelerates quality contract processing, customer onboarding and payment solutions.

Longmont, CO, Feb. 09, 2021 (GLOBE NEWSWIRE) — Parascript, which provides document analysis software processing for over 100 billion documents each year, announced today the Smart-Force (SFORCE) and Parascript partnership to provide a digital workforce that augments operations by combining cognitive Robotic Process Automation (RPA) technology with customers’ current investments for high scalability, improved accuracy and an enhanced customer experience in Mexico and across Latin America.

“Partnering with Smart-Force means we get to help solve some of the greatest digital transformation challenges in Intelligent Document Processing instead of just the low-hanging fruit. Smart-Force is forward-thinking and committed to futureproofing their customers’ processes, even with hard-to-automate, unstructured documents where the application of techniques such as NLP is often required,” said Greg Council, Vice President of Marketing and Product Management at Parascript. “Smart-Force leverages bots to genuinely collaborate with staff so that the staff no longer have to spend all their time on finding information, and performing data entry and verification, even for the most complex multi-page documents that you see in lending and insurance.”

Smart-Force specializes in digital transformation by identifying processes in need of automation and implementing RPA to improve those processes so that they run faster without errors. SFORCE routinely enables increased productivity, improves customer satisfaction, and improves staff morale through leveraging the technology of Automation Anywhere, Inc., a leader in RPA, and now Parascript Intelligent Document Processing.

“As intelligent automation technology becomes more ubiquitous, it has created opportunities for organizations to ignite their staff towards new ways of working – freeing up time from the manual tasks to focus on creative, strategic projects, what humans are meant to do,” said Griffin Pickard, Director of Technology Alliance Program at Automation Anywhere. “By creating an alliance with Parascript and Smart-Force, we have enabled customers to advance their automation strategy by leveraging ML and accelerate end-to-end business processes.”

“Our focus at SFORCE is on RPA with Machine Learning to transform how customers are doing things. We don’t replace; we compliment the technology investments of our customers to improve how they are working,” said Alejandro Castrejón, Founder of SFORCE. “We make processes faster, more efficient and augment their staff capabilities. In terms of RPA processes that focus on complex document-based information, we haven’t seen anything approach what Parascript can do.”

“We found that Parascript does a lot more than other IDP providers. Our customers need a point-to-point RPA solution. Where Parascript software becomes essential is in extracting and verifying data from complex documents such as legal contracts. Manual data entry and review produces a lot of errors and takes time,” said Barbara Mair, Partner at SFORCE. “Using Parascript software, we can significantly accelerate contract execution, customer onboarding and many other processes without introducing errors.”

The ability to process simple to very complex documents such as unstructured contracts and policies within RPA leveraging FormXtra.AI represents real opportunities for digital transformation across the enterprise. FormXtra.AI and its Smart Learning allow for easy configuration, and by training the systems on client-specific data, the automation is rapidly deployed with the ability to adapt to new information introduced in dynamic production environments.

About SFORCE, S.A. de C.V.

SFORCE offers services that allow customers to adopt digital transformation at whatever pace the organization needs. SFORCE is dedicated to helping customers get the most out of their existing investments in technology. SFORCE provides point-to-point solutions that combine existing technologies with next generation technology, which allows customers to transform operations, dramatically increase efficiency as well as automate manual tasks that are rote and error-prone, so that staff can focus on high-value activities that significantly increase revenue. From exploring process automation to planning a disruptive change that ensures high levels of automation, our team of specialists helps design and implement the automation of processes for digital transformation. Visit SFORCE.

About Parascript

Parascript software, driven by data science and powered by machine learning, configures and optimizes itself to automate simple and complex document-oriented tasks such as document classification, document separation and data entry for payments, lending and AP/AR processes. Every year, over 100 billion documents involved in banking, insurance, and government are processed by Parascript software. Parascript offers its technology both as software products and as software-enabled services to our partners. Visit Parascript.

The post Parascript and SFORCE Partner to Leverage Machine Learning Eliminating Barriers to Automation appeared first on Artificial Intelligence.