The patented data extraction technology is currently being used in the workers compensation, auto casualty insurance and healthcare industries. The Company is working to introduce it to the non-profit and government sectors in the first quarter of 2021.
Just about every organization in the world has large volumes of documents stored in a physical folder and/or in digital format in a data base in their server rooms or in the cloud. These documents represent years of hard work by the employees who produced them, as well as a large financial investment made by the organization. The challenge for organizations has been how to automate classifying and extracting pertinent information from all the different document types. The most current optical character recognition (OCR) technologies fall well short of being able to do this effectively.