ancora Software Receives US Patent for Automatic Generation of Training Data for Intelligent Document Classification

Date : 26/03/2020 @ 15:00
Source : PR Newswire (US)

ancora Software Receives US Patent for Automatic Generation of Training Data for Intelligent Document Classification

SAN DIEGO, March 26, 2020 /PRNewswire-PRWeb/ -- ancora Software, the industry leader of Business Process Automation including Intelligent Document Classification and Advanced Data Capture solutions is very happy to announce the issue of a new patent (US 10,607,115) for automatic generation of training data for its previously patented Intelligent Document Classification solution.. This new patent addresses a method of automatic acquisition of training data for any document type with minimal or no human intervention.

ancora's Document Classification uses a variety of machine learning algorithms and artificial intelligence to address classification and categorization of documents in such diverse applications as Accounts Payable, Sales Order Automation, Mortgage Loan processing, Auto Dealer Loan processing, Mail Room, Medical Records and data management. This breadth of applications is the result of optimally designed features and algorithms that utilize all available information from the documents to be classified such as the size, the layout, logos or pictures, content and any other attributes of the document, just like a human would do if they were scanning documents on their desk and identifying them. ancora also supports connections to downstream systems to validate and verify the results of classification. The software is designed with the degree of automation that supports the ever-increasing levels of simplicity for the users. ancora's systems take advantage of vector (first generation) PDF documents to bypass OCR and provide unprecedented accuracy of data classification and capture. This results in very high labor savings achieved in all the steps of the document processing workflow. Our largest customer is a financial institution processing over 35 million pages per year with over 900 document types, we are classifying those documents at 98% accuracy.

"Our document classification automation reduces hundreds of work hours associated with both configuration and production workflows and produces superior results compared to other vendor classification solutions by leveraging machine learning, said Noel Flynn, CEO at ancora software. While rules-based approaches are useful for a small number of static document types, only learning-based automated classification offers a solution for more complex classification and separation needs. ancora Document Classification software removes any need to manually identify first, middle and last pages since it analyzes the output of content classification to automatically detect and create rules.

ancoraDocs is available either on premise or as a true multi-tenant cloud service hosted by ancora on Microsoft Azure. It can also be deployed as a hybrid solution, utilizing zero footprint browser-based clients. "ancoraDocs is designed to bring simplicity to a market where applications have historically been complex and overpriced, difficult to configure, install, use, and maintain," said Nick Bova, VP of Sales at ancora Software. "It can be deployed in a matter of hours or days, not the weeks or months you often see with traditional capture. This helps users start realizing their benefits sooner and produces a faster time to ROI. In addition, it opens the market to SMB organizations, which have historically not been able to take advantage of automated document capture due to the significant costs of getting started."

About ancora Software
ancora Software, Inc. is an innovative provider of Business Process Automation solutions including Intelligent Document Classification and Data Capture. ancoraDocs, our flagship product, was developed to bring simplicity to a technology that historically has been complex, over-priced, and difficult to configure, install, use and maintain. Our Business Process Automation solutions with patented artificial intelligence and machine learning technologies help companies eliminate costly manual steps in their business processes such as; document classification, document analysis, manual data entry, manual filing, etc. Businesses using ancora Software achieve faster and less expensive business process automation and better controls over valuable critical information. Headquartered in San Diego, CA, ancora Software maintains sales and support operations throughout North America and the UK.

For more information about ancora Software, Inc. visit http://www.ancorasoftware.com

 

SOURCE ancora software, Inc.

Copyright 2020 PR Newswire

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