Conekt Australia
Putting the power of AI into the hands of business users and RPA developers
Challenges in time-consuming and expensive machine learning (ML) model building and a lack of talent with ML experience have restricted the potential of AI in the enterprise.
That’s the feedback we’ve received from customers as we continue to check in to find out how we can help them get more value from AI. In particular, to help them process data from documents and emails as part of broader end-to-end automations—quite a common request across different domains.
In response, we’ve created new simple yet powerful AI capabilities for document and email automation. Available out-of-the-box and easily customised, they empower more business users with AI tools.
New AI capabilities
Conekt partners with industry leaders that deliver new AI capabilities—Forms AI, Email AI, and new pre-trained ML models for document processing. These functionalities will help companies easily deploy AI-enabled automations, saving them a lot of time and effort. Let’s take a quick look at each new capability.
Forms AI: no code intelligent document processing
Forms AI is used to process forms such as tax forms, insurance forms, pay stubs, and other structured documents. It provides a point-and-click experience that does not require any coding or ML skills, making it accessible to citizen developers and business users.
The workflow for using Forms AI is straightforward. A user uploads two to five document samples, chooses the fields for extraction in one document, and then gets an automatically generated model that can help robots read and understand these type of documents. Once tested out on the rest of the samples, this becomes a working AI solution, and your Conekt representative can use it in the end-to-end document processing automation.
This easy, low-touch approach to AI eliminates the need to create and maintain static document templates or expensive ML models for documents with similar formats. Even with little or no familiarity with ML tools and technology, you can easily leverage Forms AI to automatically generate lightweight models in just minutes.
And it gets better because these models continuously learn and become smarter over time. There is no need to choose between using templates with rules-based approaches and using ML for document processing. Forms AI combines the strengths of both approaches while removing the drawbacks of either that might prevent broader user adoption.
One of the largest accounting firms servicing real estate clients was looking for a solution to process lease documents. They were on a very tight timeline and heavy ML building was not an option due to the cost and time investments required for the custom ML model building.
The customer was considering investing two to three weeks in collecting and preparing data using their own resources and then creating an ML model—translating into a few weeks of development effort. Forms AI created a model for their lease documents in five minutes and is delivering over 95% accuracy.
Email AI: an AI solution template for smart email processing
Conekt helps enterprises add AI to their automation workflows easily. Our AI solutions empower users to tackle a wide range of use cases, even if users are not data scientists.
To further simplify users’ journey to AI-enhanced automation
This new capability is aimed at a common business challenge—managing the sheer volume of emails that arrive in inboxes every day. Research from Statista reports that 306 billion emails were sent globally each day in 2020. Many Australian customers process thousands, millions, or even up to a billion emails every year:
Many enterprises have a dedicated team to monitor and process emails sent by their customers, partners, suppliers, vendors, and more. The processing is costly, laborious, error prone, and time consuming. According to research of 1,000 companies, the average response time to customer emails is 12 hours and 10 minutes. However, customers expect companies to respond within one to four hours.
Email AI helps alleviate some of those issues. It provides ready-to-use components for users to build AI solutions to easily process emails in bulk. Components include ML models, sample datasets, RPA workflows, analytics templates, and human-in-the-loop technology.
With Email AI solutions, AI-enhanced robots can automate email processing intelligently. They can detect intent in emails, identify urgent and high-value emails, extract important information, and help you understand the impact of AI-enhanced automations.
A few of the use cases from early Email AI adopters include:
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A global Fortune 500 company is using Email AI to automate data entry into relevant systems and prioritise emails sent by their business customers. The bank plans to automate about 75% of one billion customer emails.
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A large investment management organisation is using Email AI to automatically process equity orders placed by their customers via email.
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A financial services company is using Email AI to extract income data from emails sent by their business customers.
SOURCE: https://www.uipath.com/blog/product-and-updates/artificial-intelligence-simplifying-document-and-email-automation
