Sypht: Unlock the Potential of Data to Fuel Key Business Decisions
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Warren Billington, CEO
Today, organizations have enormous challenges in harnessing the power of their data, but more than 80 percent of this data is unstructured, making it difficult to access and therefore use to power key business decisions. On top of this, most of the important information is still manually referenced and filed as paper, making the entire process time consuming, and costly for businesses hindering their digital transformation initiatives. In such a scenario, leveraging digital systems and automated processes can help organizations free up time to focus on more strategic tasks, leading to better outcomes for the organization and their customers. With a vision to help businesses unlock the value of hidden or unstructured information, Sypht provides a solution to help them address critical challenges associated with optimizing the use of their data as part of this journey. Using machine learning technology, Sypht’s namesake platform addresses these challenges by accurately extracting and interpreting complex information from documents and producing structured data and insights needed to power business processes. “Sypht extracts data locked in documents by employing AI, specifically Natural Language Processing, to levels previously only achieved by humans,” says Warren Billington, CEO of the company.
The Sypht platform allows a user or system to upload a variety of documents (such as invoices, bills, and receipts) and request relevant information to be identified and extracted in real time, without the need for human intervention. The system is capable of learning from humans to analyze a document and extract relevant information as a human would deliver over 90 percent accuracy on documents with average predict times of 5 seconds.
Sypht is made even better by Validate, a human-in-the-loop validation product which allows a human to review and amend the extractions which Sypht makes and take accuracy to 100 percent. “Our solution allows us to extract data from documents with higher performance, superior speed and accuracy, and an ability to tackle complex document types. This makes our solution highly versatile in addressing all inefficiencies across organizations relating to document extraction and interpretation,” states Billington.
What is more, Sypht’s technology is made widely available through a cloud-based API solution without the need for hosting or expensive infrastructure and maintenance. “Sypht’s unique solution can help remove tedious tasks from the workplace and allow employees to devote time to higher value tasks and leaders can guide their organizations to greater growth with information now at their fingertips,” says Billington.
In one instance, Sypht partnered with MYOB, a leading online accounting platform in Australia and New Zealand to further MYOB’s continued investment into the application of machine learning to document extraction and data extraction. Sypht’s capabilities are helping MYOB’s customers easily, quickly, and accurately extract vital information from their invoices and receipts and seamlessly upload it onto the MYOB platform.
Sypht successfully completed a proof of concept with MYOB and demonstrated up to four times faster prediction speeds and human-level accuracy compared to existing market offerings. Sypht’s integration into MYOB’s platform allows MYOB to demonstrate their commitment to looking for new ways to innovate and ensuring that their customers have the tools and options they need to reduce time spent on manual admin tasks and deliver their own business success.
The company has a carefully plotted roadmap for adding new features including support for a broader range of document types, integration between a human-machine interface with existing enterprise systems, document splitting and classification, de-identification, as well as real-time learning. At the same time, Sypht is currently supporting several large-scale commercial deals in the Australian market and looking to expand globally by pursuing several POCs across international markets in the U.S., Europe, and the Asia Pacific. “There’s a lot more to come. Organizations that invest in AI such as Sypht as part of their digital transformation journey will be able to take advantage of this new technology and experience immediate benefits,” says the CEO.