Kofax Delivers New Capabilities for Extracting Content from Unstructured Documents

IRVINE, Calif.--(BUSINESS WIRE)--Kofax® plc (LSE: KFX), a leading provider of smart process applications for the business critical First Mile™ of customer interactions, today launched at Transform 2013 Kofax Transformation Modules™ 6.0 (KTM). KTM 6.0 now offers a comprehensive software solution for Touchless Processing™ that automatically classifies, separates and extracts content from any document type, including structured, semi-structured and unstructured documents, to drive even greater automation for information intensive business processes.

“Traditional content extraction solutions are designed to automate the processing of a narrow set of documents, forcing organizations to deploy multiple point solutions, or accept substandard performance when processing other document types”

KTM 6.0 delivers a new set of capabilities to automatically classify, separate and extract content from unstructured documents such as contracts, leases and other legal agreements, correspondence, medical reports and many others that previously required knowledge workers laboriously review and manually key the content to be extracted. The new capabilities allow users to rubberband the content to be extracted in a limited set of sample documents, and then use that knowledge and self-learning techniques that improve results over time to automatically locate and extract the desired information.

Using a lease as an example, this might include the lessor, lessee, execution date, start date, term, options to extend the lease, base rent, rent escalators, who is responsible for various maintenance and operating costs and other context dependent information. Organizations deploying KTM 6.0 can now automate the extraction of content that was previously only accessible through costly manual document review and data entry, and thereby gain greater visibility and control of this high value information.

Shore Communications Research estimates that over $400 million is spent annually in the financial services market simply to prepare unstructured documents for back office applications. The healthcare industry is similarly overwhelmed with unstructured documents, with the US Healthcare Index stating that approximately 60 percent of the 1.2 billion clinical documents created annually are in unstructured form, such as dictated notes or paper records.

“Traditional content extraction solutions are designed to automate the processing of a narrow set of documents, forcing organizations to deploy multiple point solutions, or accept substandard performance when processing other document types,” commented Martyn Christian, chief marketing officer at Kofax. “The new capabilities in Kofax Transformation Modules 6.0 were developed to specifically address a deep set of unmet business problems that demand document and information control and accuracy.”

KTM 6.0 also includes innovative new capabilities to simplify the labor intensive task of collecting and organizing large volumes of unstructured documents for training purposes, thus further minimizing setup and configuration times. Organizations will benefit from the reduced time to deployment, realizing lower total cost of ownership and a faster return on investment.

“The design, configuration and deployment process for document transformation solutions can be tedious, time consuming and often adds significant cost to a project,” stated, Nuno Guerreiro, AP Director at Sonae, a Portuguese company in the retail sector. “We needed capabilities and tools for an intuitive, rapid, accurate project design, testing and deployment for processing the 1 million documents we receive on an annual basis.”

The new capabilities delivered in KTM 6.0 will enable organizations to develop more document transformation applications in less time with lower upfront investments, processing all types of documents for virtually any business process. KTM 6.0 is ideal for organizations with applications or business processes that require the accurate extraction of critical information from large volumes and a variety of electronic or hard copy documents.

For additional information, please contact Kofax online or by phone at +1-949-727-1733.

About Kofax

Kofax® plc (LSE: KFX) is a leading provider of innovative smart capture and process automation software and solutions for the business critical First Mile of customer interactions. These begin with an organization’s Systems of Engagement, which generate real time, information intensive communications from customers, and provide a fluid bridge to their Systems of Record, which are typically large scale, rigid enterprise applications and repositories not easily adapted to more contemporary technology. Success in the First Mile can dramatically improve an organization’s customer experience and greatly reduce operating costs, thus driving increased competitiveness, growth and profitability. Kofax software and solutions provide a rapid return on investment to more than 20,000 customers in banking, insurance, government, healthcare, business process outsourcing and other markets. Kofax delivers these through its own sales and service organization, and a global network of more than 800 authorized partners in more than 75 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit kofax.com.