Ephesoft, Inc., a leader in content acquisition and data enrichment solutions, unveiled Context-Driven Productivity (CDP), a discipline designed to cultivate the contextual data needed to optimize process automation initiatives. A new platform supporting this discipline was announced Feb. 6 during Ephesoft’s inaugural Enterprise Productivity Summit, which convened enterprise strategists and technology leaders to discuss how to leverage contextual data to maximize Artificial Intelligence-driven decision-making and automation beginning in 2020. “After 10 years of innovating the document capture space with machine learning and AI technology, we know that truly successful digital transformation projects require a complete set of organizational data, including the dark data hidden in unstructured content,” said Ike Kavas, founder and CEO of Ephesoft. “Even if you deploy best-of-breed capture, RPA, BPM or the world’s best consultants, many companies are still failing on their initiatives because of archaic data practices that can’t articulate the context due to having flat, one-dimensional data. Our vision is to rid the enterprise of these flat data practices by providing new Context-Driven Productivity solutions needed to acquire, enrich and amplify semantic data that fuels automation processes and helps companies get the most productivity out of their automation investments.” Acquire, Enrich and Amplify Data to Drive Higher Levels of Productivity Ephesoft’s CDP approach leverages both internal and external data sources to transform disconnected flat data into contextually enriched semantic data that more accurately reflects the real-world entities it attempts to represent.
Ephesoft defines flat data as data that is stored in legacy silos like PDFs, emails, spreadsheets, and even relational databases. By connecting and enriching organizational data with context, customers can gain end-to-end process visibility and quantifiable, data-driven results that boost organizational efficiency, and ultimately customer and employee satisfaction. This contextual data is the outcome of new breakthroughs in semantic data extraction and knowledge graph technologies. “As process automation has grown more essential to business productivity in enterprises around the globe, tech giants like IBM, Microsoft, Google, and Amazon have poured enormous financial and personnel resources into the mining and harnessing of semantic data into representational knowledge graphs,” said Holly Muscolino, Research Vice President, Content and Process Strategies and the Future of Work at International Data Corporation. “By democratizing semantic data and sharing best practices for Context Driven Productivity, Ephesoft is paving the way for organizations of all sizes to bring context to bear in their own digital transformation initiatives.” Semantik: First CDP SaaS Product Ephesoft is committed to developing SaaS-based products and solutions to acquire, enrich and amplify the value of semantic data throughout a business’s processes. The platform is called Semantik and the first product, Semantik Invoice, was unveiled during the Enterprise Productivity Summit. Semantik Invoice will be available to the Americas market in Q2 and is targeting a worldwide release later this year.
Semantik Invoice not only extracts data from a particular invoice but it also captures the contextual information to connect it with other related data sources and content in the process—such as purchase orders, shipping manifests, and other vendor-related data. It ultimately presents this data and their relationships in enterprise knowledge graphs to fuel process automation and decision-making. Ephesoft selected invoicing for its first Semantik Platform solution use case because the task is industry agnostic, paper-and-process intensive and because Ephesoft has extensive experience in the accounts payable and accounts receivable spaces. Other industries and use cases identified as ideal targets for next-generation CDP solutions include mortgage origination, healthcare patient records, employee onboarding, tax form, and insurance claims processing. Inaugural Enterprise Productivity Summit Ephesoft’s inaugural Enterprise Productivity Summit, held last Thursday at Terranea Resort in Rancho Palos Verdes, Calif., featured a dialogue of enterprise automation experts, industry analysts, Ephesoft partners and customers on the state of the enterprise automation market. The event kicked off with Ephesoft founder and CEO Ike Kavas on “Breaking Boundaries: The State of Digital Transformation,” highlighting best practices and pitfalls seen in enterprise automation projects. Holly Muscolino, Research Vice President at IDC led a session on “Intelligent Automation and the Future of Work.” Rob Drover, Vice President of Business Solutions and an intelligent automation expert at accounting firm Marcum, LLP, addressed “The Problem with Task-based Automation and RPA.” Accounts Payable Innovator Brad Gerritsen from Honda Logistics, one of Ephesoft’s most technologically advanced clients, shared a case study on automation in the financial services industry. Next, Gregory North, CEO of Globe North and consultant for IRPA AI discussed, “Excellence in Enterprise Automation.” A panel of experts moderated by Gregory North, including Holly Muscolino, Rob Drover, Brad Gerritsen, and Adam Kimball, Semantic Architect at Applied Graphs, convened to discuss “What is Knowledge and How Do We Capture it?” Ephesoft CTO Kevin Harbauer presented “Applying Semantic Data to Enterprise Productivity” and unveiled the CDP discipline. The event concluded with a dinner reception and show by Big Data comedian Tim Lee. The Enterprise Productivity Summit is the first of several Ephesoft thought leadership events to advance Context Driven Productivity. Ephesoft plans to host a second conference later this year, as well as a series of webinars and training videos to further spotlight CDP discipline. Ephesoft is also seeking beta testers and industry partners, including RPA solutions providers, to expand the adoption and use of CDP solutions.