Forest Hills, NY - CVISION Technologies Inc., a leading provider of advanced document capture software, announced today that it will provide a publicly traded financial advisory and investment banking firm with a digital mailroom solution as well as a solution for automated data extraction from tax-related documents. The agreement is worth $400,000 and was signed during the fourth quarter of 2010.
The financial advisory firm received hundreds of thousands of documents annually from over 80,000 tax jurisdictions. They required a solution to reduce document processing costs while digitizing their mailroom. By digitizing all incoming mail, documents would be captured at the point of entry, facilitating automatic document routing, classification and data extraction.
The primary goal of the project is to reduce the costs associated with document processing, data entry, and analysis while improving overall efficiency. In 2010, the firm employed 70 analysts to manually process tax documents. Due to the variety of the documents and the complex rules associated with processing them, the documents were processed manually by highly paid, knowledgeable analysts. The manual process was costly, inefficient, and relied heavily on these knowledgeable analysts. By automating the process, the firm was able to repurpose current employees while not having to hire additional personnel to handle the anticipated increase in document volume.
The financial advisory firm decided to select CVISION's Trapeze solution based on its ability to achieve the highest degree of document recognition and automation. "A more automated mailroom and document processing solution naturally leads to a more rapid return on investment," said Ethan Agai, CVISION's VP for Professional Services. "We feel that CVISION's value is the ability to deliver the highest possible recognition rates for data capture projects. We are able to achieve higher recognition rates than competing products because of our patented pattern-recognition, segmentation, and highly accurate OCR & ICR methods."