Axis is Proud to Announce the Completion of a Project with a Major Financial Institution Using Axis AI for Tax Form Data Extraction.

ANAHEIM, CA – August, 19 2015 – Axis Technical Group (“Axis”) and a global technology systems and IT services company recently completed a project that encompassed classifying and extracting data from tax forms for a leading US financial institution’s audit process.

The project included capturing precise and variable data from a variety of partnership tax forms including a considerable backlog of tens of thousands of documents and extracting specific data fields by form type. On average 64 indexes per document were extracted via the Axis AI advanced data extraction and classification solution.

The images were processed through an optical character recognition (“OCR”) process, after which the OCR’d data and images were classified and analyzed using Natural Language Processing technology. The required data elements were extracted, validated and/or corrected, and the values then returned to the client in a predefined XML format for seamless ingestion into their system.

The tax forms varied in style and complexity, some forms included as few as 8 fields and as many as 139 fields per document.  The average cost of the automated data extraction and validation came in much lower than the previous solution that focused on manual data entry.  The quality of the data returned to the client was more accurate and eliminated data formatting issues that they experienced with the previous vendor.

In the rare case where the documents were handwritten (no more than 1% of volume), then the values were manually keyed by the Axis team. Upon the completion of data extraction, documents were then processed through the same validation and export workflow.

The National Accounts Manager for our global partner told us, “Our success can be measured by the fact that another opportunity has come our way as a result of the positive comments that the client has given back. Thank you for the quality service that your team provided to this valuable customer. We look forward to the next project.”

Documents submitted by the bank were processed and data indexes delivered back to the client in less than 48 hrs.

At Axis, we are excited to see our NLP technology utilized on a full range of document form structures. It was designed for the most challenging documents like unstructured content, but our clients are finding it also incredibly efficient on structured content like tax forms.” said Greg Lovett, Chief Executive Officer of Axis. “This solution is ideal for handling all content types, perfect for a business process that encompasses a mix of complex document layouts including forms, semi-structured and unstructured formats. Clients don’t have to mess around with barcodes, separator sheets or manual sorting to classify and prepare their content for data extraction to drive a business process. The labor savings are incredible in both time and money.”

The project recently reached completion ahead of schedule and on a budget.

About Axis AI – Axis AI offers a far better choice with a revolutionary solution for extracting information from unstructured content. Using proprietary algorithms, including those used to perform Natural Language Processing (NLP), Axis AI reads and extracts data from sentences, paragraphs, or entire pages written in natural English. The result is unparalleled data extraction results that minimize or eliminate time-consuming and expensive manual re-keying processes—and far exceed the results obtained from competing systems, which are typically complex, cost-prohibitive, and ineffective.

About Axis – Axis Technical Group is a trusted business Software Developer and IT advisor to leading companies in the Mortgage, Title, healthcare, oil and gas, and financial services industries, and provides the industry leading Axis AI solution for advanced data extraction. The global Axis team provides the sophisticated skills and resources of a global consulting firm with a personal, solution-oriented approach. It’s not just about the technology – it’s what it can do for your business.