Axis Technical Group is thrilled to share an exciting milestone. Processing over seven and a half million complex Real Estate documents through its advanced AI solution, Axis Smart Data Extraction™, in under a month!
Last month a client approached Axis with the task of processing 1.3 million real estate documents used in Mortgage and Title. These included over one hundred different types of documents, ranging in the number of pages and formats from structured forms like a tax return, semi-structured like an invoice, and the most challenging unstructured like a contract with paragraphs of legal language.
Within just two weeks, the majority of the documents had been automatically processed and returned to the client. The remaining small percentage of the files that didn’t pass the automation process was routed via workflow to offshore resources for human inspection and processing.
Axis’s propriety artificial intelligence solution incorporates machine learning and natural language processing to read the documents using traditional methods of OCR but with advances in AI to learn as it works, utilizing cloud computing, in this case, Microsoft Azure, to rapidly scale on-demand. Unlike alternative competitive solutions that have had to patch legacy technology together, this solution was purpose-built to utilize today’s advances in deep learning to work faster, learn quickly, and deliver vastly superior results than traditional methods.
The client was thrilled with the fast turnaround which resulted in challenging Axis to take on another five million documents; this massive task was completed in under three weeks! The client estimates the resulting savings are between 60-75% of the cost of alternative processing by offshore resources.
Real Estate document processing has been going on for a decade, but rarely does a software/solutions company, like Axis, provide a client with these types of results where over seven million documents were processed in just a few weeks.
During this same period, Axis handled two other document processing challenges for other clients in the Real Estate field. Using the same intelligent machine learning tool, both the client’s expectations were met, and similar results were delivered, returning the same type of fast response and huge cost savings.
If you’re not familiar with document imaging here’s a brief overview. Traditional document processing is a labor-intensive, costly, and slow process. Can you imagine the time it would take humans to manually review hundreds, in some cases thousands, of documents/document types and organize them into well-organized packages?
That’s what’s required when a bank needs to service a loan, the paperwork needs to be well organized and complete. The average package sorted by a human takes X number of minutes, multiply that by Y number of files, and you can imagine the hours and cost of doing it manually. Now cut that in half and you get a feel of how much money can be saved by AI automation. Not to mention the speed saved when incorporating cloud computing that has limitless scaling to improve volume and processing time.
One of the clients was quoted saying, “We knew Axis had the technological capabilities, it was the turnaround time and accuracy of results that really amazed us. They truly delivered on their promise, rare in the days where vendors often fail to deliver on schedule, holding the client trapped with the solution they selected despite disappointing slow and disappointing results.”
Mike Valdes is the founder and president of Axis Technical Group (ATG), the creator of this AI-based service. “We’re thrilled to have been given the opportunity to work with these clients. I’ve got to be honest, the capabilities of our AI software even amaze me. It’s exciting to see the advances in AI technology delivering on its promises. I am excited to see what we can do next!
Learn more about Axis Smart Data Extraction.
The processing of these seven million documents was far from the first major document imaging project for ATG, we’ve been doing it for almost a decade, but it’s probably the most exciting. We knew we were up for the challenge and it’s really rewarding to see our investment in software development show its magic when given the opportunities of this scale.”
Axis Technical Group is a trusted business IT advisor to leading companies in the mortgage, title, healthcare, oil and gas, and financial services industries. We appreciate that organizations want to work with professionals who understand their business, long-term goals, and short-term needs, and will develop solutions that will achieve both. Therefore we have developed a team of professional business and technical consultants who possess the necessary qualities to get the job done right the first time, plus some amazing software that will help achieve those goals.