Data engineering company Innodata has released a new product that may be of great interest to accountants: an online document analytics platform that can convert documents to data points, including visualizations.
Dubbed DocAnalytics, the platform is designed to be applicable across a range of industries including financial services.
The data points generated by DocAnalytics conform to industry or proprietary datasets, and are then made available in an app enabling complex analysis across a large document portfolio and the ability to downstream data to other systems or stakeholders, including regulators, Innodata states.
The program can handle documents such as complex financing agreements (mortgage agreements and leases, for instance), trade documents (including shipping orders, bills of lading, and letters of credit), transactional agreements (spanning ISDA, IFXCO, GMRA, prime brokerage, securities lending, investment management and 23 other document types), and fixed income documents (including bonds, prospectuses and indentures).
The data extraction is powered by artificial intelligence, which is trained and maintained by Innodata’s in-house experts or can be managed by an organization’s internal specialists. Additionally, the entire workflow is integratable into software that accountants may already be using with an API.
“The ability to transform complex documents into normalized, computer-addressable data is going to empower companies to react quickly and appropriately to an ever-changing landscape,” said Jack Abuhoff, CEO of Innodata, in a statement. “While market participants often invest significant resources in the lengthy process of document creation, typically involving negotiators, lawyers, tax experts, credit officers and compliance officers, they have lacked the right tools to make it work. The result is that when something happens requiring quick thinking – such as a bankruptcy, default, acquisition, a ratings downgrade, or a net asset value decline – firms are faced with slow and cumbersome expert reviews. With our approach, the experts are augmented with true digital data and can react quickly to market events and manage their portfolios of documents proactively.”
