MDSL Acquires Innodoc for Automated Expense Management
International telecom expense management (TEM) and market data management company MDSL has acquired Innodoc, an automated data capture technology company. MDSL says that through the acquisition it has formed a new document management company, MDSL Innodoc, that will offer rapid and automatic processing of all forms of business documentation. The ultimate goal? To automate the complex area of telecom and market data invoices. Here are the details.
The company says that this new automated production line will enable receiving, validating, reconciling and internally allocating complex business documentation. MDSL founder and CEO Ben Mendoza said in a statement that the new company will “play an integral part in the new Automated Invoice Processing services that MDSL is now providing to several Fortune-500 clients”.
Mendoza says the new service is a game changer because it introduces an automated production line to “areas traditionally requiring a high degree of human skill, concentration and manual processing, providing “productivity and scalability boosts to organizations, regardless of the product or service being created.”
Innodoc brings to the table technology that uses multi-pass Optical Character Recognition (OCR) and a Voter process. Here’s how it works, according to MDSL: In the first pass, Innodoc’s Adaptive Learn Technology “learns” the documents. In the second pass, it uses rules-based OCR to extract the appropriate data. The Voter system then determines the confidence level of the data extracted from each pass. The third pass is a full-page OCR process, at which point the documents are sent to an operator for validation and verification. He or she then uses Innodoc’s “Click On Image” technology to populate any data that has not been captured, thereby minimizing any manual keying by the operator.
Steve Naghshineh, Innodoc president and CEO, joins the new company as COO and VP.