Parashift

Parashift is a cutting-edge intelligent document processing platform that leverages artificial intelligence and machine learning to automate document extraction, classification, and data processing tasks with high accuracy and minimal human intervention.

Overview

Parashift offers a modern cloud-based document extraction platform designed to transform how organizations handle document processing and data extraction. The company utilizes advanced machine learning and artificial intelligence to provide an automated, scalable solution for extracting structured data from documents of all types.

Founded in 2018 in Switzerland, Parashift has developed a distinctive approach to document processing that focuses on building a central extraction knowledge base shared across all customers. This collaborative AI model continually improves as more documents are processed across the platform, benefiting all users with enhanced accuracy and broader document type coverage.

Parashift serves businesses across various industries including financial services, insurance, healthcare, logistics, and professional services. Their technology is particularly valuable for organizations dealing with high volumes of documents that require consistent, accurate data extraction to support business processes, compliance requirements, and operational efficiency.

Key Features

• Document Classification: Automatic identification of document types
• Data Extraction: Intelligent capture of key information from documents
• Machine Learning Core: Self-improving extraction models
• Shared Knowledge Base: Collaborative intelligence across customers
• Template-Free Processing: Operation without predefined templates
• Pre-Trained Document Types: Ready-to-use extraction for common documents
• Validation Interface: Efficient review of extracted information
• Integration Capabilities: Seamless connection with business systems
• API-First Architecture: Developer-friendly implementation
• Scalable Processing: Handling of fluctuating document volumes
• Multi-Channel Input: Processing from various document sources
• Continuous Improvement: Ongoing enhancement of extraction capabilities

Products

Parashift Platform

Parashift Platform is a comprehensive intelligent document processing solution that automates the extraction of structured data from various document types using advanced machine learning. The platform automatically classifies incoming documents, identifying their type without requiring manual pre-sorting or explicit routing. Extraction models then capture relevant information fields from each document based on its classification, with accuracy continually improving through machine learning. A key differentiator is the platform's shared extraction knowledge base that leverages data across all customers, allowing extraction models to benefit from collective intelligence while maintaining data privacy. Pre-trained document types provide immediate processing capabilities for common documents including invoices, purchase orders, receipts, and identity documents across multiple languages and formats. The cloud-native architecture offers flexible deployment options with RESTful APIs for integration with existing business systems, workflows, and RPA platforms. Advanced validation interfaces provide efficient exception handling when human review is required, with an intuitive interface for verifying extraction results. By implementing Parashift Platform, organizations can dramatically reduce manual data entry costs, accelerate document processing times from days to minutes, improve data accuracy through consistent extraction, and scale operations efficiently without proportional staffing increases.

Parashift for Accounts Payable

Parashift for Accounts Payable is a specialized solution leveraging the Parashift Platform to streamline invoice processing and accounts payable workflows. The solution automatically extracts key information from supplier invoices including header data, line items, tax information, payment terms, and reference numbers across diverse invoice formats and languages. Advanced validation applies business rules to verify extracted data against purchase orders, vendor master data, and internal policies, automatically flagging discrepancies or exceptions. Integration capabilities connect with ERP systems, accounting software, and payment platforms to create straight-through processing for approved invoices. Workflow automation routes invoices through customizable approval processes based on amount thresholds, department coding, or exception handling requirements. Analytics dashboards provide insights into accounts payable operations including processing volumes, cycle times, exception rates, and early payment discount capture. By implementing Parashift for Accounts Payable, finance departments can significantly reduce invoice processing costs through automation, accelerate processing cycles to capture more early payment discounts, improve vendor relationships through faster, more accurate payments, and gain better visibility into payment obligations and cash flow projections.

Parashift for Document Management

Parashift for Document Management provides comprehensive capabilities for turning unstructured documents into structured, searchable information assets that integrate seamlessly with content management systems. The solution automatically classifies incoming documents across various channels including email, scanners, and digital uploads, routing them to appropriate repositories and workflows. Metadata extraction captures relevant information from documents to power advanced search, compliance tracking, and business process automation. Integration with leading document management systems including SharePoint, OpenText, and Alfresco enriches these platforms with intelligent document processing capabilities. Document enrichment adds searchable text layers to scanned documents while applying consistent naming conventions and tagging structures. Customizable business rules enable documents to trigger appropriate workflows based on content, classification, or extracted data points. Security features ensure document handling complies with privacy regulations and information governance policies. By implementing Parashift for Document Management, organizations can create more efficient document handling workflows through intelligent routing, improve document findability through consistent metadata extraction, enhance compliance through better document classification and tracking, and maximize the value of existing document management investments through AI-powered automation.

Use Cases

Financial Document Processing

Financial institutions implement Parashift's intelligent document processing to transform how they handle diverse financial documents including loan applications, statements, and compliance paperwork. The system automatically classifies incoming documents from multiple channels, identifying document types without manual pre-sorting requirements. Data extraction capabilities capture key information including account details, transaction data, financial metrics, and customer information with high accuracy. Integration with core banking systems and financial platforms enables straight-through processing for standard documents while flagging exceptions for review. Validation workflows route complex cases or low-confidence extractions to appropriate specialists, presenting the original document alongside extracted data for efficient verification. Security features ensure document handling complies with financial regulations including data privacy requirements. This implementation dramatically accelerates document processing times from days to minutes, improves data accuracy through consistent extraction compared to manual processing, enhances customer experience through faster application processing and onboarding, reduces operational costs by minimizing manual handling, and strengthens compliance through consistent document classification and data capture.

Insurance Claims Processing

Insurance companies leverage Parashift's technology to streamline the processing of claims documents across various insurance lines including property, casualty, health, and auto. The platform automatically processes diverse claims-related documents including claim forms, accident reports, medical documentation, repair estimates, and supporting evidence. Extraction models capture relevant information including policyholder details, claim identifiers, incident descriptions, damage assessments, and payment instructions. Classification capabilities route documents to appropriate claims handlers based on insurance type, complexity, or priority levels. Integration with claims management systems enables automatic updating of claim records with extracted information without manual reentry. Validation interfaces provide claims adjusters with efficient tools to review extracted data alongside original documentation when verification is needed. This approach significantly accelerates claims processing times, improving customer satisfaction through faster resolution, reduces processing costs by automating routine document handling, improves accuracy by eliminating manual data entry errors, and enables adjusters to focus on complex decision-making rather than administrative tasks.

Contract Management Automation

Legal departments and professional services firms implement Parashift's document intelligence to transform contract management processes from creation through expiration. The system processes various contract documents including agreements, amendments, statements of work, and supporting legal documentation. Extraction capabilities automatically identify key contract elements including parties, effective dates, renewal terms, value, obligations, and special clauses without manual review of every document. Classification functionality organizes contracts by type, department, or business relationship for appropriate routing and handling. Integration with contract lifecycle management systems enables automatic population of contract repositories with extracted metadata for searchability and obligation tracking. Automated alerts notify stakeholders of critical dates including renewals, expirations, or required reviews based on extracted contract terms. This implementation dramatically improves contract visibility through comprehensive metadata extraction, accelerates contract processing through automated data capture, reduces legal risk by ensuring consistent identification of critical terms and conditions, and enables more strategic contract management through better analytics and reporting on contract portfolios.

Technical Specifications

Getting Started

1. Document Assessment: Evaluation of document types and extraction needs
2. Platform Configuration: Setup of document types and extraction fields
3. Integration Planning: Connection with existing business systems
4. Validation Workflow: Design of exception handling processes
5. Deployment and Scaling: Progressive rollout across document types

Resources

• Company Website

📅 Created 3 days ago ✏️ Updated 3 days ago