Automation Driven by Artificial Intelligence Booms in Uncertain Economic Times
Author: Dave Van Everen
More companies realizing efficiencies and cutting costs using Veryfi technology
SAN MATEO, Calif., July 13, 2022– Veryfi, using artificial intelligence (AI) technology to transform documents into structured data in just seconds, has announced continued strong business momentum and growth in the second quarter.
As economic concerns increase, many companies begin to reduce their staff to control costs; 88 percent of job loss in routine occupations occurs within 12 months of a recession. While economic uncertainty continues, Veryfi has emerged as a trusted, reliable partner for companies seeking greater efficiency and stronger customer relationships, continuing its strong annual recurring revenue (ARR) growth. In the second quarter, Veryfi added over a dozen new logos and major accounts including a top supplier of enterprise resource planning software and one of the world’s largest CRM/Direct Marketing Network companies.
“As companies seek new ways to increase efficiency and manage costs to position themselves for a challenging economy, Veryfi is leading the way, applying AI to automate routine data entry and streamline business processes,” said Ernest Semerda, co-founder and CEO of Veryfi. “In Q2, we welcomed over a dozen new customers and multiple strategic accounts spanning key use cases from loyalty marketing to intelligent automation for accounts payable. We are seeing cross-market demand for our Veryfi technology.”
The Veryfi AI-driven optical character recognition (OCR) software is pre-trained on hundreds of millions of documents delivering Day 1 Accuracy* so that companies accelerate their time to value and start achieving efficiency gains in hours, not months. An integration to Veryfi via its application programming interface (API) can take as little as five lines of code, across a broad range of popular programming languages, mobile frameworks, and operating systems. Once integrated, customers accelerate data extraction by a multiple of 200 times, cutting time spent from 10 minutes to 3 seconds per document, with a 10 times reduction in error rates when compared with manual data entry.
After its strong Q1, and coming off the successful launch of the latest Veryfi Lens mobile receipt capture SDK, the company is extending its leadership position as go-to technology for Direct-to-Consumer and Loyalty Marketing campaigns. As consumer packaged goods and loyalty marketing companies recognize the immense value and consumer insights that become available from the data included in receipts, they are increasingly seeking accurate and secure technology as the basis for their programs.
The strong growth continues momentum from the first quarter when Veryfi won globally-recognized customers including the largest retail property group in the southern hemisphere with $22 billion in retail assets under management, and the largest home improvement retailer in the U.S.
Eliminating manual data entry, Veryfi enables organizations to accurately capture, extract and transform documents such as receipts, invoices, purchase orders, checks, credit cards, and W-2s into structured data, at scale. Veryfi uses advanced AI/ML technology, trained by hundreds of millions of documents over the past four years, to extract data and transform it into a structured format for 85 currencies, 39 languages, and 90 defined fields such as total, tax, VAT, SKU, vendor, invoice number, which can then be accessed for a wide variety of business applications.
Veryfi empowers organizations to capture, extract and transform unstructured documents including receipts, invoices, purchase orders, checks, credit cards, and W-2s into structured data at scale. The company’s technology reduces or eliminates manual data entry and unlocks valuable business intelligence in seconds. Trusted by enterprises and software companies alike, Veryfi’s AI-driven platform delivers fast, accurate, and secure data to hundreds of companies globally.
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Day 1 Accuracy is a trademark of Veryfi
Joseph Eckert for Veryfi