Virtually Effing Perfect Document Processing

This was a week full of milestones for Infrrd ! New patent grants, new inventions and a really big week for sales. Amongst all of this, we had another milestone that I am extremely proud of. This week, for the first time, 70% of all documents that went through our platform were not shown to a human for review. Our AI ascertained that the data extraction did not need to be reviewed because it was Virtually Effing Perfect!

Think about this for a second - if you had a team of 100 people reviewing the output of an IDP platform, 70 of them would have nothing to do!

The efficiencies are worth OMG-ing for!

We call this offering No Touch Processing (NTP) and in hindsight we should have picked a better name. Because it sounds a lot like Straight Through Processing (STP) but is anything but! You can read about the differences here - Understanding No Touch Processing.

This idea came about in one of our customer conversations back in 2022. We were talking about 95% STP rate we provide and how every extracted data point will be >90% accurate.

"The problem with that", our customer explained, "is that if I have to open the document to fix the remaining 5% then it does not matter if if I fix 5% or 25%. The real value is not having to open the document for reviewing at all." We took this problem to our research team and about 14 months later, we launched NTP - AI that is not only accurate but certain about the accuracy.

I can tell you that our NTP delivers 100% accurate extraction for 100% of the fields within a document so there is no need for a human intervention. Or... I can have the executive leader for one of our customers make this point:

When we rolled out our offering, we had a STP rate of 95% but NTP rate of just 16%. Over the last two years, we have brought it to 70% stopping momentarily at 25%, 40% and 60% for a while. Our goal is to take this to 90% next year.

But we created a big challenge for our marketing team. All of our customers who get to experience this had a Eureka! moment when they realize what they have achieved. But for new prospects, it was very hard to understand the concept because of all the confusion that STP providers have thrown around.

We discussed this with one of our advisors last week and after giving it some thought, he told us about this section that he had read in the book - Reentry by Eric Berger which talks about SpaceX's journey to making re-usable rockets. While describing the solution, it uses this phrase about how everything to make this work would have to be 'Virtually F*****g Perfect! "That is how you should have described your NTP offering" was the advice we got.

So, here it is - Virtually Effing Perfect by Infrrd - the no human review needed solution for IDP.

What do you think?