Amsterdam-based DataSnipper, an intelligent automation platform for audit and finance, announced on Wednesday that it has launched two new product suites — the Advanced Extraction Suite and Cloud Collaboration Suite.
The new suites automate data extraction from unstructured documents at scale using AI and facilitate cloud-based collaboration, boosting audit and finance teams’ productivity, while reducing risk.
The announcement comes as the industry is grappling with high attrition rates, the shift to remote work, and the hefty nature of error-prone manual tasks amid higher regulatory demands.
Advanced Extraction Suite
The Advanced Extraction Suite boosts productivity by enabling large-scale data extraction from unstructured documents.
This suite utilises AI technology to enable finance and audit professionals to automatically identify, extract, and cross-reference data from any document format, thereby streamlining their workflow and saving time.
With this suite, professionals can focus their attention on discrepancies and other strategic work, rather than on tedious data entry.
The suite includes three key features:
- Invoice extraction: Automates bulk invoice data extraction, such as invoice ID and total amount.
- Receipt extraction: Captures key details from receipts, like a merchant name and transaction date
- Contract extraction: Instantly retrieves key data from contracts, such as effective date, execution date, parties, and jurisdiction
As per the company’s claims, customers are already reporting up to a 70 per cent efficiency boost working with the Advanced Extraction Suite.
“Aprio’s assurance practice has begun using DataSnipper’s Advanced Extraction Suite to streamline our test of details process,” said Alan Langelli, Partner, Assurance Services.
“The suite allows us to extract multiple data fields from invoices and cash confirmations in bulk, with high accuracy and efficiency,” Langelli adds.
Cloud Collaboration Suite
The Cloud Collaboration Suite is a real-time, online tool for document collaboration.
It includes DataSnipper for Excel Online and works on any web browser, including Mac devices. It saves all work papers and cross-referenced documents to SharePoint, boosting team efficiency.
The WebSnip Extension lets users ‘snip’ data from web pages into Excel, capturing URLs and timestamps for enhanced credibility.
The new Add-on module harnesses DataSnipper’s robust platform functionalities, including the automatic document cross-referencing capabilities, creating clear documentation trails for easy review and verification, and boosting consistency, accuracy, and trust.
DataSnipper: Raised $100M at $1B valuation
The product launch comes a couple of months after raising $100M (approximately €92.53M) in a Series B round of funding, valuing the company at $1B.
Founded by Maarten Alblas and Jonas Ruyter, DataSnipper addresses the labor-intensive nature of auditing by providing an intelligent automation platform.
By automating repetitive tasks, it aims to boost productivity for auditors, allowing them to focus on more complex and valuable aspects of their work.
DataSnipper is used by over 500K audit and finance professionals in 125+ countries and serves all four of the largest global auditing firms: Deloitte, Ernst & Young (EY), KPMG, and PricewaterhouseCoopers (PwC).
Read the orginal article: https://siliconcanals.com/news/startups/datasnipper-unveils-new-products/
