Is Your Key Data Trapped?
Although we live in the digital age, lots of data remains trapped in static files, such as PDFs, scans, faxes and images. WattzOn is pleased to announce Mr Bill: an advanced machine learning system that extracts trapped data and delivers clean, structured data to you.
Just how much data is trapped? Consider these stats from two large industries:
- There are over 3500 energy utilities in the US and nearly half continue to send out only paper bills
- There are over 50,000 water utilities and more than 20,000 waste utilities in the US, and the majority continue to send out paper bills
- 94% of healthcare insurance claims were sent in by fax, PDF or phone in 2016
- Fax use in healthcare grew by 9% in 2017
- 85% of medical record systems can't read data sent by other systems
WattzOn built our machine learning system to quickly and accurately extract data. Because we started in the energy world, where there are so many different utility bill formats, our solution was optimized to need very few bill examples to train on (fewer than 50 per utility vendor) and to adapt easily to changing bill formats from the same utility.
Read a blog post from Sandra Carrico, our VP of Engineering and Chief Data Scientist that describes Mr Bill’s technical features.
We're excited about the power of Mr Bill for data extraction. It delivers operational efficiency while providing a foundation for additional large-scale AI analytics.
Download our white paper on how machine learning can disrupt the utility bill processing market.