The Case for 100% Accuracy
by Sujith Parakkunnath, on June 30, 2022 9:30:00 AM PDT
The Great Resignation and Data Entry Jobs
There is no doubt that COVID-19 changed the world dramatically during the past two years. It has also set the “Great Resignation” into motion. According to Pew Research, the “quit rate” in the U.S. reached a 20-year high in November 2021. With this vacuum for talent, many companies have started changing their criteria for entry-level technical positions. This resulted in quite a few data entry candidates quickly moving into entry-level IT roles.
Hiring and training a manual data entry team efficiently is no longer easy in today’s ever-changing work environment. Most companies struggle to hire, manage, and upscale their data entry teams while facing a churn rate of 50%-60%.
To reduce their dependence on manual labor, most businesses seek out an automation solution. The first hurdle is figuring out the mix of and determining the balance between automation and human effort.
For example, if a business spends $50,000 per month processing documents with the assistance of their large data entry team, they might look for automation solutions that range from $5,000 to $15,000 per month. These solutions don’t guarantee the complete elimination of human review a/k/a human in the loop in the technology realm. It is hard to determine and justify spending additional dollars. It is hard to do this math because most automation systems give you a confidence score after data extraction. However, a confidence score of 95% does not mean that you will get usable, accurate data. It means that there is a 5% chance that the extracted data is not correct.
Therefore, 100% sure, you will need to implement a human in the loop process to review the output. They may not need to make a correction, but they will still need to look at the extracted data to validate it.
The Challenge of 100% Certainty
Most advanced document automation solutions, such as IDP systems, are machine learning-based systems. These systems work on probability. Rather than writing code to extract data, they are trained on documents and asked to predict values based on what they have learned. The challenge with this is certainty cannot be achieved.
One of my professors who taught probability used to say to his students, “Achieving 0 and 1 is like achieving God. Any probability-based system can get to 99.99999% or 0.0001% but 100% or 0% needs a miracle.”
When it comes to automation, 100% certainty is where all the magic happens.
• 100% is Powerful.
• 100% is True Efficiency.
• 100% is Freedom.
You do not need human intervention when you achieve automation with 100% certainty. That means faster turnaround times, lower costs, greater efficiencies and ease of scaling operations.
The Real World Works on 100% Certainty
Would you take money out of an ATM that is accurate 97% of the time? How about a car whose brakes work 99% of the time? Would you be comfortable driving such a car?
Our world runs on 100% certainty. You want to be assured that the car will stop every single time you hit the brakes. You want to be certain the ATM properly calculates your account after withdrawals after a transaction.
Then why should data extraction work be any different? Your business does not run on 90% accurate data. You need all the zeros and O’s separated, and you need every B to be read as a B and not an 8.
Infrrd’s 100% Document Accuracy
At Infrrd, we understand your world and the clean, consumable, and actionable data on which you can run your business. That’s why we recently unveiled our 100% Document Accuracy promise for the data we extract on your behalf. If our AI cannot read the correct data for whatever reason, then we will fix it for you…
…at our cost…
so you can focus on what’s most important- running your business. Leave all accuracy of extracting data along with the people, process, and technology - to us.
Check out Infrrd’s 100% Document Accuracy Offering, and to learn more about how Infrrd delivers 100% accuracy, download our 100% Accuracy eBook.