12 Aug, 2021 (New Delhi): Extractful.AI has bagged a position as one of the top 50 AI companies in the AI Gamechangers awards, organized by the Indian chapter of NASSCOM. Having competed against 300+ companies, it has been acknowledged for its robust and futuristic hyperautomation platform using AI and machine learning.
Competing in the Natural Language Processing category, Extractful.AI was recognized for its AI/ML-driven system to seamlessly understand data and its context without being constrained by the medium. As against traditional RPA tools and manual processing of documents, Extractful.AI proved to be 20X faster and 99.6% accurate. This improved the process turnaround time by almost 40% and reduced manpower by 70%. It’s sheer capacity to seamlessly integrate into the ERP system to populate data automatically got it the recognition from NASSCOM.
However, what decided the winning moment for the company was its use cases with a US giant for which Extractful.AI was able to retrieve crucial data from engineering drawings dating back to the 19th century. That’s not all, Extractful.AI has similar feats to boast of across industries such as Retail, Manufacturing, eCommerce, telecom, hospitality and even legal services.
AI GAMECHANGERS – The programme background
AI’s overall economic potential is pegged at ~ $500 billion for India’s GDP by 2025, according to a NASSCOM report. AI Gamechangers was conceptualized to seed awareness and enthusiasm around this technology and encourage others to emulate the successes in the ecosystem. The idea behind the programme is to recognize innovative and impactful use cases that solve an important problem. For a thorough view of the landscape, entries across enterprises, start-ups, government bodies, academic institutes, and NGOs, were invited. Start-ups comprised 44% of the participants, which accounted for a major chunk among the participants.
The NASSCOM report is available here: https://bit.ly/3lAguk2