Botminds is a revolutionary intelligent document process automation platform that allows enterprises to liberate their employees from tedious tasks like reading documents and extracting information from them.
Business-critical information is often buried in documents and it requires subject matter expertise to analyze them and to draw valuable insights. However, the review and granular analysis of documents in different forms and formats from diverse sources are expensive and error-prone. Unreliable inferences impair the quality of business decisions and affect growth and sustainability. Conventional automation or simple rules-based RPA offers speed and reduced manual intervention, but it is not sufficiently equipped to handle non-standardized formats or unstructured data. Gartner estimates that 80% of an organization's data is unstructured. What people need here is Intelligent Document Process automation and that's when Botminds comes in.
Botminds is the world's first unified no-code intelligent document processing (IDP) and process automation (IPA) platform. The company builds cutting-edge AI to extract insights from documents and websites. So, whether it's customer's annual financial statements, contracts, or tenders, Botminds is a tool that users can rely on for end-to-end processing of information-intensive documents. This paves the way to two things, one is fast processing and the other one is leveraging flawless operations. Botminds empowers enterprises to build an end-to-end process pipeline in weeks instead of months.
Enterprises are always looking for scalable automation solutions to drive cost efficiencies and higher ROI. Artificial intelligence, machine learning, and robotic process automation players have so far combined OCR, computer vision, and document understanding capabilities, while retaining RPA at its core. Botminds has gone a step ahead to build a futuristic, AI-first model, with an RPA layer around it. This allows the company to understand documents just like humans do. At Botminds, the core team doesn't want businesses to stop at speed. They want businesses to combine speed with intelligence.
The company aims to help enterprises achieve end-to-end automation for high-value document-centric processes and bring 10x efficiency in weeks. Using Botminds' unified AI platform, businesses can build custom AI models to automate the process of reading, understanding, and summarizing data from unstructured data, documents, and websites, within days and with no coding at all. The company helps organizations tap into the vast wealth of unstructured data and unlock new insights.
Gokul Ganapathi is the CEO and Co-founder of Botminds. With close to two decades of experience in IT, Gokul has spent the last six years driving innovation in the field of document understanding AI and has deep insights into the domain. Having worked as an Information Retrieval Architect, extracting business-critical information from documents and webpages to develop internet-scale projects and BI tools, he experienced first-hand challenges related to data extraction faced by information providers and data vendors. On digging deeper, Gokul realized that it was not due to lack of skills, motivation, or talented team, but because of shortage in technology. He noticed that there was no elegant tool to address the recurring challenges in document processing. That's how Gokul set out for something great. He elevated the experiences of people in enterprises, allowing them to work on intellectual jobs and keeping away the time-consuming documentation.
With documents being a crucial component of businesses, Gokul is passionate about correcting the fundamentally flawed approach to understand them. Interestingly, he also sees a philosophical element in developing technology that reads and understands documents. Gokul believes that it further accelerates humankind's unending quest for knowledge. Thanks to his mentors and veterans in the field, he has been successful in his refreshing take on a pertinent problem.
Within five years of its inception, Botminds has catered to a broad spectrum of well-renowned clientele. Being an AI-first company, the expert team at Botminds has engineered the AI models to solve the underlying problems of document understanding. They have a set process in place that is executed once the client is on board. The company builds up a POC, for any document need including financial document, balance sheet, company public announcement, tender documents, lease documents, and legal papers, in seven days or below, and provides 80% accuracy, with just 100-200 examples.
An interesting feature about the Botminds platform is that it has semantic AI built-in as its core model. This permits the platform to attain a complete understanding of a document, almost mirroring a human's comprehension ability through headings, fonts, tables, positioning, and so on. As part of vertical integration, the company has designed multiple AI models that are pre-trained to handle individual-specific scenarios and it orchestrates them to provide the desired solution.
When businesses struggle to handle their data, they face challenges related to growth and sustainability. It is also important to note that with the ongoing digital transformation and the everchanging world of business, companies use technology that can adapt to evolutions and is sustainable. Rooted in AI, Botminds' IDP is an appropriate blend of human interaction and ML. While the human-in-the-loop component monitors accuracy, the ML component manages the automation. IDP is a productive and cost-efficient method for extracting key information from any unstructured document, without the need for manual effort.
At Botminds, the core team is constantly striving to push the boundaries of intelligent document processing. As an AI-first company, Botminds offers its customers the ability to create cognitive components with simple point and click activities and zero code. This allows businesses to leverage the latest breakthroughs, without directly dealing with the underlying technology or algorithms.
Botminds also provides Transparent AI, that enables consumers to view the confidence score of each trained model and helps them assess their performance. Besides, the company's Transparent AI also allows customers to see confidence scores at an Attribute level as well. Any model that's not offering peak performance can be optimized with subsequent training to achieve the desired level of accuracy.
In the nascent stage when document processing was not quite the buzzword that it is today, Botminds found it challenging to take the idea to people. The familiarity people now have with document processing and the bright future they see is something the company's core team has worked hard at.
Gokul remarks, "We were seeing prospects lured by vertical solutions or 'readily available solutions' as they're popularly called, only to come back to us later, realizing its limitations. Anyone familiar with the landscape knows that real AI solutions aren't cookie-cutters. That makes Botminds go above and beyond a vertical solution that's trained using generic models." With Botminds, enterprises can go in for solutions or a unified platform that's capable of addressing specific problems. The company enables them to create their own AI.
Another challenge Botminds is tackling is the wrong expectations set by other players in the space and the misconceptions they've managed to create around the kind of documents that can be processed and the process involved. The company is embracing this challenge by disseminating knowledge that shows the limitless potential of AI when it comes to document understanding. Botminds is happy to witness the tide turning in its favor with more people understanding and appreciating its offerings.
Botminds' core team loves to see its customers infuse agility into their businesses with the company's AI. Customers are using Botminds' enterprise SaaS technology to track competitive intelligence, make investment decisions, and analyze massive legal and tender documents to assess risk clauses. The company has bagged the 'ISG Digital Case Study Award, 2021,' for its best-in-class digital transformation work with enterprise customers. Botminds has a 4.6/5 rating on G2, along with some great customer reviews. The company strives to deliver better experiences to its customers and helps them realize their business goals.
Botminds started early and are excited about the long road ahead. The company believes that the time is ripe to make a mark. The entire ecosystem that's based on document processing is gaining a lot of traction and Botminds is a frontrunner. Document understanding is the holy grail of AI and every customer or prospect has come to realize it.
The future of Botminds is about enabling subject matter experts directly. The company aims to remove the artificial impediments set by RPA developers to seamless automation through a no-code approach. Botminds is in the journey of creating accessible solutions that subject matter experts have long been deprived of. That's what makes the company purpose-built.
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