The accounting industry is undergoing a radical transformation in a time of swift technology progress and growing data volumes. Automation and artificial intelligence are becoming more and more efficient, gradually replacing monotonous activities like manual data entry. Leading this evolution is Hypatos Accounting GPT, a cutting-edge solution to simplify bookkeeping procedures. We invited Hendrik Leitner, Head of Marketing and Partnerships at our partner Hypatos, to explain why partnering with ScaleHub is essential for a smooth accounting process:
By combining NLP and OCR capabilities, Hypatos‘ accounting solutions demonstrate an unmatched ability to extract, analyze, and process data from financial documents with precise accuracy and efficiency, with the ultimate goal of automating various accounting functions. Hypatos Accounting GPT leverages artificial intelligence, specifically natural language processing (NLP) and optical character recognition (OCR), as well as GPT (generative pre-trained transformer) technology, a trailblazer in natural language comprehension and generation.
However, even though our customers see automation rates north of 98% when leveraging GPT technologies, they still encounter challenges in fully automated processing. For example, technology struggles to read handwritten documents due to the inherent variability in handwriting styles, lack of standardization, and the presence of ambiguity and noise in handwritten text.
The complexity of training models on limited and diverse handwritten datasets, coupled with the need for effective pre-processing techniques, contributes to the difficulty. Additionally, the contextual understanding required for accurate interpretation of handwritten content poses a unique hurdle, which is why we have entered a strategic partnership with ScaleHub. Their collective intelligence solution, which incorporates crowdsourcing as a managed service, perfectly complements ours—and together we offer customers unparalleled accuracy, speed, and scalability.
There are several reasons why AI alone is unable to fully automate intelligent document processing (IDP). It turns out that integrating humans into the loop is a novel strategy for conquering this obstacle. Although it may appear paradoxical, this clarifies the reasoning behind Hypatos and ScaleHub’s collaboration. While AI can become more intelligent over time thanks to machine learning, human intelligence is still necessary to set up and manage AI training, fill in gaps, and deal with instances where AI’s otherwise exceptional skills aren’t adept.
The whole process works as follows: AI-managed exceptions are routed to the ScaleHub portal, where documents are divided into “snippets” to protect personal information. By eliminating contextual information, these snippets—which include isolated data pieces like a month of birth or postal code—maintain data privacy. The snippets are then sent to the crowd, where they are manually processed and validated before being returned to the system (watch this video to learn more).
Notably, complementing Hypatos Accounting GPT with the ScaleHub solution is a good fit for various Shared Business Services (P2P, O2C or H2R), as well as other use cases such like ESG (Environmental, Social, and Governance) initiatives. While Hypatos’ solutions offer a cost-effective and efficient option for managing the substantial volume of internal and external data necessary for ESG reporting, ScaleHub collaborates with impact sourcing partners, allowing businesses to choose crowds that align with social targets in ESG. For those grappling with talent shortages, this solution presents a mutually beneficial scenario.
Meet us in Berlin this November
For those of you who want to learn more about Hypatos’ solutions and what makes ScaleHub a perfect partner, join us at the Intelligent Automation Summit in Berlin, November 22-24. Be sure to meet us at booth #4, we look forward to answering any questions you have about our solutions. If you cannot make it to the summit, but still want to learn more about us, and our partnership with ScaleHub, you can reach out to us here.