Data Entry Automation – Transmitting raw data to analysis tool

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    This buy-side member from the financial industry is looking for a software solution to fully automate spreading of financial statement by automatically reading financial statements and entering the information into an industry leading financial analysis program.  The OCR solution will need to be able to handle various financial statement types, multiple file formats and allow for sufficient customization of the data. In addition, it is expected that the solution will be able to learn through time based on user input where errors in formatting or calculations are present.

    This solution would automate the process of FTEs taking financial statements from clients (CPAs, businesses) and re-entering the Financial statement data into a financial analytical program. The process is time consuming and does not add any value to the team of credit specialists who are doing the work. 

    Do you know of any managed services solutions or automation software to meet this need? 


    We have implemented automation software from Docuware in our Finance department to help automate AP processes – a portion of which is the OCR capability requested below. Will be a good option to explore.


    Why don’t they just use Rapid Ratings?


    I know might have a tool which can retrieve, aggregate, sort and repackage financial statement data of public companies. 


    Contact Xerox, they appear to have some innovate workflow solutions.


    Perhaps the OCR services can be sourced separately.  Gartner has a number of articles on RPA software which could help.  Some sources to look at might be Xerox Automation Suite (Conduent), WorkFusion, and Automation Anywhere.


    I would recommend contacting PriceWaterhouse Coopers.  They have subject matter experts in this area.


    This sounds like a straight forward (although complex) application of Robotic Process Automation.


    There are several tools available for this:



    …and others.


    HCL would be happy to look into a managed service offering for this.


    Kind regards,

    Cato Furum <[email protected]>



    SIG Members reading this post, you may want to also check out the following analysis of the market:

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