HyperScience vs Redwood Software - Finance Automation Edition comparison

HyperScience is a cloud-based input-to-output platform that automates document-based workflows and extracts data for analysis from both physical and digital documents.

The HyperScience platform simply integrates with your current business systems thanks to an open API, an intuitive UI, and pre-trained models, resulting in a totally automated digital workflow.

The classic scanning paradigm has been reimagined by HyperScience; it has replaced the need for human verification with intelligent technology that learns as it goes. The solution automates previously manual operations using a simple model-based solution or from the ground up, saving time and resources that can be redirected to more strategic efforts. The platform has a minimum accuracy of 75% when it is first installed, but it can exceed 99% accuracy in a matter of weeks.

With out-of-the-box and customizable tasks, workflows, and connectors, the solution automatically connects into your document workflows. HyperScience, which is powered by industry-leading machine learning, makes it simple to get from input to actionable data.

HyperScience Benefits

There are many benefits to implementing HyperScience. Some of the biggest advantages the solution offers include:

• Automation: With automation, users can save 89% of the time they would have spent doing things the old way. Businesses are able to save money in this way.

• Risk mitigation: The number of human errors can decrease by 67%. Users can benefit from straight-through processing at 94% with 99% data accuracy.

• Speed: Some users see 75-95% automation out of the box and a 4-5x improvement in throughput.

HyperScience Features

HyperScience has many valuable key features. Some of the most useful ones include:

• Simplify document processing: Convert unstructured text into actionable data that can be utilized to speed up and improve the accuracy of downstream processing. Set your target accuracy rates, and our machine will automate them using our patented machine learning technology.
  
• Flow Studio: For your document-intensive tasks, pre-built or easily configurable corporate automation solutions are available. Flows, which are the organized execution of Blocks that represent your business processes, are put together to construct end-to-end solutions for certain use cases or industries. All Flows are displayed in HyperScience's Flow Studio, where end-to-end document processing solutions can quickly inspect and modify Flow and Block settings.
  
• Blocks: The HyperScience Platform is built on modular Code Blocks. These help you to create the best document processing solution for your customers thanks to built-in machine learning. Code Blocks are components that can be developed and deployed by business users individually. Code Blocks help you to quickly assemble the workflows and processes that best meet your document processing needs.
  
• Connectivity and integration: To ensure the accuracy of your retrieved data, the HyperScience platform readily connects to systems of record and other platforms. Integrate with other systems in your environment during document processing to leverage external data for further automation and decision-making.
  
• Granular reporting: You can see exactly how your automation enhances the customer experience, which staff are the most efficient and consistent, and where bottlenecks in your document processing are, thanks to built-in, real-time reporting.
  
• Human supervision: HyperScience equips humans with a streamlined task queue and easy-to-use interface designed to empower your teams, not slow them down.

Reviews from Real Users

HyperScience stands out among its competitors for a number of reasons. Two major ones are its robust user-training module and its accuracy with handwritten documents. PeerSpot users take note of the advantages of these features in their reviews:

One PeerSpot reviewer, a Lead Analyst at a financial services firm, writes, “One of the most valuable features of HyperScience is the user-training module. Whenever the extraction takes place, based on the way we have trained HyperScience, it would give us some success status or a certain confidence level. If the solution has processed something that it determined was not extracted correctly it will queue those items for manual review.”

Yogesh S., OCR Developer at a tech vendor, notes of the solution, “I like that compared to other tools, HyperScience works best with handwritten documents.” He adds, “We're automating invoices and some handwritten filled-out documents. We can automate with accuracy, and even though we used HyperScience initially for selling purposes and as a comparison tool, we're now getting these results with HyperScience.”

The volume of repetitive, manual tasks across finance is overwhelming – every day or at the end of every month, quarter or year. Redwood’s finance automation reduces that unnecessary and time-consuming manual effort. We know because our customers tell us that our finance automation solution helps them achieve a much higher degree of back-office process automation compared with alternatives.