We are thrilled to announce that Ike Kavas was one of five Orange County innovative leaders to win this prestigious award last week. Ike’s entrepreneurial drive fuels him as a passionate technology innovator, AI and machine learning advocate, speaker and customer-obsessed trailblazer.
“It’s an honor to be recognized by the local community, judges and Orange County Business Journal as an Innovator of the Year,” said Ike Kavas. “The award comes at a time when Ephesoft was recently acquired by another Orange County-based company, Kofax. One of the highlights of the acquisition was our technology platform, including our new Semantik AI Engine™. I’m looking forward to helping incorporate Ephesoft’s innovative technology into the Kofax family of products to help customers with their hyperautomation journey in my new role as SVP AI & Data Science Innovation.”
As Ephesoft’s founder and leader since its inception in 2010, Ike has pushed the boundaries of innovating what was once a stagnant industry – document capture – into an AI-powered technology that is necessary to build the foundation of any digital transformation or hyperautomation initiative. He has taken a common process that is often complicated, time-consuming and inefficient and automated it, building AI into its inner workings to make it simple, fast and efficient. Workers no longer need to manually enter data, worry about mistakes or duplicate their efforts. Ephesoft is a solution that captures data, classifies it (organizes it), extracts the data, allows validation if necessary and exports that data into any other system or repository. IDP enables companies to be data-driven, quickly and without much effort.
This past year demonstrated significant, breakthrough technology for Ephesoft’s intelligent document processing platform, Transact. The latest version of Transact features cutting-edge AI, computer vision and deep learning neural network technology, named Semantik AI Engine, which powers data extraction from both known and unknown document types. The Semantik AI Engine technology will change the industry for the better and will turn the world of automation into a world of data-driven companies across countries, languages and use cases.
One unique feature using the AI engine, Universal Document Automation, allows document automation out-of-the-box without the need to create a template, train the system or configure the solution. This has long been a challenge for many organizations because most document capture applications require major setup and configuration with templates. In fact, in a recent webinar, over 72% of businesses (in a survey to over 300 webinar attendees) responded that they had unknown documents. Universal Document Automation can automatically detect and extract critical document data, data mine and opportunistically explore any data from any document without configuration and enable data extraction projects that would otherwise be too costly or time-prohibitive.
Another innovative capability of the new Semantik AI Engine is the Document Design Accelerator, which significantly speeds up the process of building index fields and extraction rules for new, known document types. All that is needed is to supply a sample document to the Document Design Accelerator and it will analyze the content and automate the conventional process for enumerating index fields and creating extraction rules. Results from the Early Adopter Program showed that setting up new documents was expedited by up to 90%. In simplified terms, processing documents has accelerated getting the data companies and the public sector need to be competitive, increase growth and make data-driven decisions.
A major success, which contributed to an overall sales growth of 25%, was the excitement around advanced cloud-native, AI-enabled handwriting recognition and extraction capabilities – Advanced Handwriting Recognition. The challenge is that many enterprises have to process large amounts of handwritten documents – from insurance claims to banking and college applications to customer complaints to government census documents. Entering this data manually means long processing times, human errors and ultimately a competitive disadvantage. Other solutions typically get less than 30% accuracy. Ephesoft’s innovative engineering team developed a way to read both printed and cursive writing at an average accuracy of 88% out-of-the-box, including handwriting that is not easily legible by human review.
In summary, these are just some of the major ways that Ike Kavas is leading innovation in hopes of making customers able to scale, grow and exceed customer expectations. The culmination of Ike’s efforts and leadership enabled the company to grow during turbulent pandemic times. The future is bright for both Kofax and Ephesoft customers!
