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Press Releases

Lexalytics® Announces Breakthrough OCR Error Correction Tool

Lexalytics®, the leader in “words-first” machine learning and artificial intelligence, announced today a patent-pending, breakthrough error correction tool for text data from optical character recognition (OCR) systems. Built in partnership with one of the world’s leading RPA vendors and leveraging Lexalytics’ natural language processing (NLP) platform and proprietary machine learning tools, the company’s OCR error […]

Solution Utilizes Lexalytics’ Industry-Leading NLP Platform and ML Models to Reduce Errors to Less Than One Percent

Lexalytics®, the leader in “words-first” machine learning and artificial intelligence, announced today a patent-pending, breakthrough error correction tool for text data from optical character recognition (OCR) systems. Built in partnership with one of the world’s leading RPA vendors and leveraging Lexalytics’ natural language processing (NLP) platform and proprietary machine learning tools, the company’s OCR error correction system can automatically detect and rectify common mistakes made by OCRs, driving word error rates to less than one percent. This improves the reliability and utility of analysis performed on OCR data down the line and lowers non-compliance risk for the firms that use these tools.

A great deal of business-critical information is contained in images of physical text, such as scanned paper documents or smartphone snapshots of invoices, contracts, newsprint, applications, bills and loans, among other materials. OCR software converts these images of text into electronic text, making it available for computers to “read” for all of the processing tasks that modern enterprises conduct. However, OCR software often misrecognizes characters and words, which can lead to costly downstream application problems requiring time-intensive, manual correction.

Lexalytics’ patent-pending OCR error correction solution combines pixel position analysis for character errors, along with specialized dictionaries built into Lexalytics’ Salience™ text analytics engine to choose the most likely correction. The next stage of development will add contextual language models and machine learning techniques to further improve accuracy.

“While OCR is a rapidly growing market, driven by demand in the banking, insurance and financial services sectors, word-level accuracy errors create major problems for end users and represent a major challenge,” said Jeff Catlin, CEO of Lexalytics. “We’re excited to bring a fresh approach to the problem and proud to achieve such great accuracy numbers in the tests we’ve run.”

Availability
The OCR correction module is available as an add-on component to the Lexalytics’ core NLP Salience engine. For more information please go to https://success.lexalytics.com/ocr.

 

About Lexalytics®

Lexalytics processes billions of words every day, globally, for data analytics companies and enterprise data analyst teams that need to tell powerful stories from text data. The company’s Salience®, Semantria® and Lexalytics Intelligence Platform™ products combine natural language processing with artificial intelligence to transform text in all its forms into usable data. Lexalytics solutions can be deployed on premises, in the cloud or within hybrid cloud infrastructure to reveal context-rich patterns and insights for voice of customer, voice of employee, customer experience management, market research, social listening, news monitoring and other business intelligence programs. For more information, please visit www.lexalytics.com, email sales(at)lexalytics(dot)com or call 1-617-249-1049. Follow Lexalytics on Twitter, Facebook, and LinkedIn.

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Other Press Releases

2020-12-14 Lexalytics® Announces Breakthrough OCR Error Correction Tool
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2018-12-27 Lexalytics Closes Out 2018 with Prestigious Industry Awards in Artificial Intelligence and Analytics
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2017-10-24 Lexalytics® Recognized in Gartner 2017 Hype Cycles for Data Science and Machine Learning, Analytics and Business Intelligence, Imaging and Print Services and Life Science Research and Development
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2016-10-14 Lexalytics Improves Text Analytics with New Machine Learning
2016-08-01 Semantria Text Analytics Platform Available on Microsoft Azure
2016-07-20 Lexalytics® Simplifies Pharmaceutical Market Research and VOC
2016-07-08 Lexalytics® to Present on NLML at Sentiment Analysis Symposium
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2016-01-26 Lexalytics® Brings Text and Sentiment Analytics to Mac®
2015-12-15 Lexalytics®’ Text Analytics Software Airlines Industry Pack
2015-12-03 Lexalytics®,Text Analytics Presenters Gilbane Conf. 2015
2015-11-23 Lexalytics® Adds Polish Language Support
2015-10-21 Lexalytics® Hospitality/Restaurant Industry Packs Simplify CEM
2015-09-29 Lexalytics Adds Danish, Norwegian and Swedish
2015-06-03 Lexalytics® Enhances Feature-Rich Salience® Analytics Software
2015-05-12 Lexalytics® Unveils Text Mining and Sentiment Analysis Wizard
2015-04-23 Lexalytics to Present at Text by the Bay Conference
2015-04-15 Lexalytics’ Adds Arabic, Russian, and Dutch
2014-12-08 Lexalytics Adds to Text Analytics, Includes Intention Analysis
2014-11-06 Lexalytics Launches Pain-Free Text Mining Customization
2013-10-23 Lexalytics Announces Availability of Salience in Chinese
2013-09-04 Lexalytics to Sponsor Brighton Data Storytelling Hackathon
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2013-04-25 Semantria & Lexalytics Give API Access for Viafoura Hackathon
2012-11-08 Lexalytics Announces Portuguese Native Phrase-Based Sentiment
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2012-06-14 HStreaming & Lexalytics Deliver Text Analytics for Big Data
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2012-05-31 Lexalytics Announces Speakers for Upcoming User Conference
2012-05-31 Angoss Software and Lexalytics Form Partnership
2012-04-04 Lexalytics Powers New Bitly Reputation Monitoring Service
2011-04-12 Lexalytics Announces Salience 5.0
2011-03-07 MediaVantage & Lexalytics Offer Multi-Lang Sentiment Analysis
2010-12-07 Lexalytics Predicts 2011 Text/Sentiment Analysis Market
2010-11-29 DataSift Taps Lexalytics to Help “Tune Your Data”
2010-09-20 Lexalytics Unveils Sentiment Analysis of Emoticons, Acronyms
2010-06-30 Lexalytics Releases Salience 4.3
2010-05-24 Lexalytics Expands into New Markets
2010-05-16 Lexalytics Moves to Boston
2010-05-04 bit.ly to Join Lexalytics at 6th Text Analytics Summit
2010-03-23 Lexascope Web Service for Social Media/Sentiment Analysis
2010-03-09 Lexalytics Discusses Text & Sentiment Analysis Trends
2009-10-20 Lexalytics, Inc. Joins Endeca Extend Partner Program
2009-06-24 Lexalytics to Provide Text Analytics for First Coverage
2009-04-05 Lexalytics’ Salience 4.1 with Entity Management Toolkit
2008-10-21 Salience 4.0 With Improved Entity Extraction/Sentiment Scoring
2008-10-09 Lexalytics Unveils The “ExecDex” Who’s Hot Ranking System
2008-10-01 Lexalytics Hires VP of Engineering
2008-09-21 Market Intelligence Co’s Use Lexalytics Sentiment Analysis
2008-09-07 Lexalytics signs Conversition and mBLAST
2008-09-02 Market Intelligence Tool Harnesses Text Analytics
2008-07-27 Infonic Merges its Text Analytics Business with Lexalytics
2008-05-19 Lexalytics Named 2008 MITX Technology Awards Finalist
2008-03-16 CEO, Jeff Catlin, New Communications Forum 2008 Speaker
2008-02-25 2008 Presidential Campaign Blog Sentiment Survey
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