As the year comes to a close, we sat down with Felix Lau, James Hoare, Alexander Lum, Geoff Genzano, and Martha McCarty, a few members of our Customer Experience team, for a conversation about how they helped our customers navigate the unique challenges and changes that marked 2020, their favorite success story from the year, and what’s in store for next year.
Customer success story
It was a year of unprecedented change and challenges for our customers and their end customers. Being able to drive tangible outcomes like reducing medical claim processing times and speeding up mortgage refinancing loan applications so people could get answers as quickly as possible was crucial.
It’s hard to pick just one “success story,” but our partnership with one Fortune 100 financial services firm stands out for what we were able to achieve today – and how we’ll be working together moving forward. They knew they needed to incorporate our Intelligent Document Processing offering into their currently manual document processing workflow, and they were able to harness Hyperscience’s full feature set to accomplish this.
Today, they are using Hyperscience to automatically classify and extract critical data from commercial credit card agreements & supporting financial documents [like balance sheets and income statements] to power new business opportunities.
By automating over 90% of the most labor-intensive steps in this process without sacrificing their accuracy SLAs, they’ve been able to 10x processing times and reprioritize 7,200 work hours. This has been essential for keeping up with business demand and meeting revenue goals in an otherwise turbulent year.
We look forward to furthering the partnership and helping them derive even more value from our platform when the next generation of our platform launches in the first half of next year.
New product feature
Hands down, Automatic Document Classification [ADC].
Many of our clients leverage this functionality in order to accurately and automatically classify each page in a document packet. Whereas before when a document was inputted into the system, our clients would have to perform some identification and classification for each page later in the workflow, ADC allows our clients to submit all pages in a document together without the need for any upstream intervention.
For the Fortune 100 financial services firm mentioned above, their application packets can be anywhere from 20-50 pages. The financial documents [e.g. balance sheets and income statements] consist of tens or hundreds of pages, many of which are irrelevant for end decision-making. Before Hyperscience, their team would have to go in and review each page of a packet to flag the relevant pages and fields, taking an average of 30 minutes when done manually, which was not sustainable.
Now, by leveraging Hyperscience’s full feature-set, they are able to accurately identify, classify, and extract only the pages and data needed for decision-making. This streamlines their entire process, boosts throughput and frees employee time as a result.
The transformative results this firm achieved as our first client to use ADC [!!] would not have been possible without the support and development of Brian O’Connell, a Senior Product Manager on our Product team. His help navigating these functional changes to both our team and the client allowed this partnership to thrive.
Lesson learned that will serve us moving forward
2020 was a whole new world for Hyperscience and our clients. As our customers were forced to rethink how they work and operate overnight, we were there to provide solutions and support, so their end customers received the answers and support they needed.
We’re proud of how quickly we were able to adjust and successfully migrate our implementation playbook to a virtual world, with some minor tweaks. We’ve learned that regardless of how we’re engaging, the end goal of delivering quantifiable value for our customers on day one, and enabling them for continued success on the Hyperscience Platform hasn’t changed; even if the route to accomplishing that looks a little different this year.
BONUS: What are you most excited for in the Hyperscience Platform in 2021?
The new features we’re planning to introduce as part of delivering on our vision of Software-Defined Management! We can’t give away too much just yet, but delivering functionality like segmenting different workflows, calling out into external systems to enrich data, and validating and transforming our output will allow customers to do more of their work within the Hyperscience Platform.
We’re looking forward to the challenge of enabling our new and existing customers to use these exciting new features and implementing use cases that were not previously possible on our platform.