Introducing Chart Parser: Streamlining Data Accuracy and Compliance

Darting eyes. A sweaty brow. Trembling fingers. 

You are more than likely familiar with “spreadsheet purgatory;” the feeling of staring down chart-filled tabs, knowing the task of manually tying gobs of data is at hand. At one point you might get into a groove, breezing through cells with ease. But then, the sneaking doubt creeps in that you may have entered a 34 when it was supposed to be a 35. Even worse, you may hit enter on a computation only to see a dreaded error message populate. 

Perhaps humans were not meant to manually enter data for hours, days or even weeks on end. The onset of artificial intelligence (AI) technology has made this ever more clear, as products with AI chart parsing capabilities like 73 Strings have turned mountains of unstructured data collection into a simple minutes-long exercise. 

Mitigating Cost and Risk 

According to a study by Experian Data Quality, inaccurate data can affect up to 88% of companies, with 1-in-4 companies reporting losing potential revenue due to poor data. The additional costs of continually inputting data manually takes many forms: 

• Accuracy: Human error rates in manual data entry can range from 1-5%, according to a study conducted by the Journal of Accountancy. While the number can seem low, those in finance know that eliminating or measurably decreasing that error rate will have a direct impact on decreasing exposure to risk, as well. 

• Time: AI technology’s ability to digest entire spreadsheets in seconds will not only cut down on time spent entering data, but the increased accuracy eliminates hours of troubleshooting. 

• Workforce: Employees tasked with manual data entry may experience lowered morale or turnover at a higher rate. By refocusing their energy and time, these colleagues can focus on higher-value, analytical projects. 

• Compliance: Human error in manual data entry can present both short- and long-term compliance problems. Technology like 73 Strings, specifically designed at the intersection of AI and financial services, is built to satisfy the complex compliance needs of its clients. 

Process 

One of the most impactful aspects of AI data technology is the simplicity of its process. Whereas manual input involves seemingly endless keystrokes, the Chart Parsing tool, from 73 Strings can be as simple as dragging and dropping a file into the program and the data populating into a spreadsheet. 

Human overview and edits must still be applied to ensure complete accuracy. However time-saving will be realized immediately by end-users. The streamlined Chart Parser interface is designed with ease-of-use as a cornerstone. 

Final Thoughts 

Chart Parser technology, from 73 Strings is a game-changer for financial firms looking to eliminate manual processes and increase efficiency. Its adaptive AI technology can positively alter numerous aspects of an organization including cost-savings, time-savings, workforce morale, employee turnover, and risk mitigation. 

While the technology is not yet optimized and human oversight is still necessary, the most tech-forward, advanced firms have already begun adopting technology like Chart Parser. With the data showing the risk and cost of human error in manual processes, the leading firms know they cannot afford to be left behind as AI charges forward. 

For more information on Chart Parser from 73 Strings, click here: https://www.73strings.com/solutions/extract