We have all heard the phrase “Time is Money”. In today’s digitalised world where we spend hours reading countless documents and data is the new currency, we are losing money fast. You could hire a new person to trade their time instead of yours … keeping in mind the average salary for an admin role in the UK is £22,504 (Glassdoor, April 2022) this means hiring someone else could cost your business thousands of pounds. This is where Microsoft SharePoint Syntex could be of huge value – rather than clicking and sorting through hundreds or thousands of files, Syntex extracts, analyses, and categorises the data for you.
Since the pandemic in 2020 and the need to do more with less or the same in 2022, businesses have been looking for new ways of working, resulting in Robotic Process Automation (RPA) and Artificial Intelligence (AI) being on the tips of everyone’s lips. The question is, how does SharePoint Syntex deliver on this and how does it work?
In layman’s term, we teach the AI models as if we were teaching a child how to read. In both cases, we start small as the first thing we teach a child is how to recognise squiggles on a page as letters. The next stage for a child is to learn how to interpret and pronounce those letters. Similarly, with our Syntex model we train the classifier to identify the correct documents by feeding it positive and negative examples. We can then teach the model to pick up on patterns and phrases to extract key information in the documents. Once fully trained the model can be applied to any SharePoint document library and will run in the background, reading the document, and extracting the relevant information.
The cost of running one of these models comes at £3.80 per user/month or £45 per year (costs as at April 2022). A cost saving of around £22000 vs hiring a new admin to manually search for dates, figures, and terms out of every document that comes your company’s way. To sum up, in a world where “Time is Money”, this could mean everything.
In summary, Microsoft Syntex is a content understanding and processing service that uses intelligent document processing, content artificial intelligence (AI), and machine learning to automatically and thoughtfully find, organise, and classify documents in your SharePoint libraries. With Syntex, OfficeLabs can automate your content-based processes – capturing the information in your documents, diving deeper and transforming that information into working knowledge that your organisation can use to make informed business decisions. Contact us today to find out more.