About the Technology
DARA is an extremely effective process automation tool comprising a number of standard modules. These parse and classify structured and unstructured data, and present reports according to business logic, in the format that downstream processes expect. With machine learning capability, it continuously improves performance from experience.
Since deployment in a Tier 1 high street bank in 2013, its development has been driven by User Forum feedback. DARA now comprises standard modules addressing Data Retention and Compliance.
It handles unstructured data, including voice, and manages workflow and workload distribution. It is an intelligent, enterprise-wide, data processing tool which can be used to create structured reports from legacy unstructured data records (e.g. Remediation) and to populate structured databases from unstructured input documents (e.g. Mortgage Applications).
DARA offers levels of accuracy and efficiency unachievable by any other means.
Unstructured data can make up to 80% of an organisation’s data source. This lends itself to a number of operational issues for Financial Institutions:
- Inability to explore or search vast quantities of documents
- Data loss through misplacing or destruction of data
- Reputational and financial loss due to breaching data protection laws and regulations
- Fines dues to sensitive data exposure
To mitigate these risks, organisations have been obliged to have strategies which manually or with limited robotic intervention put their data issues in order. These are costly in both time and effort, and are open to operational failure or errors.
Operational deployment brings a number of discrete benefits:
- Accuracy of data inputs
- The ability to link with multiple data sources and systems and so handle complexity
- Auditable process/compliance guarantee
- Impact of productivity = 40% plus increase
- Vastly reduced cycles of data gathering time
- Ability to read various data forms and convert into structured files
This brings an operational resilience and compliance which firms cannot achieve with traditional solutions and approaches.
DARA can automate a large number of back office processes. With its in-built AI capability, it can start to deliver not just control but also insight into operational trends and outlying issues.
Implementation can be swift. In some cases, it can be deployed within 3 months of initiation in discrete instances and within 6 months on an enterprise basis.
The process follows three swift overlapping phases:
- Proof of Concept
- Operational Deployment
Dara can be flexibly used as either a cloud-based solution or deployed within the client’s technology environment or even installed on an operational desktop.
The principle of deployment is to demonstrate total reliability through a Proof of Concept before operational use. This allows us to not only demonstrate scalability but also to size the business benefits based on real implementation experience.
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