UiPath is developing robots that can identify and extract the most valuable data from reports with a mix of formats, sources and information
By Angus Loten Dec. 9, 2019 5:30 am ET Software robots designed to handle routine work around the office are undertaking more ambitious jobs.
Most software robots in use today are programmed to complete straightforward numerical tasks, such as processing weekly payrolls or reviewing employee expense reports, which can be based on a template. “Checking a signature takes two seconds for a person,” said Daniel Dines, UiPath’s chief executive. But if you want to automate the entire banking process, he added, “this is the only missing piece.” Unlike many instant electronic-banking transactions, such as mobile payments or transfers, checks deposited in ATMs need to be manually verified, prompting some banks to withhold the funds.
In another initiative, UiPath is developing robots that can identify and extract the most valuable data from reports with a mix of unstructured formats, sources and information. The AI-powered robot taps a Microsoft Corp. tool designed to identify and gather desired data, and puts the data into a common format. The robot then assigns a value rating, based on its interpretation of the data, and stores it in back-end systems for analysts’ review.
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