Canon U.S.A. and I.R.I.S. Announce Flexible, Customizable Platform to Support Customers in Paper-Intensive Industries

Rhea-AI Summary

Canon U.S.A. and its subsidiary I.R.I.S. have launched the IRISXtract V5, a versatile platform aimed at enhancing efficiency in paper-intensive industries such as finance, legal, and healthcare. This all-in-one solution automates the classification and data extraction from various document types, streamlining workflows by integrating with enterprise systems like ERP and ECM. Noteworthy features include advanced scanning capabilities, support for over 138 languages, and customizable modules focused on specific business needs. Canon, with $33 billion in global revenue, continues to innovate in digital imaging solutions.

Positive

• Launch of IRISXtract V5 enhances efficiency in paper-intensive industries.
• Advanced scanning capabilities cater to high-volume needs.
• Supports over 138 languages, improving global usability.
• Customizable solutions tailored to specific business processes.

Negative

• None.

MELVILLE, N.Y., Sept. 2, 2020 /PRNewswire/ -- Designed to support customers across a variety of paper-intensive industries, including finance, manufacturing, human resources, legal, and healthcare, Canon U.S.A., Inc., a leader in digital imaging solutions, and I.R.I.S., a wholly owned subsidiary of Canon, introduce the IRISXtract V5 platform. IRISXtract V5 is an all-in-one platform that can enable users to optimize critical business processes by automatically classifying documents, extracting essential data and exporting data and documents to compatible enterprise content management (ECM), workflow, enterprise resource planning (ERP), and/or third-party cloud systems.¹

This flexible, customizable platform is equipped to process supported paper-based and electronic documents, including invoices, purchase orders, forms, data sheets, letters and emails.¹ IRISXtract V5 can provide customers with advanced scanning capabilities to help them with higher scan volume needs through features like IRISXtract's self-learning system, OCR technology and optional IRISConnect Toolbox™. Utilizing IRISXtract's self-learning system, which is based on robotic classification, recognition, extraction and validation technologies, and OCR technology, the system can currently detect document layouts in more than 138 languages, as well as perform keyword analyses. IRISXtract V5 also offers an optional IRISConnect Toolbox™ to help users easily connect to many compatible systems, and integrate their captured information with their information systems, system folders or archives. Dedicated connectors are available for Box™, Therefore™, SharePoint^®, Dropbox^®, Evernote^®, Google Drive^®, OneDrive^®, QuickBooks^® Desktop, Laserfiche^®, as well as for FTP and CMIS.¹

Five multitenancy and multiple IRISXtract V5 solutions are now available, allowing customers to purchase one or multiple solutions to help meet workflow needs:

• IRISXtract V5 Purchase Order Capture Solution: Helps customers optimize their business processes by automating the capture of invoice data while minimizing the costs and errors associated with manual data entry. This solution is pre-configured to meet many of the typical capture requirements with the ability to perform extraction of key index fields, like invoice date, invoice number and line items, as well as match purchase orders against files within supported ERP/accounting systems.¹ This application can also be easily customized to meet specific user needs.
• IRISXtract V5 Accounts Payable Capture Solution: Enhances business processes by automating the capture of purchase order data, while also helping to limit errors and costs associated with manual data processing. This offering is pre-configured to meet many standard purchase order capture requirements, including the ability to extract key fields such as issued date, customer order number and delivery address. It can also be customized to accommodate specific user needs.
• IRISXtract V5 Digital Mailroom Automation Solution: As document classification and data extraction are often among the first steps to efficient business process optimization, this solution is capable of processing complex and high-volume documents of virtually any type and source to help customers efficiently manage paper-based and electronic documents. This solution offers tools to help capture, perform document classification and data extraction, and route relevant information to the intended recipient(s).
• IRISXtract V5 Hybrid Forms Processing Solution: By combining multiple, proprietary data capture techniques, this application can help users extract indexes within structured and hybrid forms. Hosted by IRISXtract, the solution can capture and route targeted data to one or more compatible applications¹, helping to make captured data available for fast, easy retrieval.
• IRISXtract V5 Document Converter Solution: A scalable and modular solution that can be set up to automatically convert documents into searchable and hyper-compressed files (up to 50x smaller) for editing and long-term archiving with limited compromise to image quality.

"For paper-intensive industries, it is imperative for businesses to be equipped with solutions that can help streamline efficiency and productivity through high-quality, customizable features such as those IRISXtract provides," said Shinichi Yoshida, executive vice president and general manager, Canon U.S.A., Inc. "This platform aligns with Canon's dedication to providing our customers with solutions that meet their needs, and we're proud to continue delivering on that commitment."

For more information, please visit www.usa.canon.com.

About Canon U.S.A., Inc.
Canon U.S.A., Inc., is a leading provider of consumer, business-to-business, and industrial digital imaging solutions to the United States and to Latin America and the Caribbean markets. With approximately $33 billion in global revenue, its parent company, Canon Inc. (NYSE: CAJ), ranks third overall in U.S. patents granted in 2019^† and is one of Fortune Magazine's World's Most Admired Companies in 2020. Canon U.S.A. is dedicated to its Kyosei philosophy of social and environmental responsibility. To keep apprised of the latest news from Canon U.S.A., sign up for the Company's RSS news feed by visiting www.usa.canon.com/rss and follow us on Twitter @CanonUSA.

^†Based on weekly patent counts issued by United States Patent and Trademark Office.

¹ Subscription to, and/or purchase of, product may be required. Subject to third-party provider Terms and Conditions. Neither Canon Inc. nor Canon U.S.A., Inc. represents or warrants any third-party product, service, or feature referenced hereunder. Specifications and availability are subject to change without notice.

Availability and specifications are subject to change without notice.

All referenced product names, and other marks, are trademarks of their respective owners.

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SOURCE Canon U.S.A., Inc.

FAQ

What is the IRISXtract V5 platform introduced by Canon (CAJ)?

IRISXtract V5 is a comprehensive platform designed to automate document classification and data extraction for various paper-intensive industries.

How does IRISXtract V5 improve business processes?

It optimizes workflows by minimizing manual data entry errors and automating the capture of critical invoice and purchase order data.

What industries can benefit from IRISXtract V5?

Industries such as finance, healthcare, manufacturing, human resources, and legal sectors can benefit from IRISXtract V5.

What features does IRISXtract V5 offer?

Key features include advanced scanning capabilities, support for multiple document types, and integration with various enterprise systems.

What revenue does Canon (CAJ) generate?

Canon reported approximately $33 billion in global revenue.