In the interview with Michael Vogel and Arian Storch, the two managing directors of the Cologne-based software provider Evy Solutions GmbH.
After several years of development work, founded in 2017, Evy Solutions GmbH develops products and services around the topic of Artificial Intelligence. The company focuses on the processing and analysis of documents from a wide variety of sources. Today, we speak with Michael Vogel about the impact of Artificial Intelligence and, in particular, its influence on medium-sized companies.
DIGITAL FUTUREmag: Artificial Intelligence promises high innovation potential for all areas of the economy. Could you briefly explain what exactly is behind this and what gives Artificial Intelligence such great power?
Michael Vogel: Artificial Intelligence makes it possible to gain new insights from business processes and to fully automate workflows. Our software solution Evy Xpact, for example, enables the digitization and automation of ordering processes. In this process, incoming emails in the inbox are monitored, orders filtered out and fully read. The data obtained is compared with the existing system, checked and the correctly placed orders are executed automatically. The data is then entered into the company's existing system, so that it can be accessed at any time. By running Evy Xpact as a support process in the background, it can be easily integrated into the existing IT and company landscape without employees having to learn how to use a new system.
DIGITAL FUTUREmag: The topic of Artificial Intelligence is currently on everyone's lips. Why is it particularly important for medium-sized companies to deal with this topic now?
Michael Vogel: Anyone who wants to remain competitive must keep up with the times in order to withstand cost pressure and keep pace with speed. At one of our customers, for example, we were able to reduce the processing time of an order from over four hours to under one minute by using Artificial Intelligence. The resulting faster response time ultimately also increases customer satisfaction.
DIGITAL FUTUREmag: Your company specializes in document management with regard to the use of Artificial Intelligence. Document analysis with AI technology: What distinguishes your software from other providers on the market?
Arian Storch: Our solution is the only one that works text-based rather than field-based. This means we can capture and read documents regardless of their format, so the software does not need to be retrained or adapted for each new format. This saves time and effort. In addition, we achieve a much higher reliability rate for documents of different layouts than other providers in this field.
DIGITAL FUTUREmag: Keyword digitalization: How does semantics – originally a linguistic term – help link data stored in different sources and provide employees with context-related information at the touch of a button?
Arian Storch: Thanks to semantics in the texts, we are completely independent of text fields. This means our solution works regardless of the type of document (invoices, delivery notes, orders, contracts, etc.) and regardless of the document formats. This makes it easy to find specific terms or information for further processing using language semantics. But it can also reproduce coherent content, such as a telephone bill from an amount of €300.
DIGITAL FUTUREmag: What benefits does implementing AI in existing customer systems offer in terms of cost savings, usability, and process optimization?
Michael Vogel: Implementing artificial intelligence in companies can compensate for a lack of personnel and speed up processes. In addition to an approximately 80% cost reduction, it also reduces the error rate when processing documents.
DIGITAL FUTUREmag: In your opinion, what are the most significant changes in the world of work that IT managers currently face, and how can companies and their employees use your applications to meet these challenges sustainably and future-proof?
Arian Storch: The main problem in today's world of work is the shortage of skilled workers, which requires simple, trivial tasks to be replaced by tools such as Evy Xpact to counteract the shortage. This transforms jobs with routine mental activities into more demanding roles. For IT managers, this means keeping their eyes and ears open to innovations, staying informed, and passing on relevant information for process optimization to the company. As a company, it is important to keep up with digitalization, otherwise you will not be able to withstand cost pressure – especially compared to abroad.
DIGITAL FUTUREmag: As a relatively young company, founded in 2017, you are taking part in the DIGITAL FUTUREcongress on 18.02.2020 in Frankfurt at the Start-up Award, a pitch competition where founders can present their business ideas and visions to the event audience. What is your message to the target group of the event – decision-makers and IT managers from SMEs?
Michael Vogel: We adapt our software to the challenges of the company – and not the other way around. This shows how easy it is to automate business processes and thereby increase efficiency.
DIGITAL FUTUREmag: Thank you for the interesting conversation and your tech contribution on how to drive and implement your own data transformation through intelligent, automated and machine-based processes. We’re keeping our fingers crossed for your start-up pitch …
Company description: After seven years of research and development, Evy Solutions entered the market as a software provider in December 2017. With its flagship product Evy Xpact, Evy Solutions offers an AI-based tool for data processing that simplifies day-to-day business by separating, classifying, extracting and tagging documents without assistance. This makes it easier to retrieve documents. In addition, semantic search for related content is also possible.
To achieve this, Evy Solutions has developed an AI that, unlike other providers, works text-based rather than field-based, and can therefore reliably analyze document content even with different layouts. This results in an error rate for non-classifiable documents that is significantly below the market average, making Evy Xpact an indispensable tool for companies with a large number of documents.
Evy Xpact also integrates seamlessly into your existing company landscape by running as a background support process and transferring the data into your existing ERP system or similar. This saves you from having to learn how to use a new system while simultaneously increasing the efficiency of your day-to-day business.
Document management
Artificial Intelligence / AI
Process automation
Data processing