Rossum, a Prague-based AI startup, recently raised a record amount of $100 million Series A from General Catalyst, which is one of the largest Series A investments ever made in a European tech company. The startup plans to use the funds to revolutionise B2B document communication through automation.
In this article, we will discuss the various challenges Rossum faces in achieving its goal.
Overview of Rossum’s mission
Rossum’s mission is to reinvent B2B document communication by using automation technology. This mission takes Rossum down many challenging paths, including complex integrations, unstructured data understanding, high-stakes security and scalability. Rossum’s automation technology involves machine learning algorithms that enable full-scale document understanding for companies that need automated data processing – allowing businesses to make decisions faster.
Integration presents a unique challenge because every customer has different requirements and existing implementation tools. Therefore, Rossum needs to ensure that its solutions easily integrate into existing systems and meet customer expectations regarding speed, reliability, scalability and flexibility. To do this, it must provide large-scale capabilities such as easy-to-use API layers, automated data exchange systems with minimal user maintenance requirements and APIs for other systems or services that are preconfigured for specific customers.
Enabling autonomous document understanding poses significant challenges due to the variety of document types and the complexity of unstructured information in documents. Even with supervised machine learning algorithms, there can be numerous edge cases; documents that have unusual structures or contain arbitrariness or exceptions require manual verification by specialised domain experts before they are automated with machine learning models. To keep up with the ever changing nature of unstructured data in documents, Rossum needs to use algorithms that can adapt quickly to changes in structure or context in real time without compromising accuracy or performance.
Security is also a top priority for Rossum as its solutions work with highly sensitive customer data on a large scale across numerous organisations worldwide. Therefore, it is of utmost importance to make sure these processes remain secure by implementing protocols such as authentication at all levels (User authentication/role management; system-level; TLS encryption). Additionally, access control settings must be provided so customers can protect their documents from unauthorised access while fulfilling their compliance requirements depending on industry standards such as GDPR (EU) or CCPA (USA). In an era where cyber security threats continue to increase in sophistication these measures must remain secure enough to prevent malicious exploits such as data leakage or theft without hampering user experience due to overly restrictive access settings.
Finally, scalability requires ensuring availability under peak conditions for global organisations operating across multiple countries with thousands of users each day — not just on demand but also when unexpected load increases occur related either from sudden activity spikes during business events such as product launches or natural disasters when resources become scarce due to prolonged downtime causing problems like late deliveries & fluctuating prices which must be managed carefully for adequate resource provisioning & maintenance plans depending on expected workloads & demand peaks throughout the year by organisational SLAs (Service Level Agreements).
Overview of General Catalyst’s investment
General Catalyst’s investment in Rossum highlights the growing interest in technologies that help to streamline and modernise business-to-business document communication. In 2018, General Catalyst led a Series A round in Rossum, a Prague-based startup leveraging Artificial Intelligence (AI) to automate the extraction of structured data from documents like invoices and purchase orders. Their investment signals a growing awareness amongst venture firms to invest in technologies that can help businesses move away from paper-based processes and will bring viable solutions to an industry notoriously plagued by manual document processing.
Rossum has capitalised on the current trend by leveraging AI automation as their primary form of data extraction technology. This method is significantly more accurate, efficient, and secure than manual processing techniques while offering highly scalable customer solutions. Just as importantly, using automated software ensures that trusted customer relationships are maintained with the highest data privacy and integrity – something no other provider can offer now.
At its core value proposition Rossum seeks to transform Business-to-Business (B2B) document processes such as handling purchase orders, supplier invoices, inventory management systems and more through their powerful AI capabilities. By taking advantage of this technology’s full scope and potential, Rossum can offer cost savings of up to 85% compared to manual approaches while increasing accuracy by up to 90%. This shows how investing in transformative technologies presents an invaluable opportunity for venture firms searching for disruptive solutions across various fields.
Rossum raises record $100 million Series A from General Catalyst to reinvent B2B document communication
Rossum has recently revealed its record-breaking $100 million Series A from General Catalyst to reinvent B2B document communication. This move is a huge step for Rossum as it looks to tackle the challenges of B2B document communication in the modern digital world.
In this article, we will look at the various challenges Rossum is attempting to overcome with the help of its new technology.
Traditional methods of document communication
Traditional document communication methods between businesses, such as paper-based communication, email, fax and postal mail, have some significant drawbacks. For example, these methods are often slow to execute, unreliable, and prone to errors. In addition, collecting, processing and understanding textual data from documents require significant manual effort.
Paper-based approaches can be difficult to track and audit for compliance purposes. Emails often lack standardisation in the quality of their content, making it difficult for companies to understand the full scope of their communications with customers and other stakeholders. Faxes are largely outdated but remain in use because they offer high security when handling sensitive data. Finally, postal mails can be expensive and cause unnecessary delays when time is a factor.
These challenges have sparked a need for an efficient digital solution that allows businesses to exchange documents securely while minimising error rates and improving overall productivity.
Problems with traditional methods
Traditional methods of document communication between businesses are often inefficient and error-prone. They include manual data entry, using physical copies of documents, and sending files through email or other communication channels. These methods can cause numerous problems such as lengthy processing times, a need for manual verification that can lead to errors, security risk from file sharing tools, and incorrect information entered in the system.
To solve these issues caused by traditional methods of document communication, Rossum has developed an intelligent document automation technology capable of automatically processing incoming documents from customers in minutes with no additional manual intervention. This technology leverages machine learning algorithms to extract data from B2B documents including contracts, invoices, order forms, and more. Automatic data extraction significantly speeds up the digitization process while eliminating costly errors caused by manual verification processes. It also increases customer satisfaction as businesses can respond quickly to customers’ needs while streamlining their operations. Finally, it enhances security measures as sensitive customer data is better managed once extracted from the source document into its storage system.
Rossum, a Prague based start-up, has recently raised over $100 million in a Series A funding round from General Catalyst. The company aims to revolutionise the way B2B document communication is carried out in the digital space. To that end, Rossum has developed a variety of solutions to the challenges they face.
This article will discuss these solutions in detail and explore how they will benefit businesses looking to optimise their document communication.
Automation of document processing
Rossum’s solutions enable companies to automate the processing and handling of their documents, drastically reducing manual labour and time-consuming activities. With our unique and highly accurate technology, businesses can save time by automatically extracting important information from documents, connecting it to their internal systems, and streamlining their communication process. Automation also gives businesses the flexibility to access records securely anytime, anywhere.
Rossum’s document automation solutions are designed to integrate seamlessly with existing business processes such as Accounts Payable (AP), Accounts Receivable (AR), Purchase Order (PO) and Invoice Processing. Our solutions use Artificial Intelligence (AI) technology to recognize any type of structured and unstructured documents—such as invoices, scanned images, PDFs and EDI formats—and extract relevant data points accurately even when they are printed or handwritten.
The Rossum platform is specifically designed to easily integrate with most ERP accounting or email systems you already use. This helps ensure your data flows securely between internal systems with minimal effort from end users involved in document communication processes. In addition, when integrated with Rossum’s workflow automation application, it helps reduce manual labour costs associated with document processing activities significantly; giving your staff more time for higher value-added tasks to better serve customers’ needs. As a result there will be lower costs for human resources associated with document communication activity.
Benefits of automation
Automation promises to revolutionise how companies develop, manage and process document based information. With Rossum’s automated document processing solutions, companies benefit from various advantages. Automation can dramatically reduce processing time throughout the entire document lifecycle. By automating manual processes, organisations can quickly transform paper-based documents into machine-readable digital formats and gain actionable insights from that information.
One of the most significant benefits of Rossum’s document automation technology is increased accuracy due to artificial intelligence (AI) driven approach to data capture. Rossum’s automated systems extract key data fields including invoice numbers, line items, taxes and more with much greater precision than manual processes; this makes it possible to accurately track high-volume invoices against contractual terms at scale. Moreover, automating document processing eliminates the need for tedious manual entry practices especially when dealing with large amounts of data as well as reduces errors in payment posting process thereby creating greater efficiency and cost savings for organisations that utilise Rossum’s system.
By eliminating long wait times for documents to be manually processed by inefficient legacy systems or manual staff-based operations, automated document processing shortens invoice cycles leading to increased cash flow and better financial control throughout an organisation. Additionally, companies benefit from improved visibility due to accurate business intelligence generated from the capturable data stream which allows an organisation to better understand their customers and make decisions that maximise revenue opportunities – all while staying compliant with changing regulations in different countries without incurring additional costs.
Challenges Rossum Faces
Rossum is a company that announced a Record $100 million Series A from General Catalyst to reinvent B2B document communication. This groundbreaking technology has vast implications for businesses across the world, however, it also comes with a unique set of challenges.
In this article, we will discuss the various challenges Rossum faces in reinventing B2B document communication.
Integrating into existing systems
Integration is one of the greatest challenges Rossum faces in reinventing B2B document communication. Rossum’s mission is to help businesses eliminate manual document processing, but doing so requires the integration of Rossum into existing IT systems and workflows. As each business has its unique setup and preferences when integrating new technologies, this can be a painstaking process.
Many businesses use paper documents in addition to digital systems to complicate matters further. Therefore, Rossum must be integrated into both as seamlessly as possible to provide maximum benefit. Additionally, paper documents usually require manual preprocessing before they can be processed by robot automation solutions such as those offered by Rossum; this pre-processing involves scanning, fixing formatting issues and correctly sorting documents before automated processing. This additional step reduces the efficiency gains provided by automated solutions such as Rossum.
Nevertheless, fully integrating a technology solution such as Rossum into existing systems can potentially have a great benefit for businesses by saving time and reducing costs associated with manual document processing; especially when dealing with large volumes of paperwork often encountered in forward-thinking businesses dealing with multiple trading partners or branches of an organisation located over a wide geographic area. The effort required to integrate technology such as ROSSUM should result in reaping rewards far beyond those earned from enhanced efficiency or cost savings made after implementation and should therefore be taken seriously if businesses are planning on maximising their Return on Investment (ROI).
Securing customer data
In any business, security of customer data is paramount. The Rossum team takes every possible measure to ensure complete data privacy and ensure no information leaks. Rossum adheres strictly to all Data Protection Laws and complies with the EU’s GDPR. On top of this, they develop their internal policies to guarantee reliable safety measures.
To safeguard their customers’ data, Rossum has implemented a range of security protocols and practices such as encrypting API calls, employing SSL/TLS standards on web browsers and mobile applications and periodically updating the platform’s backend security with the latest patches, vulnerabilities evaluation and risk assessment reports. They also have stringent access policies so that only authorised personnel can access customer information, which is monitored continuously for suspicious activities. Last, Rossum implements controlled logging at all stages of auditing usage history in case of a security breach or operational issue.
Adoption of new technology
The first challenge Rossum faces in reinventing B2B document communication is gaining traction and adoption in the business sector. With new technology, businesses must be willing to devote time, effort and resources into implementing and learning the new processes. However, when considering the benefits of improving performance, efficiency and streamlining operations, it is possible that the financial savings more than offset any costs associated with setting up the new system.
Another challenge Rossum faces is understanding how their technology can best fit within an organisation’s current systems. To be successful, any new technology implementation must connect with existing systems, infrastructure and processes seamlessly to maximise return on investment.
Thirdly, Rossum needs to ensure that their service meets all legal requirements such as data protection and privacy regulations, especially compliance requirements for various industry sectors. The company will also need to keep up with evolving customer demands which could necessitate additional investments into scalability or customization of services including training support for companies who lack technical expertise about the inner workings of their own systems.