AI document intelligence company Sypht ready to scale up into the US

- By Collaborative Media & Publishing
AI document intelligence company Sypht is gaining traction in the US as organisations accelerate their digital transformations as a result of the COVID-19 pandemic.
 
At the same time, Sypht is moving beyond its core data extraction functions and helping customers automate document workflow processes end-to-end, driving efficiencies and cost savings.
 
“We started the business in July of 2018, so we’re two-and-a-half years in and growing the business pretty significantly now and have a headcount of 20 people,” says Sypht chief executive Warren Billington.
 
“We have a number of customers in the Australian market and are also building some good, early traction with US customers, predominantly through our partnership with the Boston Consulting Group,” he adds.
 
Sypht is the result of collaboration between BPAY Group and BCG Digital Ventures, an arm of Boston Global Consulting, to explore market opportunities that leverage BPAY Group’s expertise and reputation as a leader in the Australian financial services industry.
 
The company, with joint investment by the pair, uses machine learning and artificial intelligence to extract unstructured data from a wide range of sources and present it in a form that allows organisations to gain insights from it. Turning documents into data, insight and action.
 
The sudden onset of the COVID pandemic in March 2020 forced many companies to digitise their operations as they responded to lockdown, driving increased demand for Sypht’s products.
 
A global survey by consulting firm KPMG last year found that 67% of enterprises have accelerated their digital transformation strategy as a result of COVID-19 and 63% have increased their budgets.
 
Scaling into global markets
 
A key market segment for the company is banking, insurance and financial services, where it can help automate important business processes including accounts payable, claims processing, customer onboarding and accounts opening.
 
After having doubled down on the Australian market during the COVID-19 pandemic, Sypht is now also turning its focus to the US.
 
“In 2021, we’re really starting to focus on scaling the business into global markets, we've signed some initial partners that have client bases across multiple countries, across the U.K., U.S. and Australia. We’re starting to build a global footprint for the business with a particular focus on us growing traction in the U.S. market,” Billington says.
 
“We're growing rapidly. We're signing new customers pretty much every month. We’re seeing some real repeatability and demand for the products that we've built and are building,” he adds.
 
Delivering cost reductions and efficiencies
 
A key component of digital transformation involves cutting costs and boosting efficiency.

“Sypht is really well placed to be able to address those areas, especially as it relates to document-heavy manual processes that can be automated, particularly in the Australian market,” Billington says.
 
In particular, the company has focussed on accounts payable automation as one of the document-heavy business processes it can automate end-to-end. It already has a partnership with accounting software provider MYOB and has been building strong traction with organisations which provide services to the government’s National Disability Insurance Scheme (NDIS).
 
Many of the NDIS businesses are growing rapidly as the scheme is rolled out, but have been struggling to scale without adding more staff to support manual claims processing. Sypht is automating the end-to-end processes required in claims processing, delivering 50% cost reductions and four-fold productivity increases.
 
Organisations can customise their workflow requirements and manage exceptions to rules using the suite of no-code tools developed by Sypht. These are easy-to-use SaaS-based tools that allow organisations to manage specific components of the workflow more efficiently.
 
“AI plus human intelligence using those no-code tools is delivering much improved levels of productivity and delivering what we're calling the intelligent enterprise of the future,” Billington says.
 
The result for Sypht is that it has been able to increase revenue from existing customers as they have taken up the new services, and it’s a model Sypht plans to continue using.
 
“As we win new customers, we're also seeing a really strong opportunity to be able to deliver a land-and-expand and cross-sell model into those customers and deliver value across multiple business processes and key insights to fuel their business decisions,” adds Billington.

Published by BPAY Pty Ltd (ABN 69 079 137 518) email: marketing@bpay.com.au. The BPAY Scheme is managed by BPAY Pty Limited.  When you use BPAY payment products, the BPAY Scheme is paid fees relating to processing costs and BPAY Scheme membership.  Contact your financial institution to see if it offers BPAY payment products and to get the Product Disclosure Statement.  Any financial product advice provided by BPAY Pty Limited in relation to BPAY payment products is general advice only and has been prepared without taking into account your objectives, financial situation or needs.  Before acting on such advice, you should review the Product Disclosure Statement and consider whether BPAY payment products are appropriate for your personal circumstances.

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