BR enables major industries to meet challenging operating and regulatory requirements for managing their files and documents.
Oil & Gas
Oil & gas companies spend billions of dollars searching for hydrocarbons, extracting them from the ground, transporting them, refining them, and moving them to market. For operational, regulatory, and legal reasons, they have to be able to store and be able to retrieve documentation regarding all aspects of their operations, often going back many decades.
The documents accumulated over close to a century of operations in all continents are kept in millions of boxes and many petabytes of storage and include not only internally-generated content, but content obtained from often considerable merger and acquisition activity.
The many challenges of dealing with such a diverse population of documents, including size E engineering drawings and schematics, yards-long well logs, and a wide variety of scanned paper documents captured my multiple vendors over multiple years using varying scanning specifications lead the oil & gas industry to be one of the early adopters of BR technology.
Uses of BR technology included:
- Major file share remediation where well over half of the original file share volume was identified as being duplicative and/or unneeded for ongoing business, regulatory, or legal purposes.
- Content migration where BR was able to provide not only consistent, scalable designation of document types, but was able to use visual attribute extraction to populate metadata fields in the target system for the documents being migrated. Extracted data was used to update the field authority lists used in the target content management systems.
Banking and financial sectors face a number of regulatory requirements that put a premium on effective document management, including the Dodd-Frank Act with its Volcker Rule, and Sarbanes-Oxley. Those requirements include historical records and day-forward business records.
Only BR provides a way to integrate all the incoming paper documents, faxes, and electronic copies into one consolidated repository, and to code them or extract data from them so that they are all associated with the correct transactions and parties.
If you have billions of paper-origin documents or terabytes of native files, the two choices are essentially brute-force manual processing or BeyondRecognition. BR provides rapid, early results and true scalability.
Download a copy of the BR whitepaper, Visual Classification in the Mortgage Industry.