ReposiTrak Adds Artificial Intelligence to Compliance Management System
Technological Breakthrough Saves Time and Increases Performance
ReposiTrak, Inc., the industry leader in compliance, food safety and risk management for the retail supply chain, has enhanced its Optical Character Recognition (OCR) capabilities and added Artificial Intelligence (AI) to its compliance management system for improved automated document review accuracy. These new features enable a higher level of automation that will deliver even more time savings in reviewing and accepting documents for compliance.
As a result of the new functionality, suppliers can readily submit image-based documents and picture files such as jpegs directly for uploading into ReposiTrak’s cloud-based compliance management system. The OCR engine in ReposiTrak converts a document image into text and then scans the text to determine whether it’s an acceptable form. An Artificial Intelligence engine then finds the relevant information and performs a verification check. Proprietary algorithms finally adjudicate whether the document meets the user’s compliance requirements.
“With this added capability, we have solid confidence the data from any document entered into the system more accurately reflects the intended purpose, preventing mistakes, oversights or intentional uploads of non-compliant documents,” explained Jozef Jamrich, CTO of ReposiTrak.
Collection of compliance documents has grown as ReposiTrak’s compliance management network has more than 85,000 points of connections between retailers, wholesalers and suppliers. Customers have specific requirements for each of their suppliers and the number compounds to thousands of hours spent manually reviewing documents.
“These new features demonstrate our continued commitment to being the leader in technology for automated compliance systems,” said ReposiTrak CEO Randy Fields. “It will save companies even more time in collecting documents from their suppliers and at the same time make it easier to ensure they’re getting the right documents.”
The ReposiTrak Speed Retail Platform drives growth and supports all supply and demand chain activities for retailers, manufacturers, and their trading partners, consisting of three product families; Compliance & Risk Management, Supply Chain Solutions, and MarketPlace Sourcing and B2B Commerce. Delivered via one technology platform, all the applications are mutually reinforcing and work synergistically to create value and positive impact across the entire enterprise.
About Park City Group and ReposiTrak®
Park City Group (NASDAQ: PCYG) is a Software-as-a-Service (“SaaS”) provider that brings visibility to the consumer goods supply chain through its ReposiTrak, Inc. subsidiary. ReposiTrak is The Speed Retail Platform, with three product families; Compliance & Risk Management, Supply Chain Solutions, and MarketPlace Sourcing and B2B Commerce. The platform provides retailers and suppliers with a robust solution suite to help enhance operational control and increase sales, while enabling them to protect their brands, reduce risk and remain in compliance with regulatory requirements. More information is available at www.parkcitygroup.com and at www.repositrak.com.
Park City Group