Accuracy vs. Confidence Score: Why Organizations Often Get This Wrong
Enterprises roll out an Intelligent Document Processing (IDP) system to either scale their operations or cut down on some costs. Irrespective of what they choose, they need to figure out what will help them achieve their goal. Should they aim for higher accuracy or a reliable confidence score? This is like The Matrix red pill / blue pill situation. Pick one and your world will change forever, or pick the other and go back to business as usual. In our experience, dealing with some of the largest enterprises in financial services, the focus is usually on accuracy. Most companies think that if they get 95% accuracy, they are golden. Everyone believes that higher accuracy means lower costs, faster turnaround and better scale for their business. While this is not entirely false, it does not address the complete picture. Let’s take a closer look. The problem with only using accuracy On the surface, accuracy looks like a good measure. You would be hard-pressed to think...
