Product News: Software
Crowd-Powered Automation Platform reacts to changing sources.
Press Release Summary:
June 27, 2014 -
WorkFusion detects changes and automatically engages crowdsourced workers to perform data extraction tasks to re-train automation algorithms. By Pairing machine learning with crowdsourced workers, this crowd-powered automation system can be used by data vendor and financial institution customers to build and refresh information products and to comply with data-intensive regulations. Typical applications include reference data, corporate actions, and compliance work.
Original Press Release
WorkFusion Releases Crowd-Powered Automation
Press release date: June 19, 2014
Four years in training, WorkFusion's machine learning algorithms now use crowdsourced workers to re-teach themselves when sources change.
NEW YORK -- WorkFusion, the leading enterprise crowd computing platform, today released the first crowd-powered automation system for the financial services industry. Frequent changes of data source formats break traditional automation tools, but WorkFusion's platform detects changes and automatically engages crowdsourced workers to perform data extraction tasks to re-train automation algorithms. This technology will be used by WorkFusion's data vendor and financial institution customers to build and refresh information products and to comply with data-intensive regulations.
"Automation is great if nothing changes," said Tom Glocer, former CEO of Thomson Reuters and an advisor to and investor in WorkFusion. "But regulations are constantly evolving, and source files change all the time. Financial businesses may invest months or even years of effort and millions of dollars to build an algorithm that just one of these changes can break. WorkFusion has built a solution to this problem."
Common applications of WorkFusion in the financial industry include reference data, corporate actions, and compliance work such as FATCA, LEI, and EMIR. With time, WorkFusion's product team believes this kind of work will approach a "set-it-and-forget-it" level of automation through their crowd-powered automation system.
The pairing of machine learning with crowdsourced workers has always been WorkFusion's focus. From the start, WorkFusion's customers were able to programmatically source, train, and quality-control global crowdsourced workers to perform a wide variety of knowledge work. "Crowd-powered automation was an important leap for us and for our customers," said WorkFusion CEO, Max Yankelevich. "It was our vision to truly unleash the power of machine learning for our customers, and with this release we have achieved that vision."
WorkFusion is the leading software-as-a-service (SaaS) crowd computing platform. WorkFusion transforms knowledge work by using machine learning to integrate and manage automation tools, crowdsourced workers, and employees (ACE) on web-based workflows. Over time, WorkFusion's machine learning automates more repetitive tasks, freeing human workers to focus on higher value work. WorkFusion helps enterprise customers increase workforce scale, elasticity, productivity and efficiency and lowers the barriers to innovation. Born out of MIT research in 2010, WorkFusion is a privately held company headquartered in New York City. For more information, visit www.workfusion.com.