DataSnipper, an intelligent automation platform that is revolutionizing audit and finance, has acquired UpLink, an AI-native secure document request portal housed in the cloud, as part of its initiative to enhance the Audit Ecosystem, and has introduced DocuMine, a new AI-powered document validator.
The acquisition advances DataSnipper’s objective of creating an extensive audit ecosystem driven by AI and having an international reach. It comes after Index Ventures led DataSnipper’s $100 million Series B fundraising, which raised $1 billion for the company.
Due to the overwhelming amount of unstructured data, auditors spend about 60% of their time on duties involving documents. Time spent looking and studying reduces output, causes burnout, and increases the risk of making important errors. UpLink and DocuMine, two of DataSnipper’s newest products, take on audit complexity head-on by turning documents into real-time insights.
Large language models (LLMs) and sophisticated algorithms enable them to automate data analysis and document processing, moving the emphasis from discovering data to acting on it. By radically cutting down on the amount of time spent on manual labor and freeing up teams to concentrate on more strategic work, these technologies will transform audit workflows and maintain auditors in complete control. This change will also boost productivity and open the door to a more intelligent, forward-thinking audit and finance environment.
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One of the biggest obstacles in the audit process is the gathering, reviewing, and testing of documents. UpLink’s AI-native portal enables users to quickly extract insights from large volumes of client documents. As soon as users submit hundreds of documents, auditors can use it to search through them and query them to get real-time insights. UpLink’s use of AI to frontload the audit workflow speeds up the process and transfers the auditors’ focus from finding solutions to verifying them, thereby decreasing manual labor and enhancing precision. Since the integration is part of the DataSnipper ecosystem, audit teams can oversee the entire process as client documents are received in real time and managed through a streamlined, unified workflow.
DataSnipper is unveiling DocuMine, an advanced AI-driven tool, in conjunction with the UpLink acquisition. DocuMine allows auditors to mine, analyze, and validate enormous numbers of Excel documents.
Moreover, with the help of DocuMine, auditors may concentrate on higher-value duties like strategic decision-making by automatically validating crucial data. The focus is shifted from manually searching for crucial information to instantaneous data verification, guaranteeing prompt and accurate analysis and confirmation of audit evidence.
CEO’s Thoughts:
Vidya Peters, CEO of DataSnipper, said:
“The combination of UpLink and DocuMine will future-proof the audit value chain, providing time-saving and deeper insights at every stage – be it in Excel or the cloud-based Prepared by Client (PBC) portal. We give auditors time back to focus on more strategic work by introducing AI earlier in the process.”
UpLink CEO Alex Maher stated:
“The audit business is undergoing a revolution because of generative AI, which allows our clients to finish engagements twice as quickly while still producing results and insights that are noticeably better. Teams can never go back to the traditional methods of working after they’ve experienced the power of UpLink. We can push the limits of AI-driven efficiency even further by being a part of DataSnipper’s ecosystem, giving audit and finance professionals more value.”