Deloitte LLP is the UK member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence.
Deloitte has one of the largest Forensic practices in the world with over 1400 dedicated practitioners in over 30 countries. Their services are increasingly sought by companies and lawyers who require detailed investigations to be undertaken or disputes to be resolved. The Forensic group includes forensic accountants, legal and law enforcement specialists, and business intelligence experts. Their teams use state-of-the-art forensic technology to ensure that data is handled with maximum efficiency.
Due to the nature of eDiscovery work, forensic analysts must work with many kinds of documents and file types. Their job is to comb through this data and select the appropriate documents in order to respond to litigation and compliance demands, for example. Doing so manually is both time-consuming and prone to human error and therefore electronic systems, such as eDiscovery software, are employed to simplify this important task.
Very often, the documents that Deloitte’s Forensics group deals with are image-only files, such as scanned PDFs, jPGs, tiFFs and GiFs. Although humans are able to read the content of these documents on a screen, computers are incapable of reading the content, as it is “trapped” in an unsearchable, non-editable format. To make full use of an eDiscovery’s capabilities documents must first be converted into a searchable format by using optical character recognition (OCR) technology. In order to handle large volumes of files and to automate the oct process the Forensics group decided to deploy ABBYY recognition Server.
ABBYY recognition Server, recently awarded Document Manager Magazine’s Product of the Year, is a centrally managed OCR service that helps large organisations automate their document capture and archiving processes. The easy-to-use server-based solution makes setup and operation in unattended mode simple, with no need for training. It can also connect with a variety of back-end systems and third-party applications, integrating via a web-service Api or a coM-based APi. The functionality can also be extended with Scripts and XML tickets.
After comparing multiple products, Deloitte chose recognition Server because of its conversion speed and scalability. Multi-language recognition was another consideration and the solution more than met this criteria with its 190, including major european, Asian and cyrillic-character languages. Through put was a final consideration, as the team experiences spikes in volume of up to 1000 documents per hour.
“To extend the capabilities of our eDiscovery suite we needed a scalable OCR solution that could quickly handle a large volume of files.”
Gearoid O’Laoithe, Forensic Technology Senior Manager
With the new seamless solution, documents in the eDiscovery suite that are not searchable are identified and then exported to a watched folder. According to user-defined rules, ABBYY recognition Server grabs each job, performs OCR on the image files and then creates a fully searchable text file. That file is sent back to the suite so that it can be searched for relevant words or text passages. The solution vastly improves the process for Deloitte, reducing the manual work and the amount needed to search through content to a minimum.
About ABBYY UK Ltd.
ABBYY UK is a member of the ABBYY Group and supports sales and marketing activities in Western Europe. ABBYY is a leading provider of document recognition, data capture, and linguistic technologies and services. Its products include the ABBYY FineReader line of optical character recognition (OCR) applications, ABBYY FlexiCapture line of data capture solutions, ABBYY Lingvo dictionary software, and development tools. ABBYY offers Professional Services to help customers implementing business solutions based on ABBYY’s products. Paper-intensive organizations from all over the world use ABBYY solutions to automate time- and labour-consuming tasks and to streamline business processes. ABBYY products are used in large-scale government projects such as those of Australian Taxation Office, Lithuanian Tax Inspectorate, Ministry of Education of Russia, Ministry of Education of Ukraine, and Montgomery County Government of the USA. Companies that license ABBYY technologies include BancTec, Canon, EMC/Captiva, Hewlett-Packard, KnowledgeLake, Microsoft, NewSoft, Notable Solutions, Samsung Electronics and more. ABBYY OCR applications are shipped with equipment from the world’s top manufacturers such as Epson, Fujitsu, Fuji Xerox, Microtek, Panasonic, Plustek, Toshiba, and Xerox. ABBYY is headquartered in Moscow, Russia, with offices in Germany, the UK, the United States, Canada, Ukraine, Cyprus, Australia, Japan and Taiwan. More information at www.ABBYY.com
Oil set for steady gains as economies shake off pandemic blues – Reuters poll
By Sumita Layek and Bharat Gautam
(Reuters) – Oil prices will stage a steady recovery this year as vaccines reach more people and speed an economic revival, with further impetus coming from stimulus and output discipline by top crude producers, a Reuters poll showed on Friday.
The survey of 55 participants forecast Brent crude would average $59.07 per barrel in 2021, up from last month’s $54.47 forecast.
Brent has averaged around $58.80 so far this year.
“Travel and leisure activity look set to catch up to buoyant manufacturing activity due to the mix of stimulus, confidence, vaccines, and more targeted pandemic measures,” said Norbert Ruecker of Julius Baer.
“Against these demand dynamics, the supply side is unlikely to catch up on time, leaving the oil market in tightening mode for months to come.”
Of the 41 respondents who participated in both the February and January polls, 32 raised their forecasts.
Most analysts said the Organization of Petroleum Exporting Countries and allies (OPEC+) may ease current output curbs when they meet on March 4, but would still agree to maintain supply discipline.
“With OPEC+ endeavouring to keep global oil production below demand, inventories should continue falling this year and allow prices to rise further,” said UBS analyst Giovanni Staunovo.
Oil demand was seen growing by 5-7 million barrels per day in 2021, as per the poll.
However, experts said any deterioration in the COVID-19 situation and the possible lifting of U.S. sanctions on Iran could hold back oil’s recovery.
The poll forecast U.S. crude to average $55.93 per barrel in 2021 versus January’s $51.42 consensus.
Analysts expect U.S. production to rise moderately this year, although new measures from U.S. President Joe Biden to tame the oil sector could curb output in the long run.
“A structural shift away from fossil fuels” may prevent oil from returning to the highs of previous decades, said Economist Intelligence Unit analyst Cailin Birch.
(Reporting by Sumita Layek and Bharat Govind Gautam in Bengaluru; Editing by Arpan Varghese, Noah Browning and Barbara Lewis)
Japan’s jobless rate seen up in January due to COVID-19 emergency measures – Reuters poll
TOKYO (Reuters) – Japan’s jobless rate is expected to have edged up in January as service industry businesses suffered renewed restrictions on movement to fight spread of the coronavirus in some areas, including Tokyo, a Reuters poll of economists showed on Friday.
While industrial production activity picked up in Japan, emergency curbs rolled out last month such as asking restaurants to close early and suspending the national travel campaign hurt the jobs market, analysts said.
The nation’s unemployment rate likely rose 3.0% in January, up from 2.9% in December, the poll of 15 economists found.
The jobs-to-applicants ratio, a gauge of the availability of jobs, was seen at 1.06 in January, unchanged from December, but stayed near September’s seven-year low of 1.03, the poll showed.
“As the impact from the coronavirus pandemic prolongs, it is hard for firms, especially the service sector, to expect their business profits to improve,” said Yusuke Shimoda, senior economist at Japan Research Institute.
“So, their willingness to hire employees appear to be subdued and it is difficult to see the jobs market recovering soon.”
Some analysts also said the government’s steps to support employment and existing labour shortages will likely prevent the jobless rate from worsening sharply.
The government will announce the labour market data at 8:30 a.m. Japan time on Tuesday (2330 GMT Monday).
Analysts expect the economy to contract in the current quarter due to the emergency measures to counter the spread of the disease.
(Reporting by Kaori Kaneko; Editing by Simon Cameron-Moore)
China’s economy could grow 8-9% this year from low base in 2020 – central bank adviser
BEIJING (Reuters) – China’s gross domestic product (GDP) could expand 8-9% in 2021 as it continues to rebound from the COVID-19 pandemic, Liu Shijin, a policy adviser to the People’s Bank of China, said on Friday.
This speed of recovery would not mean China has returned to a “high-growth” period, said Liu, as it would be from a low base in 2020, when China’s economy grew 2.3%.
Analysts from HSBC this week forecast that China would grow 8.5% this year, leading the global economic recovery from the pandemic.
If 2020 and 2021’s average GDP growth is around 5%, this would be a “not bad” outcome, said Liu, speaking at an online conference.
China is set to release a government work report on March 5 which typically includes a GDP growth target for the year.
Last year’s report did not include one due to uncertainties caused by the coronavirus. Reuters previously reported that 2021’s report will also not set a target.
(Reporting by Gabriel Crossley and Muyu Xu; Editing by Sam Holmes and Ana Nicolaci da Costa)
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