The idea for EncompaaS came to its chief executive Jesse Todd through his direct experience of the massive challenges financial institutions face when it comes to compliance and managing huge amounts of highly sensitive data.
The issues involve complying with high levels of regulation around this data to ensure it is properly protected and private, while using the data to make better decisions for the benefit of customers.
That led to the creation of EncompaaS, a software-as-a-service platform targeted at companies working in highly regulated industries and helping them to rapidly mitigate compliance and privacy risks while also unlocking the full potential of the data they hold.
The goal of the company is to shift data from being a risk to these companies to something that is a valuable commodity.
“The EncompaaS platform leverages AI technologies to discover, enrich and organise structured, unstructured and semi-structured data into a normalised, high-quality foundation,” Mr Todd told InnovationAus.com.
“This enables automated governance at scale, ensuring that information is de-risked and ready to fuel upstream processes, including the adoption of generative artificial intelligence.”
EncompaaS is a finalist in the InnovationAus 2024 Awards for Excellence in the AI Industry Pioneer category. You can secure your tickets to the black-tie event here. The AI Industry Pioneer category is sponsored by the National Artificial Intelligence Centre.
EncompaaS’s target markets are companies operating in highly-regulated industries such as financial services, healthcare, government and pharmaceuticals. These are sectors that deal with highly sensitive data and have high risks associated with their operations, contributing to the regulations around them.
The NSW-based company has also partnered with Microsoft’s Azure OpenAI service and other AI services based on specific use cases.
“We dynamically leverage the latest AI and machine learning technologies while maintaining flexibility and platform agnosticism,” Mr Todd said.
“This ensures that our solutions remain adaptable and effective in addressing the evolving needs of the enterprises we serve.
“Our unique value proposition lies in our technology-agnostic approach. We recognise that AI services will continue to evolve, with new options emerging rapidly. EncompaaS is designed to adapt, allowing our customers to seamlessly connect their data with the latest services to extract value, without exposing the enterprise to additional risk.”
The EncompaaS platform has been adopted by a leading US pharmaceuticals manufacturer to assist with automating the extraction, analysis and visualisation of rebate contract data. This helped the company to establish an accurate, repeatable process that removed the need for the manual identification and extraction of contract data.
“Most importantly, it also enabled the organisation to assess with accuracy the performance of vendors and the net effect of rebates on a drug’s revenue,” Mr Todd said.
It has also been used in an Australian government department as part of its manage-in-place information strategy. Using EncompaaS, this department used AI-powered metadata discovery across its information storage sites, and then transformed this data into insightful dashboards.
Another use case for its platform was with a global UK-based insurer, which was facing an issue of redundant, obsolete and trivial data. The tech helped the company to discover unknown data, classify it and then delete unnecessary data in a way that maintained compliance with the relevant regulations.
“This has enabled the insurer to significantly reduce organisational risk and storage costs,” Mr Todd said.
“Furthermore, they are now able to understand and manage their unstructured data in line with information management and governance policies.”
Mr Todd said being named a finalist in the InnovationAus 2024 Awards for Excellence is validation for the work the company is doing.
“Being nominated for this award is a proud recognition of EncompaaS’s mission to build the world’s leading information management platform,” he said.
“We are honoured to be recognised for our efforts in allowing businesses to make informed data-driven decisions and confidently step into the future.
“This award nomination inspires us to continue delivering solutions that elevate information as the driving force behind innovation and business success.”
Looking for brand exposure in front of Australia’s tech ecosystem? Purchase a table of 10 for the InnovationAus 2024 Awards for Excellence and have your logo displayed on screens across the venue and in the event programme as a ‘Table Sponsor’.
The InnovationAus 2024 Awards for Excellence are supported by: Australian Computer Society, Investment NSW, Department of Industry, Science and Resources, Technology Council of Australia, TechnologyOne, National Artificial Intelligence Centre, CSIRO’s ON Innovation Program, Reason Group, Q-CTRL, University of New South Wales, and IP Australia.
Protecting your great ideas with intellectual property (IP) rights can lead to lasting benefits for your growing business. IP refers to creations of the mind, such as a brand, logo, invention, design or artistic work. Head to the IP Australia website to find out more about IP, and how it might help your business.
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