In this section we cover news, insights and trivia about Intelligent Document Processing (IDP), share interesting articles, upcoming webinars, events and more.
What we cover in this week’s recap:
🗞️News:
ABBYY wins “Best IDP Solution”, Mindee wins “Best Handwriting Recognition Solution”, and Evolution AI wins “Best Machine Learning Company” in 2024 AI Breakthrough Awards IDP vendor ABBYY has announced that Vantage, its Intelligent Document Processing solution has won “Best IDP Solution” in the 2024 AI Breakthrough Awards. In the annual AI Breakthrough Awards, marketing intelligence organization AI Breakthrough recognizes the world’s most innovative companies, technologies and products in the AI industry. Steve Johansson, managing director at AI Breakthrough, explained why ABBYY Vantage was selected as the best IDP solution: “Vantage empowers developers and business users to easily train AI models for specific needs. Documents – from invoices to claims processing to logistics – are at the heart of businesses’ core processes. Relying on employees to manually enter this data is error-prone, inefficient, expensive, and can result in employee burnout, ultimately damaging customer experience. The Vantage platform makes today’s digital worker and processes smarter and empowers the new citizen developer to accelerate digital transformation initiatives and expand automation to new processes in a fast and simple way, making an immediate impact on business results and customer experience.” Mindee, the developer platform for AI document processing, has announced that it has won “Best Handwriting Recognition Solution” in the AI Breakthrough Awards. Mindee’s Handwritten Receipt Processing API enables handwritten text recognition on all receipts worldwide, and offers solid performance based on the latest research in deep learning and computer vision. Jonathan Grandperrin, CEO of Mindee, commented: “Receiving the ‘Best Handwriting Recognition Solution’ award highlights the impact of our significant R&D investments. We’ve built a team of machine learning experts pushing the boundaries of AI to provide leading document process automation to global businesses.” As a side note, stay tuned for Jonathan Grandperrin’s opinion piece coming in July for insights on the key factors that should be considered when choosing an Intelligent Document Processing solution. IDP vendor Evolution AI has won AI Breakthrough’s “Best Machine Learning Company”.
Datamatics achieves ISO 42001:2023 certification for Artificial Intelligence Management Systems (AIMS) IDP provider Datamatics has announced that it has been certified with ISO 42001:2023. This is the first international standard on Artificial Intelligence Management Systems (AIMS) that provides a well-defined path and structured method for managing AI initiatives, focusing on risk mitigation and process efficiency. Having achieved ISO 42001:2023 certification, as one of the first to do so globally, Datamatics is able to integrate robust AI management protocols across client services, internal implementation, and product innovation. Rahul Kanodia, Vice Chairman and CEO of Datamatics, commented: “Achieving the ISO 42001:2023 certification is a testament to our excellence in AI solutions. It also demonstrates our commitment to responsible and ethical AI, transparency, and continuous learning. This certification will help our customers manage risks and opportunities associated with AI while balancing innovation with governance for their enterprises.”
Instabase partners with Rocket Mortgage to enhance loan approvals IDP vendor Instabase has announced a partnership with Rocket Mortgage. The retail mortgage lender is using the Instabase platform to help automate the extraction of key data to accelerate the lending process. Clemens Mewald, Head of Product at Instabase, commented: “We’re thrilled to partner with Rocket Mortgage that is constantly challenging the status quo for something as important as homeownership. We are proud to offer cutting-edge AI solutions to our partners that can be applied to improve efficiencies, like extracting data to save hours of time for mortgage loan officers and underwriters.”
HuLoop Automation releases latest version of its platform AI-powered intelligent automation provider HuLoop Automation has announced the latest version (v6) of its Unified Automation Software Platform. New features include cognitive OCR, which enables the identification and extraction of fields containing Personally Identifiable Information (PII), custom words and synonyms from documents and images. These features allow users to efficiently identify, extract and securely redact PII and custom words, ensuring data privacy and regulatory compliance, while enabling faster and easier setup around Intelligent Document Processing. Todd P. Michaud, CEO at HuLoop, explained: “Our new v6 software platform furthers HuLoop’s commitment to no-code automation that can easily be created by business and technical users alike, as well as the importance of human governance in the automation process. In addition, this release underscores our focus on continually improving adherence to privacy, security and compliance standards. With the release of v6, HuLoop is accelerating our innovation with additional product capabilities, including new Generative AI capabilities, a highly scalable autonomous server agent, and a more user-friendly way of creating, importing, and managing reusable components to speed up the creation of automations.”
Rossum jumps from 99th to 13th place in Sifted’s 2024 B2B SaaS Rising 100 report IDP vendor Rossum has announced that it has once again been included in Sifted’s 2024 B2B SaaS Rising 100 report. Sifted has compiled a longlist of almost 1,000 applicable startups headquartered in Europe or Israel that meet the criteria: They were founded in 2017 or later, have an estimated minimum valuation of $100 million and a maximum valuation of $999 million, closed a funding round in or after 2018, and are private and independent. After Rossum was ranked 99th last year, the IDP vendor made a big leap to 13th place this year.
Parashift enters into two new technology partnerships: With JobRouter and with CheckHub IDP vendor Parashift has announced two new technology partnerships. The partnership with digital process automation platform JobRouter aims to combine the strengths of both companies by integrating Parashift’s IDP solution into the JobRouter platform to deliver next-gen IDP capabilities to a broader audience. Axel Ensinger, Co-CEO of JobRouter, explained: “In general, solutions for digitalizing the workplace need to be ready for use faster and easier for the end user. At the same time, the focus should be on seamless data exchange between software to enable end-to-end automated processes. With our low-code approach, flexible interfaces, and cloud availability, we are continuously working towards this goal. In Parashift, we have found a partner who shares and promotes these quality standards. We expect this collaboration to significantly improve our document workflows.” The second technology partnership with CheckHub, a SaaS platform specializing in simplifying document capture and validation for onboarding processes, integrates Parashift’s IDP solution with CheckHub’s platform to improve document processing efficiency across multiple industries. Stefan Wagner, Head Partner Management at Parashift, commented: “We are excited to partner with CheckHub and integrate our AI-driven document processing solution with their intuitive platform. This collaboration will enhance the efficiency and accuracy of document management and onboarding processes. We look forward to setting new industry standards and delivering exceptional value to our clients through this partnership.”
🎧Podcast:
What do real-world applications of AI look like? Watch this 46-minute podcast with Maxime Vermeir, Senior Director of AI Strategy at ABBYY, and Daniel Kennelly, Intelligent Automation Manager and RPA & IDP Lead at Ciklum, for insights into real-world applications of AI, including IDP and GenAI, and what the next few months of AI development might look like.
💻On-demand Webinar:
Infosource 2024 Capture & IDP Conference, virtual session 1 Watch the first of six virtual sessions from this year’s 2024 Capture & IDP Conference by analyst firm Infosource. Watch the first of six virtual sessions at this year’s 2024 Capture & IDP Conference from analyst firm Infosource. In 45 minutes, Ralph Gammon, Senior Analyst at Infosource, discusses Infosource’s recently launched 2024 Global Capture & IDP Vendor Matrix and provides insights into the development of the market.
💡Opinion:
Curious about what keeps experts, CEOs and other decision-makers in the Intelligent Document Processing space on their toes? Discover insightful opinion pieces from thought leaders in the IDP industry, including ‘Leveraging Large Language Models for Secure Document Processing: Challenges and Alternatives’ by Ben Cheng, Founder and CEO at FormX.ai, or ‘Unlocking the Full Potential of Document Understanding’ by Bastiaan de Goei, Director of Growth Marketing at Instabase, or ‘The 4 Waves of IDP: an unstoppable AI tide’ by Dan Lucarini, Senior Analyst at Deep Analysis, or ‘Forget Standardization—Pursue Actionable Data’ by Harald Collet, Co-Founder and CEO Alkymi, and many more.
📆Upcoming Events (mostly in-person):
June 24-26, 2024: Intelligent Automation Week in Dallas, US Intelligent Automation Week will provide insights into the latest intelligent automation trends for business growth in 2024, including GenAI, automation, cost reduction, and improved experiences.
August 12-14, 2024: Ai4 in Las Vegas, US Ai4 is North America’s largest AI industry event and will focus on the latest applications, the state of GenAI and best practices shaping the future of AI.
📌Find more upcoming events in the Intelligent Document Processing space here.
Thanks for reading and see you next week!
📨Get IDP industry news, distilled into 5 minutes or less, once a week. Delivered straight to your inbox ↓
