ABBYY’s redesigned Marketplace consists of an extensive library of AI document capabilities that simplifies deployment, meets the growing demand from organizations for the high-quality data required to effectively leverage large language models (LLMs), and also supports the use of retrieval-augmented generation (RAG) systems with ABBYY Vantage, ABBYY’s Intelligent Document Processing (IDP) platform.
ABBYY, a leading provider of intelligent process automation solutions, including Vantage, its Intelligent Document Processing (IDP) platform, announced May 15, 2024, that it has redesigned its Marketplace. The revamped Marketplace, with its AI document skills, is designed to meet the growing demand from organizations for the high-quality data required to effectively leverage large language models (LLMs). It also aims to support users of retrieval-augmented generation (RAG) systems with skills that act as a user guide for AI models, helping them to reference specific data in their knowledge base instead of generating their own responses, which may be prone to hallucination.
The redesigned ABBYY Marketplace, with contributions from ABBYY itself and its network of global partners, is an online library of purpose-built AI assets (pre-trained AI extraction models) designed to feed quality data to LLMs and RAG systems, extending the capabilities of the ABBYY Vantage IDP platform for highly accurate and efficient extraction of data from documents.
Amy Machado, Senior Research Manager at market intelligence firm IDC, explained the increasing adoption of RAG systems: “Retrieval-augmented generation (RAG) is making enterprise adoption of generative AI more feasible and practical by augmenting LLMs with enterprise data. Integrating Intelligent Document Processing with LLMs and generative AI optimizes results by enabling more reliable outputs that are aware of organizations’ specific contexts. Using pre-trained models like those in the ABBYY Marketplace empower businesses and developers to harness GenAI’s capabilities without extensive in-house development efforts.”
Bruce Orcutt, Chief Marketing Officer at ABBYY, explained: “The redesigned Marketplace helps accelerate the conversion of company knowledge to structured and highly accurate formats. This caters to enterprise innovation leaders, developers and partners who want as much flexibility, efficiency, and accuracy as possible to quickly deploy pre-built solutions for their specific business use cases out of the box.” He further explained: “RAG in particular is experiencing a rapid increase in adoption by enterprises as a means to optimize the output of LLMs. We believe this allows businesses to take the next step towards maturity in LLM use cases. We’re excited to support these initiatives through ABBYY Marketplace and ABBYY Vantage so they can be leveraged in critical processes regardless of document type, format, language, or structure. Combined with the largest library of document models available in the market, ABBYY sets itself apart to enable customers to fuel their data needs.”
ABBYY was recently ranked as a Leader by market research firm Everest Group in its Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2024. In addition, this year, for the first time, Everest Group also included a bank-specific IDP assessment and an insurance-specific IDP assessment, recognizing ABBYY as a “Major Contender” in both categories.
Headquartered in Milpitas, California, ABBYY offers a wide range of intelligent process automation solutions, including Process Intelligence, Accounts Payable automation and ABBYY Vantage, its Intelligent Document Processing (IDP) platform.
You can find the full press release here.
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