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:
MuleSoft announces general availability of MuleSoft Intelligent Document Processing Software company MuleSoft has announced the general availability of MuleSoft IDP. The solution offers pre-configured templates for documents such as purchase orders and invoices, reducing setup time and eliminating the need for lengthy document training. In addition, users can incorporate human-in-the-loop reviews that ensure improved governance and accuracy of LLM-generated results. With MuleSoft IDP, the extracted data can then be seamlessly integrated into Salesforce Flow, MuleSoft Anypoint Platform or MuleSoft RPA, enabling end-to-end process automation. Mithun S., Strategic Account Director at MuleSoft, commented: “We’re thrilled to announce the general availability of MuleSoft Intelligent Document Processing (IDP)! This marks a significant leap toward realising our vision of a fully connected, end-to-end automation platform. With MuleSoft IDP, teams can harness the power of AI to effortlessly extract and organize data from unstructured documents. This enables seamless integration with downstream systems, streamlining processes like budget reconciliation, order fulfillment, and supplier onboarding.”
Following its acquisition by Duco, Metamaze is now known as Duco adaptive IDP Formerly known as Metamaze, the IDP vendor has announced that following its acquisition by SaaS provider of AI-powered data automation Duco in February, it is now officially known as Duco adaptive IDP. The IDP vendor wrote: “This is not the end of the journey – it’s just the beginning. We’re so excited to see what’s possible now we’re combining our AI capabilities with Duco’s enterprise data automation platform.” After the acquisition in February, Michael Chin, Duco’s CEO, explained: “Combining Duco’s and Metamaze’s capabilities and expertise fundamentally changes how firms deploy AI in their operations. Our customers will now be able to bring together all unstructured and structured data in a single platform and manage it through its full lifecycle. They can avoid point solutions and automate the biggest time wastes, such as manual data entry, manual data validation and reconciliation. This is highly transformative for areas like post-trade operations in financial services, which remains under-automated to this day. It is a massive step forward towards Duco’s vision of reducing the time spent on data related work in operations and finance teams by 90%.”
TCG Process and Blanc Labs join forces to deliver intelligent workflow automation to financial institutions Intelligent process automation company TCG Process has announced that it has partnered with fintech automation solutions provider Blanc Labs. Through this partnership, Blanc Labs will leverage TCG Process’ DocProStar platform, which includes Intelligent Document Processing, to improve lending operations for mid-tier banks, credit unions and other mortgage origination and servicing providers in Canada. Hamid Akbari, CEO of Blanc Labs, explained: “The use of technologies like DocProStar and our Kapti platform can greatly improve compliance, increase customer retention, reduce servicing cost, and boost revenue in the lending sector. Our deep expertise in lending technologies, and especially intelligent processing of mortgage documents, enhances our role as a transformation partner.”
Planet AI and Bechtle expand AI ecosystem in Rostock IDP vendor Planet AI has announced that it will be expanding its AI footprint in Rostock together with IT provider and majority stakeholder of the company Bechtle. The proximity to the University of Rostock, with which Planet AI has been working closely for years (more than half of the 50 employees at the IDP vendor are graduates of the University of Rostock), speaks in favor of establishing Bechtle’s central AI innovations hub there. Jesper Kleinjohann, former COO at Planet AI and CEO since Bechtle acquired a majority stake of the company last October, also came to Rostock as a student. What’s more, the mathematician even wrote his thesis on neural networks at Planet AI, which underlines the company’s close collaboration with the University of Rostock over several years. Jesper Kleinjohann commented: “Our close partnership with the University of Rostock’s CITlab has proven itself over the years, not only with the many successful projects we’ve collaborated on, but also in terms of recruiting the best talents for our diverse and ever-growing team.”
SER joins the AWS ISV Accelerate Program Enterprise content management provider SER has announced that it has joined the Amazon Web Services (AWS) Independent Software Vendor (ISV) Accelerate Program. This enables SER customers to benefit from the agility, lower costs and modern infrastructure of AWS cloud offerings. Furthermore, AWS customers will benefit from the availability of SER’s AI-powered ECM platform Doxis, which includes Intelligent Document Processing capabilities, on the AWS Marketplace. Dr. John Bates, CEO of SER, commented: “After many years of working successfully with the AWS team delivering AI-powered SaaS solutions to leading global brands, we are thrilled to further strengthen this relationship as a member of the AWS ISV Accelerate program. This strategic alliance will empower us to help many more customers to move to the cloud, modernize their document management and automation with AI, and benefit from higher agility, lower costs and a powerful infrastructure.”
Instabase and Burnie Group join forces to apply cutting-edge AI IDP vendor Instabase has announced that it has partnered with management consulting firm Burnie Group. Through this partnership and Instabase’s generative AI capabilities, the two companies will enable their customers to achieve better insights and increased efficiency when processing complex, unstructured data sets across various industries. Chris Maertz, Head of Partnerships at Instabase, commented: “We’re thrilled to partner with a market leader, like the Burnie Group, who is constantly challenging the status quo in the industry. Together we are applying the most cutting edge AI to solve highly complex business use cases across industries, enabling our respective customers to execute on their transformation strategies with far greater speed and efficiency than was previously possible.”
Deep Analysis publishes new Vendor Vignettes, including early-stage IDP provider Reshape AI Analyst firm Deep Analysis has published five new Vendor Vignettes, their short vendor reports that focus on technology product innovations. In the latest reports (available to subscribers), Deep Analysis also takes a closer look at Reshape AI, an upcoming IDP provider (founded in June 2023) that “stands out with its impressive ability to totally eliminate the need to code when building enterprise-grade document-centric workflow activities”.
💡Opinion:
Can IDP achieve 100% accuracy? Yes and no. Read the latest opinion piece by Tomas Gogar, Co-Founder and CEO at IDP vendor Rossum, in which he writes about whether IDP can ever achieve 100% accuracy, whether the pursuit of 100% accuracy should even be the sole focus, and what the perfect IDP solution might look like.
🎥Upcoming Webinar:
May 22, 2024: From expertise to AI: bridging the knowledge gap in insurance underwriting Register for this webinar hosted by IDP vendor Indico Data. Join Indico’s CEO Tom Wilde and President of the Swiss InsurTech Hub, Silvia Signoretti, and Senior Director of Insurance Worldwide at Microsoft, Naveen Dhar, to gain insights into key considerations for insurers as more than a third of the underwriting staff is set to retire over the next five years and insurers begin to use AI to increase efficiency and expand underwriting capacity.
📆Upcoming Events (mostly in-person):
May 14-16, 2024: 24th Annual Shared Services & Outsourcing Week (SSOW) Europe in Lisbon, Portugal This event will focus on the challenges of shared services at different maturity levels, with more than 90 of the most experienced Shared Services and Global Business Services executives.
May 20-22, 2024: Document Strategy Forum (DSF ’24) in Boston, US This event will focus on content management, customer communications and customer experience strategies and includes 10 dedicated Learning Pods focusing on the Evolution of AI, Charting CCM Maturity, 4th Wave of IDP, Future of Forms, Investing in the Total Experience, Practical Document Management and much more.
📌Find more upcoming events in the Intelligent Document Processing space here.
See you next week!
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