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:
Polish Intelligent Document Processing vendor Alphamoon is acquired by Box, the Intelligent Content Cloud
Box, the Intelligent Content Cloud, has announced the acquisition of Polish Intelligent Document Processing vendor Alphamoon. Alphamoon was founded in 2017 by Adam Gonczarek, Michal J. Walczak, Michał Staśkiewicz and Paweł Świątek. In 2021, Norbert Raus joined the IDP vendor as Co-Founder and CPO before being appointed CEO in January 2023. With this acquisition, Norbert Raus will join Box as Director of Product. With this strategic acquisition, Box aims to enhance the power of Box AI to automate document-related tasks and extract valuable metadata from key business content across a variety of industries. Once fully integrated into Box, the company expects Alphamoon’s IDP technology to further expand the capabilities of the Box AI platform. Aaron Levie, Co-Founder and CEO of Box, commented: “We are entering a new era of Intelligent Content Management and this acquisition represents a pivotal moment in our mission to revolutionize how enterprises derive value from their content. By integrating Alphamoon’s cutting-edge AI technology with Box AI, and bringing the talented Alphamoon team to Box, we’re poised to address the longstanding challenges of metadata creation at scale and empower our customers with unprecedented new automation capabilities.” Diego Dugatkin, CPO of Box, added: “Alphamoon’s technology is truly next-level. They’ve cracked the code on combining state-of-the-art large language models (LLMs) with their own proprietary OCR and document processing tech. The result? A powerhouse solution that can intelligently structure documents at scale like never before.” Alan Pelz-Share, Founder and principal analyst at analyst firm Deep Analysis, commented in TechCrunch: “Unstructured data — PDFs, for example — are designed for humans to read them, not machines. So, in that regard, IDP is not just about capturing an invoice and processing it. It’s about converting all the unstructured files and making them ‘AI ready’. And Box has a huge amount of data ready to be leveraged on its platform. So for me, this, in the short term, fills a gap, but in the long term gives them the opportunity to become an AI-first content platform.” Financial terms of the deal were not disclosed.
Iron Mountain announces the availability of its InSight Digital Experience Platform, which includes Intelligent Document Processing capabilities
Information management services provider Iron Mountain has announced the availability of its InSight Digital Experience Platform (DXP). InSight DXP, a modular SaaS platform, provides IDP capabilities to extract, classify and enrich information quickly and accurately. This enables customers to quickly transform physical and digital unstructured information into structured, actionable data that they can use in their integrated business applications and as the basis for their AI initiatives. Narasimha Goli, SVP, CTO and CPO of Iron Mountain, commented: “We are thrilled to introduce InSight DXP, our next-generation SaaS platform, which is the foundation for AI-readiness. InSight DXP transforms your information – whether physical or digital, structured or unstructured – from unrealized potential to actionable power. This innovative platform empowers businesses to harness the full capabilities of their data, driving intelligent decisions and unlocking new growth opportunities.”
Deep Analysis with new Vendor Vignettes, including from IDP provider Tungsten Automation and Cognaize
Analyst firm Deep Analysis has announced the availability of new research in the form of Vendor Vignettes, their short vendor reports that focus on technology product innovations. In the latest reports (available to subscribers), Deep Analysis takes a closer look at IDP vendors Tungsten Automation and Cognaize. On Tungsten Automation, Deep Analysis wrote: “Tungsten has joined the ranks of 4th Wave IDP software with a well-thought-out AI product plan for its customer base.” And about Cognaize: “We liked Cognaize’s focus on training its AI models for financial document understanding and its fanatical dedication to keeping human experts in the AI loop.” You can access the full reports here.
ProcessMaker appoints Krishna Vallabhaneni as Chief Financial Officer to further drive its growth in the business process automation market
Business process automation and Intelligent Document Processing solutions provider ProcessMaker has announced the appointment of Krishna Vallabhaneni as Chief Financial Officer (CFO), effective immediately, to further drive the company’s growth in the business process automation market. Krishna Vallabhaneni brings more than fifteen years of experience in high technology start-ups and enterprises and has held senior finance positions at United Airlines, EY, Revel Systems and CLEAR, among others. He joins ProcessMaker from GRIN, where most recently served as Vice President of Finance. Krishna Vallabhaneni commented on his new role: “I am very excited to join ProcessMaker, a trusted market leader that helps organizations achieve new levels of operational efficiency through the power of BPA. I am impressed by the company’s track record to date, its award-winning innovation, and the team’s commitment to excellence. I look forward to partnering with Alex and the ProcessMaker team to deliver on the company’s top priorities, drive strong financial results, and create long-term value for our investors, customers, and employees.”
Klippa receives ISAE 3000 Type I certification, underscoring the company’s commitment to data protection
IDP vendor Klippa has announced that it has received ISAE 3000 Type I certification. ISAE 3000 is the standard for assurance engagements that are not audits or reviews of historical financial information, and a Type 1 report provides assurance on the adequacy of design and existence of controls. With this certification, Klippa underlines its commitment to protecting the data of its clients and partners and follows GDPR by continuously improving its security measures.
📰Article:
Handwriting Text Recognition (HTR) explained
Read this article by IDP vendor Planet AI to learn what Handwriting Text Recognition (HTR) is, the importance of processing and analyzing handwritten documents, especially in the context of historical archives and data, and the challenges that advanced HTR technology needs to tackle.
📖Whitepaper:
Closing the Gaps in Onboarding: A Unified Digital Approach to Delivering a Great First Impression
Read this whitepaper by IDP vendor JIFFY.ai to gain insights into the benefits and challenges of implementing an efficient digital onboarding experience and how an AI-powered unified onboarding solution closes the gaps in a fragmented onboarding process with an automated, personalized approach.
💡Opinion:
The Al Special Assistant: Utilizing the Right OCR as a Data Foundation
Stay tuned for the opinion piece by Jesper Kleinjohann, CEO of Intelligent Document Processing vendor Planet AI, in which he explains how AI specialist assistants are revolutionizing the approach to data interaction and utilization thanks to breakthrough innovations in Intelligent Document Processing. In the meantime, discover more opinion pieces from thought leaders in the IDP industry.
🎥Upcoming Webinars:
August 27, 2024, 9 am EST: The impact of AI Agents on your workforce
Register for this webinar by IDP vendor Hypatos, in which Uli Erxleben, Founder and CEO of Hypatos, is joined by Andreas Hahn, member of SAP’s Supervisory Board, to discuss how AI agents are transforming finance departments, how to properly address employee concerns, how SAP is helping its employees adapt to the new reality of the “AI workforce,” and more.
September 5, 2024, 9 am EST: E-Invoicing for AP Made Simple: Complying with Germany’s New Regulations
Register for this webinar hosted by IDP vendor Rossum to gain insight into how German companies and global enterprises operating in Germany can optimize their accounts payable processes, streamline invoice processing and ensure compliance with the upcoming regulation. In the webinar, Rossum will outline practical steps to prepare staff, financial processes and technology for a seamless transition to e-invoicing.
September 5, 2024, 8 am EST: Infosource 2024 Capture & IDP Conference, virtual session 2: Is Generative AI Going to Kill the IDP Market?
Register for the second of six virtual sessions from this year’s 2024 Capture & IDP Conference by analyst firm Infosource. In this second session, titled “Is Generative AI Going to Kill the IDP Market?”, Petra Beck, Senior Analyst at Infosource, will preview Infosource’s key findings from the 2023/2024 State of the IDP Market assessment.
📌Find more upcoming events and webinars in the Intelligent Document Processing space here.
Thanks for reading and see you next week!
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