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 publishes State of Intelligent Automation Report revealing that FOMO (fear of missing out) is driving AI adoption in more than 60% of businesses
Intelligent automation company ABBYY has published a new survey titled “State of Intelligent Automation Report: AI Trust Barometer”. On behalf of the IDP vendor, insight agency Opinium conducted a global survey to gain insights into the level of trust and adoption of AI technologies among 1,200 IT decision makers in the UK, US, France, Germany, Australia and Singapore. The results show that the most important factors driving organizations to invest and trust in AI are increasing efficiency/customer service (54%), improving service quality (50%) and building on successful outcomes (43%). At the same time, 63% of global IT leaders say they fear their organization will be left behind if they don’t adopt AI technologies. Overall, respondents said they have a high level of confidence in AI tools (84%), and more than half (54%) said they are already using AI tools such as Intelligent Document Processing. The most trusted tools according to decision-makers are small language models (90%). Maxime Vermeir, Senior Director of AI Strategy at ABBYY, commented: ”It’s no surprise to me that organizations have more trust in small language models (SLMs) due to the tendency of LLMs to hallucinate and provide inaccurate and possibly harmful outcomes. We’re seeing more business leaders moving to SLMs to better address their specific business needs, enabling more trustworthy results.” You can download the State of Intelligent Automation Report here.
Datamatics partners with Microsoft to build custom Copilots with a focus on process automation, and is also named one of Microsoft’s top ISV partners worldwide
IDP provider Datamatics has announced a partnership with Microsoft to develop its own Copilot solutions with a focus on process automation. Datamatics has also announced that it has been named one of Microsoft’s top ISV (independent software vendor) partners worldwide. In addition to the already launched Partner Onboarding Copilot – an application on the Microsoft Teams Store that enables quick onboarding of vendors, business partners and employees and provides the ability to search for relevant partners using natural language instead of filling in multiple fields or referencing partner codes – Datamatics intends to drive its Copilot innovation by customizing solutions for each organization with support for Microsoft 365 or building custom Copilots for each unique client organization. Shashi Bhargava, EVP and Head of Intelligent Automation of Datamatics, explained: “Datamatics suite of Generative AI-powered Intelligent Automation products and solutions with Microsoft Copilot have created new avenues of automation and go-to-market precedents. The Partner On-boarding application is just one testament to its capability to fulfill business requirements and customizations to suit changing business scenarios. We take immense pride in being recognized by Microsoft as a global leader in Copilot adoption and are proud to lead the way in redefining organizational operations, and this is only the beginning of our journey!”
Skilja releases new classification and extraction features
IDP vendor Skilja has announced the release of LAERA 3.0 and Tegra 3.0 with Classifier 6.0 and Information Extraction 5.0. Alexander Goerke, CEO and Founder of Skilja, explained: “LAERA 3.0 is immediately available as SDK, as TEGRA service in Docker or as activity within VINNA. In addition to many incremental improvements in quality, performance and usability, we are very proud that we have now integrated LLM based extraction into our software. This is not a simple API call that we use, but we have trained our own (smaller) LLM based on numerous examples from the industry, which is used as a base model for token generation. Our LLM, called LaBERTa, accurately represents the language used in our business because we trained it on millions of snippets from real business documents.” He continued: “With new LLM feature significantly fewer examples are now needed, and recognition rates in the tests up to now are greatly improved. Training is easily done by simple labeling without any specific configuration except for field names and types thus reducing the overall complexity of setting an extraction project. LAERA LLM can be run on the GPU for optimal speed and performance, or in CPU mode. Combined with our new LESA OCR model 2024-08, trained with additional examples, we achieve unprecedented automation rates. Classification and extraction are fully configurable through web interfaces, can be installed on-premises or in the cloud, and are fully multi-tenant with API key protection for each tenant.”
Hyperscience appoints experienced leader JJ Trahan as its new EVP Global Revenue to continue the company’s growth trajectory
IDP vendor Hyperscience has announced the appointment of JJ Trahan as is its new Executive Vice President (EVP) of Global Revenue. JJ Trahan brings a wealth of experience and a proven track record in building Go-To-Market (GTM) teams. He joins Hyperscience from UserTesting, where he most recently served as SVP North America. With this appointment, the IDP vendor aims to continue its phase of growth and meet the rising demands for enterprise AI solutions. Andrew Joiner, CEO of Hyperscience, explained: “Hyperscience has strong business momentum and a unique enterprise AI platform that is leading the hyperautomation market. We are at a pivotal point in our growth with a tremendous opportunity to capitalize on the rising demands in the enterprise AI market. JJ brings a proven track record in leading sales organizations through multiple years of hypergrowth, and a fresh perspective that will be invaluable as we continue to expand our reach and innovate in the hyperautomation and AI space. He is the ideal leader to help scale our GTM engine as we continue on our growth trajectory.”
Box reports preliminary financial results for the second quarter of fiscal year 2025
The Intelligent Content Cloud Box has announced preliminary financial results for the second quarter of fiscal year 2025, which ended July 31, 2024. Box reported revenue of $270 million, up 3% year-over-year (YoY). Box recently made waves in the IDP space with the acquisition of IDP vendor Alphamoon. Aaron Levie, Co-Founder and CEO of Box, commented: “As we enter the era of Intelligent Content Management, Box is delivering a singular platform that can power the lifecycle of content with intelligence built right in. With Box AI and strategic technology acquisitions like Alphamoon, the Box Intelligent Content Cloud can now support more use-cases across the enterprise than traditional ECM, dramatically expanding our market opportunity.”
📰Articles:
Dan Lucarini’s summer roundup of notable IDP company briefings
Read this article by Dan Lucarini, Senior Analyst at Deep Analysis, in which he shares his thoughts on briefings he had this summer with Intelligent Document Processing companies, including Klippa, inovoo, ancora Software, Klassif.ai, Altilia, Kanverse.ai, and DOConvert.
Automation in Action: RaccoonDoc review by Brent Wesler
Coinciding with the latest opinion piece on IDP Community last week (see next section), Brent Wesler, Enterprise Software Solutions Architect at systems integrator PiF Technologies, has published his IDP review on RaccoonDoc, which provides an excellent overview of the IDP vendor’s solution and where it fits in a crowded technology space.
💡Opinion:
Beyond the Hype: Enhancing IDP with Scientific Approaches Beyond LLM Integrations
Read the latest opinion piece by Igor Svitelskyy, CEO and Co-Founder of Intelligent Document Processing (IDP) vendor RaccoonDoc and Partner of Hi Automation, in which he takes a critical look at the hype surrounding Large Language Models (LLMs) while also highlighting scientific and mathematical approaches to improving Intelligent Document Processing.
🎥Upcoming Webinars:
September 5, 2024, 9 am PST: Compliance Reimagined: Introducing AI Revolution in Mortgage Auditing
Register for this webinar and join Amit Jnagal, founder and CEO of IDP vendor Infrrd, and mortgage industry leaders for an interactive session where you will discover product capabilities that will change mortgage auditing.
September 5, 2024: Intelligent Automation Month – Session 1 of 4
Register for ABBYY Intelligent Automation Month, which takes place in September and focuses on increasing efficiency and ROI through AI. In the first session titled “The inevitable wave of AI regulations; balancing utility and harms”, nonprofit organization focused on independent auditing of AI systems, ForHumanity, will share information on ensuring safe and trustworthy AI methods.
September 5, 2024, 9 am EST: E-Invoicing for AP Made Simple: 3 Steps to Comply with Germany’s New Regulations
As Germany moves to e-invoicing next year, this webinar from IDP vendor Rossum provides information on how companies operating in Germany can optimize their accounts payable, streamline invoice processing and stay compliant with the upcoming regulation.
📌Find more upcoming events and webinars 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 ↓
