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:
AntWorks relocates HQ to London to bring the company closer to key markets in Europe and the US
IDP vendor AntWorks has announced the relocation of its global headquarters from Singapore to London. With this strategic move, AntWorks aims to strengthen its global presence and reinforce its commitment to clients and partners by moving closer to key markets, including major clients such as US Bank and Marsh & McLennan. Mike Hobday, CEO of AntWorks, explained the move: “Establishing our headquarters in London marks a significant milestone in AntWorks’ growth trajectory, aligning us more closely with the evolving needs of our expanding customer base across Europe and the US. This move strengthens our ability to collaborate directly with key clients and positions us at the center of a global financial and technological hub. It enables us to better understand our customers’ challenges and continuously adapt our Document Processing Platform to meet their needs.”
AIIM releases ’Market Momentum Index: AI and Unstructured Data Management’ report with research from Deep Analysis
The Association for Intelligent Information Management (AIIM) has released its latest report ’Market Momentum Index: AI and Unstructured Data Management’ in collaboration with M-Files and with research from analyst firm Deep Analysis. The report highlights the current state of AI adoption in 500 US-based companies. Tori Miller Liu, AIIM’s President & CEO, explained: “To fully realize the transformative potential of AI, organizations must prioritize the management of unstructured data to ensure the availability of accurate, current data. This landmark study highlights a clear connection between unstructured data management and AI success.”
Infosource releases its annual ‘State of the Intelligent Document Processing Industry’ report
Analyst firm Infosource has released its 2024 State of the Intelligent Document Processing (IDP) Industry report. In this quantitative assessment of the IDP market, Infosource covers metrics such as regional assessments including subregions and key countries, use cases, vertical markets, business input channels and types, solution elements and software delivery models, as well as in-depth explorations of drivers and inhibitors for market growth. Infosource stated: “In the next two years we expect investments to be slightly delayed while end customers close their AI skill gaps and refine their investment plans, while Generative AI (GenAI) infused IDP and automation solutions solidify and AI-related regulations advance. In the second part of the forecast horizon and beyond, we predict a boost in demand as organizations step up their investments to take advantage of IDP solutions that will increasingly leverage customized language models and RAG capabilities and once ethical concerns related to GenAI have been addressed.”
Rossum partners with Barkers to streamline procure-to-pay processes
IDP vendor Rossum has announced a partnership with Barkers, a digital transformation and procurement consultancy. Thanks to this partnership, the two companies will combine Rossum’s IDP solution with Barkers’ procurement expertise to optimize organizations’ Coupa investments and streamline procure-to-pay processes. David Jamieson, Head of Alliance at Rossum, explained: “Many organizations aim to drive more value from their Coupa investment. By combining Rossum’s AI-powered document automation with Barkers’ deep procurement expertise, we’re enabling businesses to identify untapped potential within their Coupa implementations. Together, we’ll help organizations optimize their procurement processes, reduce costs, and drive significant ROI.”
DeepOpinion appoints Graeme Clark as new VP of Sales for the US, UK and Ireland and Chris Zechmeister as new VP Sales for EMEA
No-code platform DeepOpinion has announced two key appointments within a matter of days: Graeme Clark will join the IDP provider as the new VP of Sales for the US, UK and Ireland, and Chris Zechmeister will join as the new Vice President of Sales for EMEA. With these appointments, DeepOpinion aims to accelerate the company’s expansion in these markets. Both Graeme Clark and Chris Zechmeister bring more than two decades of experience leading teams in enterprise software companies. Graeme Clark was an early member of the leadership team at Blue Prism, and Chris Zechmeister was Regional Vice President at UiPath and most recently VP Sales Central Europe at Automation Anywhere.
qBotica is named one of America’s Top 100 small businesses
IDP provider qBotica has announced that it has been named one of America’s Top 100 small businesses by the US Chamber of Commerce. In addition, qBotica was also recognized as a Digital Innovator for its leadership in leveraging cutting-edge technologies such as Agentic AI, Contact Center Automation, Intelligent Document Processing and GenAI. Mahesh Vinayagam, CEO and Founder of qBotica, commented: “Being named a Digital Innovator and one of America’s top 100 small businesses is a testament to our commitment to driving change through technology. Our solutions, such as Agentic AI and GenAI, are designed to revolutionize contact centers, streamline document processing, and deliver unparalleled customer value. This recognition affirms our efforts to shape the future of intelligent automation,” said Mahesh Vinayagam, CEO and Founder of qBotica.
Kanverse.ai unveils the Pearl release of its Intelligent Document Processing platform
IDP vendor Kanverse.ai has announced the launch of Kanverse Pearl, which introduces AI Agents. Kanverse AI Agents for AP invoice automation, submission intake, claims processing and contract processing leverage AI/ML, decisioning engine, workflows, and data analytics to automate enterprise document processing workflows.
📰Article:
How to increase fraud detection and protect profitability with Intelligent Document Processing
Read this article to learn how insurers can use automation to detect fraud earlier, helping them to mitigate risk, strengthen their financial position and provide better service to policyholders.
What is e-invoicing, how does it work, and how can organizations comply with regulations?
This article will give you a great overview of everything to do with e-invoicing. This includes what e-invoicing is exactly, why it was introduced, the benefits it offers for B2B transactions, the timetable for its implementation in the different EU countries and much more.
📊Report:
Market Momentum Index: AI and Unstructured Data Management
Download the latest AIIM report ‘Market Momentum Index: AI and Unstructured Data Management’ (as mentioned in the news section above) in collaboration with Deep Analysis and M-Files. The report provides an insight into the adoption and use of AI in organizations in the US. For more background on the report, listen to Deep Analysis’ podcast.
2024 State of the Intelligent Document Processing (IDP) Industry
Check out the latest annual report from analyst firm Infosource (as mentioned in the news section above) on the ‘State of the Intelligent Document Processing (IDP) Industry’. In it, Infosource forecasts a double-digit CAGR through 2028 (after the global IDP market accelerated its growth in 2023, increasing by 15% year-over-year to USD 7 billion). To purchase a copy of the report, please contact Petra Beck, senior analyst at Infosource: pb@info-source.com.
💻On-demand webinar:
Revolutionize your Mailroom with AI
Watch this 45-minute on-demand webinar from IDP provider Ondox to learn about the practical steps in digitally transforming mailroom operations to help organizations accelerate their workflows and achieve faster response times for their customers.
💡Opinion:
GPT or not GPT, that is the question: Why the fear of missing out should not motivate your investment in generative AI
Stay tuned for the opinion piece “GPT or not GPT, that is the question: Why the fear of missing out should not motivate your investment in generative AI” by Marie-Pierre Garnier, VP Marketing & Communications of Intelligent Document Processing vendor Cortical.io, next week. In the meantime, get food for thought from the IDP industry’s leading minds.
🎥Upcoming webinars:
September 25, 2024, 10 am BST: Tungsten Automation Virtual Tech Event
Join this webinar to get insights from technical experts and the leadership team at Tungsten Automation, on the latest innovations in GenAI-powered intelligent automation, among other topics.
September 26, 2024: Intelligent Automation Month – Session 4 of 4
Register for ABBYY Intelligent Automation Month with four webinars focused on increasing efficiency and ROI through AI. In this last session, ABBYY will discuss, together with Doculabs, how to use process mining and task mining to leverage AI to maximize operational efficiency.
September 26, 2024, 11:30 am CEST: Konfuzio Chat – Al in Action
Sign up for this hands-on webinar from IDP provider Konfuzio to see live demos of chatbots in action and learn how Konfuzio Chat can be customized to meet specific business needs, including real-world examples.
September 26, 2024, 12 pm CEST: FELLOWPRO x Baan & ERPLN User Group Webinar 2024
Register for this webinar to learn how IDP provider DocBits is transforming the way organizations handle data, reducing manual entry and improving overall business operations.
📌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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