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 accelerates business outcomes for document-specific processes with new AI capabilities
Intelligent Document Processing vendor ABBYY has announced new AI capabilities including Phoenix, a multi-modal approach to zero-shot learning leveraging small language models and purpose-built for document tasks, a Secure Large Language Model (LLM) Gateway, and enterprise-ready tools and applications that enable global enterprises to gain more value and insight into business-critical document processes. By leveraging ABBYY Intelligent Document Processing as a secure LLM gateway, organizations can command an LLM to extract data while simultaneously validating that the data is present in the document at hand. In this way, organisations can harness the power of general purpose LLMs while significantly limiting hallucinations and increasing reliability and confidence in the output. Maxime Vermeir, Senior Director of AI Strategy at ABBYY, explained: “With the launch of our Purpose-Built AI Center, we are making it easier for our customer to find the right solution for their business needs and simplify their success in automation. ABBYY’s innovations truly provide a response to the main concerns businesses have in the market today when leveraging AI and doing so at scale within an enterprise context.”
Kodak Alaris integrates generative AI with its IDP solution
Intelligent Document Processing provider Kodak Alaris has announced the latest version of KODAK Info Input Solution, its IDP platform, which integrates generative AI and makes it easier for organisations to delegate more work to trusted AI services in order to automate complex document processing tasks with improved speed and accuracy. Jim Forger, VP of Business Solutions at Kodak Alaris, explained: “The use of LLMs and generative AI significantly improves document processing by automating complex tasks with increased efficiency and accuracy. The latest release of Info Input Solution enables businesses to extract, validate, summarize, and query data in lengthy unstructured documents such as legal contracts, loan applications, and claim letters, and then prompt the system to deliver contextual information about the data—for example, flagging suspicious responses from a claim submission or delivering a brief document summary and determining what information needs to be redacted. Better data enables better decisions, resulting in better outcomes.” Brent Wesler, VP of Strategic Technologies and Digital Automation at PiF Technologies, commented: “Our clients have been asking about how IDP and generative AI will work together, and with Info Input 7.1, I now have an answer for them. They can go well beyond extraction and validation, automate more upstream decision-making, and deliver better outcomes to their customers. This is what leading-edge IDP looks like.”
Cogniquest’s Table xTract available on Microsoft AppSource and Sahil Anand joins board
Intelligent Document Processing vendor Cogniquest has announced that Table xTract, its cutting-edge AI solution for seamless table extraction from PDFs and scanned documents, is now available on Microsoft AppSource. In addition, Cogniquest has announced that Sahil Anand, Founder and Managing Partner at Cedar-IBSi Capital, has joined the board as a director to support the IDP provider with his expertise in product growth, strategic market expansion and investment. Sahil Anand commented: “I am very excited to join Cogniquest’s board and look forward to adding maximum value to supercharging the company’s go-to-market, given the strong platform they have built so far.”
Rossum launches Aurora 1.5, the latest version of its AI engine, and also announces Rossum Copilot
Intelligent Document Processing vendor Rossum has announced the launch of Rossum Aurora 1.5, the latest version of its next-gen AI engine, which offers instant learning for 276 languages, handwriting support and four times faster processing time for documents with more than 100 pages. In addition, Rossum has announced Rossum Copilot, which allows users to easily define data transformations using natural language commands, making document automation more accessible across the enterprise. Tomas Gogar, CEO of Rossum, commented: “Rossum Aurora 1.5 & Copilot marks a quantum leap in what our AI can achieve for end-to-end document automation. With this release, we further enhance our transactional LLM, empowering global enterprises to scale their automation efforts across new languages, regardless of document volume. What truly excites me is how Rossum Copilot represents the future of human-AI collaboration, making complex tasks as natural as having a conversation. We’re excited to see how this update empowers our customers to maximize efficiency with minimal IT overhead and achieve return on automation faster.” The software engineering perspective on the launch is provided by Petr Baudis, Founder, CTO and Chief AI Architect at Rossum, here.
Ocrolus launches Inspect to improve efficiency and scalability in loan origination
Intelligent software automation provider Ocrolus has announced the launch of Inspect, a new solution within its AI-driven mortgage automation technology to improve efficiency and scalability in the lending process. Inspect automates previously manual tasks such as flagging data inconsistencies and identifying new data. Sam Bobley, Co-Founder and CEO at Ocrolus, commented: “Ocrolus entered the mortgage market in 2021 – right before 11 consecutive interest rate hikes and a period of historically low origination volumes. Despite the difficult market conditions, we continued to focus on building customer centric, AI-powered mortgage solutions to modernize the industry. Today, with over 100 mortgage customers, we’re excited to launch Inspect — a major enhancement to our mortgage suite that eliminates the need for manual ’stare-and-compare’ document review. Excited for a big year in mortgage in 2025, supercharged by automation!”
Instabase recognized in San Francisco Business Times’ Fast 100
Intelligent Document Processing vendor Instabase has announced that it has fastest-growing private companies by the San Francisco Business Times in their latest Fast 100 list.
HuLoop Automation completes SOC 2 Type II renewal certification
Intelligent software automation provider HuLoop Automation has announced the completion of its SOC 2 Type II renewal certification for all five categories of “trust services” criteria: Security, Availability, Processing Integrity, Confidentiality and Privacy. This successful completion underscores HuLoop’s commitment to taking the utmost care in protecting customer data.
TCG Process Australia wins Insurtech Australia National Insurance Brokers Association (NIBA)’s pitch competition
Intelligent Document Processing provider TCG Process has announced that it has won the Insurtech Australia National Insurance Brokers Association (NIBA)’s pitch competition, which brought together innovators from the insurtech space, each presenting AI solutions designed to improve broker operations. Arnold von Bueren, CEO of TCG Process, commented: “This recognition from Insurtech Australia is an exciting milestone for us. Our focus has always been on delivering automation solutions that make a meaningful impact, and this win reinforces the importance of AI in empowering brokers to optimize their operations. We’re incredibly grateful for the support from the audience and judges.”
📰Article:
How is Intelligent Document Processing revolutionizing document management?
Read this article by Ernie Crawford, President/CEO and Founder of Crawford Technologies, in which he defines IDP, explains some of the key benefits of the technology, and explores how AI-driven IDP increases efficiency, accuracy, and operational effectiveness while reducing errors and costs.
📝 Knowledge Base Article:
Is Your Manufacturing Business Ready for the IDP Revolution?
Stay tuned for the knowledge base article by Freya Jane, Customs Expert at iCustoms, in which she will highlight how Intelligent Document Processing offers manufacturing companies an excellent opportunity to improve their processes and increase efficiency.
💡Opinion:
Unlocking Efficiency: The Critical Steps to Building a Robust ECM Strategy
What are critical steps for businesses to create an effective Enterprise Content Management (ECM) strategy? Stay tuned for next week’s opinion piece by Brian DeWyer, Co-Founder and CTO at Reveille Software, to find out. In the meantime, you can check out this article, in which Brian DeWyer delves into the topic of Intelligent Information Management and shares five best practices that organizations can adopt for a successful digital transformation.
💻On-demand Webinar:
Optimizing your Investment in IDP Architecture: The Best Way to Consume AI Services to Drive your Applications, Today and in the Future
Watch the third session from analyst firm Infosource at this year’s Virtual Capture & IDP Software Conference. In the hour-long session, Brent Wesler, VP of Strategic Technology and Digital Automation at PiF Technologies, discussed and compared a variety of AI options for building IDP applications, covering features, pricing and deployment options.
🎥Upcoming Webinar:
November 13, 2024, 10 am CET: Document automation in the healthcare sector: Efficiency, compliance and innovation (DE only)
Register for this upcoming webinar (DE only) hosted by IDP vendor Parashift and learn how AI can reduce manual work by up to 95% and optimize your institution’s document processes, from patient data to invoicing, in just a few steps.
📆Upcoming Events (in-person):
November 11-12, 2024: AI+IM Europe Forum in Manchester, UK
Join the AI+IM Europe Forum in Manchester to explore the transformative potential of AI in information management. This event, brought to you by AIIM (Association for Intelligent Information Management), focuses on the latest innovations, strategies and best practices in AI-driven data governance, automation and risk management.
November 20, 2024: Intelligent Automation Leaders Summit in Atlanta, US
Join Infocap as it hosts the Intelligent Automation Leadership Summit this year in the spirit of bpmNEXT. The Summit will be the same rigorous contest of ideas which has come to define its community of peers. The vibe will be collegial – yet predictably with a robust spirit of debate. No formal preparation is required, beyond organizing ideas and confirming tech requirements. More than ever the room will be full of ‘doers’ steeped in software innovation.
November 21, 2024: Agentic AI + Decision Intelligence in Atlanta, US
Following the Intelligent Automation Leaders Summit (above), this one-day seminar is aimed at decision-makers, IT leaders, operations managers, and others involved in digital transformation or business process automation. Whether you are already implementing automation or just exploring the possibilities, this session will provide practical insights and actionable strategies to help you scale and succeed.
📌Find more upcoming events and webinars in the Intelligent Document Processing space here.
Thank you for reading and see you next week!
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