In this section, we cover news, insights and trivia about Intelligent Document Processing (IDP), share interesting articles, podcasts, reports and more.
What we cover in this week’s recap:
News:
ISG releases its 2022 Provider Lens for Intelligent Document Processing Technology research and advisory firm ISG (Information Services Group) has published its latest Provider Lens report for Intelligent Document Processing. In it, ISG ranked 26 IDP providers based on their competitive strength and the attractiveness of their portfolios. This year, the leader group includes the following IDP vendors (in alphabetical order): ABBYY, AntWorks, Automation Anywhere, HCL Tech Software, Infrrd, Kofax, Parascript, UiPath and WorkFusion. The Provider Lens list continues with Product Challengers: Datamatics, Hyperscience, Nividous, Rossum, Singularity Systems (AYR) and UST SmartOps. Market Challenger: BIS (Grooper). Contenders: Botminds AI, Cortical.io, i3systems, ITyX, Kanverse.ai, Nanonets, qBotica, Straive and Visualyze.ai. Rising Star: Fosfor.
Automation Hero reports upswing in LATAM partnerships IDP provider Automation Hero has announced that the number of partnerships in Latin America has increased significantly as the adoption of intelligent automation solutions gains momentum in the region. Five consulting firms from Brazil, focused on helping clients in the process of digital transformation, join Automation Hero’s partner program. Alexandre Vomero, Director of BPO and Hyperautomation at Stefanini, one of Automation Hero’s new Brazilian partners, commented: “The growth and importance of unstructured data only continues to skyrocket so it’s imperative that leaders in LATAM pick up the pace of adopting this digital innovation.”
Parascript introduces innovative Natural Language Processing technology IDP provider Parascript announced that it has developed an innovative natural language processing (NLP) technology. Instead of a traditional NLP approach that requires time-consuming preparation and large amounts of sample data to ensure highly accurate extraction from unstructured documents, Parascript eliminates this need through an alternative machine learning approach. This approach enables the company to reduce deployment time and increase accuracy when extracting data from unstructured documents.
AntWorks ranked as a leader in ISG’s 2022 Provider Lens for IDP IDP vendor AntWorks announced that that it has been recognized by ISG as a leader in its Provider Lens for Intelligent Document Processing for the second year in a row. AntWorks strengthens its leadership position as its “document processing has augmented its cognitive capabilities to industry-leading levels.” In addition, the technology research and advisory firm cited three key strengths of AntWorks: developing a global solution and document types, developing advanced document reading capabilities, and enhancing the role of the human in the loop.
Infrrd’s Research Lab wins first place in Natural Language Processing research competition The IDP vendor announced that its Research Lab has won the Natural Language for Optimization (NL4Opt) 2022 competition. In this year’s workshop, Natural Language Processing (NLP) research teams from around the world were tasked with investigating the best methods to automate the conversion of text descriptions into proper formulations for optimization solvers. The solution methodology presented by Infrrd’s team outperformed all other methodologies presented in the Named Entity Recognition subtask.
Article:
How can companies with an online presence make efficient use of intelligent automation? Read this article by Gilberto Marcano, CMO at IDP provider OpenBots, to learn how you can use intelligent automation to improve your operations. In it, he shares his knowledge on how you can apply intelligent automation to back-office operational strategy, how to figure out which business processes you should automate, and what standard automation online companies are implementing.
Survey:
McKinsey’s 2022 global survey on AI The consulting firm has released its latest global survey on artificial intelligence. In its fifth consecutive report, McKinsey looks at AI adoption, impact, spending and changes the firm has observed over this period. Interesting to see: Among AI capabilities that companies have been using since 2018, natural-language text understanding moved from the middle of the pack in 2018 to the top of the list, just behind computer vision and RPA. In addition, McKinsey explains why it is seeing more indications that AI leaders are expanding their competitive advantage than finding evidence that others are catching up, and why all companies report that hiring AI talent, especially data scientists, remains difficult.
Upcoming webinar:
AI technology redefines accounting Join this webinar on December 21, 2022, presented by IDP provider Ephesoft, a Kofax company, to learn how AI is redefining accounting business processes. Topics will range from the impact of current events on the accounting department, to how machine learning can optimize AP processes, to best practices for digitally transforming data through AI.
See you next week!
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