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:
Ocrolus wins 20 new customers and reports record growth and also integrates OpenAI’s GPT into its technology offering IDP provider Ocrolus announced that it has closed the first quarter with its strongest month for new business in company history, adding 20 new customers, among them innovative companies such as BSI Financial, Bluepoint Mortgage, Cion Digital and City Lending. Ocrolus sees one of the reasons for the record growth in lenders investing in automation to prepare and enable scalability for an eventual market upturn. Sam Bobley, co-founder and CEO of Ocrolus, commented: “We built strong momentum in Q1 with a flurry of new customer deals across a variety of use cases for Ocrolus.” In addition to this, Ocrolus also announced that it has integrated GPT embeddings from OpenAI into its set of technologies. This further strengthens the IDP provider’s ability to process semi-structured and unstructured documents, such as bank statements, paystubs and mortgage applications, without human involvement.
ISG launches ISG Automation on Demand Technology research and advisory firm Information Services Group (ISG) has announced the launch of ISG Automation on Demand, a consumption-based managed service for commonly used automation tools such as RPA, NLP and IDP. ISG Automation on Demand offers end-to-end automation of enterprise business processes and manages users’ automation infrastructure, licenses and maintenance. Chip Wagner, CEO of ISG Automation, explained: “After an initial – often successful – automation launch, many organizations find their progress is stalled by the time, resources and expense required to continue; by lightning-fast changes in automation tools, or by staff turnover. This solution enables clients to scale automation at significantly lower cost than building the capability on premises, control the use of technology licenses and gain access to the latest automation technologies on demand.”
Parashift now available on Google Cloud Marketplace IDP vendor Parashift has announced the availability of its IDP platform on the Google Cloud Platform (GCP) Marketplace. This means Google Cloud customers can now use their credits to pay for their Parashift subscription, while new Parashift customers benefit from discounts when they become Google Cloud customers. Alain Veuve, founder and CEO at Parashift, commented: “We were an early adopter of the cloud as the first provider of a comprehensive cloud-native platform for Intelligent Document Processing. Google is correspondingly important to us as a partner. Placing Parashift in the GCP Marketplace is therefore a logical consequence.”
TCG Process and Teknei partner to improve document automation TCG Process, an intelligent process automation company with its IDP platform DocProStar, has announced a partnership with IT solutions provider Teknei, which specializes in digital transformation projects. Through this collaboration, the two companies aim to provide digital solutions that automate processes by combining intelligent capture and process orchestration. Jordi Abad, Sales Manager for TCG Process in Spain, explained: “Signing a partnership with Teknei allows us to address customer challenges in digital transformation projects. Teknei is fully committed to improving their customers’ workflows requiring technologies around Natural Language Processing (NLP) to process unstructured documents.”
ProcessMaker launches spring release with a range of new features and user experience enhancements ProcessMaker, a provider of low-code business process automation software, including Intelligent Document Processing (following the Doculayer acquisition last September), has announced the release of its Spring 2023 platform. New features include ProcessMaker AI (enabling global search functionality with natural language), a decision engine (implementing intelligent decision tables without coding), process templates (allowing users to select from a list of available templates), and dependent lists (supporting no-code collections as a data source). In addition, ProcessMaker has also improved the modeler usability (advanced keyboard shortcuts) and dynamic menu (for customizing structural elements).
Podcast:
Debunking the myth of unstructured data Watch this 30-minute Deep Analysis podcast to learn why there are over 300 Intelligent Document Processing vendors in the market today and how that could impact the market in the near future. Plus, Dan Lucarini and Matt Mullen debunk the industry myth of unstructured data and reveal where it might have originally come from.
UiPath Co-CEO talks about the future of workplace automation Watch this 30-minute interview with Robert Enslin, Co-CEO of UiPath, to learn more about his relationship with Daniel Dines, founder and Co-CEO of UiPath, and why he believes technology will drive employment over time.
See you next week!
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