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:
WorkFusion launches no-code platform Work.AI IDP vendor WorkFusion has announced the launch of Work.AI. Work.AI combines AI and Machine Learning with Intelligent Document Processing and Robotic Process Automation into one no-code platform. This makes it easy for organizations to hire, configure or build AI Digital Workers (WorkFusion’s AI-enabled digital employees that help reduce manual work, enhance quality, increase speed, save money and support compliance) to automate complex and complete job roles. Adam Famularo, CEO of WorkFusion, explained: “With the release of Work.AI, organizations and partners can now build complete AI Digital Workers using the platform’s no-code features. With our pre-built AI Digital Workers for AML compliance, we incorporated our deep domain expertise in financial crime to solve problems that fill those level-one jobs. Now, we are enhancing and extending our existing technology platform to make it easier and more cost-effective for other industries to solve their complex work challenges by building their own AI Digital Workers.”
Eigen Technologies launches Eigen 6 IDP vendor Eigen Technologies has announced the launch of Eigen 6, the latest version of its no-code platform. Eigen 6 introduces the Generative Insights feature, which combines the power of Large Language Models (LLMs) with Eigen Technologies’ core data extraction capabilities to help users automate processes faster while relying on Eigen’s model risk management framework to adhere to their own corporate and compliance controls. In addition, Eigen 6 includes an enhanced no-code data extraction capability for tables, as well as the new Pre-Processing Hub, which accelerates the preparation, sorting and classification of documents as part of ingestion workflows. Dr Lewis Z. Liu, Founder and CEO at Eigen Technologies, explained: “Eigen 6 helps our clients make practical use of the latest developments in generative AI to automate document workflows. We have combined our own proprietary AI capabilities with the latest LLMs to accelerate automation, all with safety in mind. At Eigen, we have pioneered auditable and manageable AI. From our first clients, the world’s leading financial institutions, we have built auditability, model risk management and model governance into our platform. With the arrival of ever more powerful LLMs, using AI safely, and accurately, becomes critical. Eigen 6 provides more ways for users to control and manage their risks. We believe this is the right approach to ensure human expertise is leveraged when training and scaling data extraction and document workflows.”
Hyperscience appoints Field Chief Technology Officer IDP vendor Hyperscience has announced the appointment of Brian Weiss as the company’s new and first-ever Field CTO. Weiss has over 25 years of experience and a proven track record of scaling growth companies and introducing innovative technologies. As Hyperscience’s new Field CTO, Weiss will focus on nurturing existing customer relationships to create a consistent product feedback loop for Hyperscience’s product and engineering teams, as well as supporting the sales process. Tony Lee, CTO of Hyperscience, commented: “Hyperscience has made great strides since I joined in 2021, and bringing Brian on as our Field CTO will only continue to help improve our impact and drive our growth and success in the market. Today, there is a fundamental technical challenge plaguing the enterprise, where legacy automation tactics fail to deliver meaningful transformation. Hyperscience is uniquely positioned to overthrow this paradigm by bringing machines and humans together, harmoniously. Brian and I will partner closely to ensure we embrace customer feedback for ongoing product enhancements and development, and clearly articulate the fundamental differences between us and legacy alternatives. Having a strong leader of Brian’s caliber in the field will be a game changer for us.”
Docbyte is certified as Qualified Electronic Archiving provider IDP provider Docbyte has announced that it is the first company to be added to the European Trust Services list as a provider of trust services for qualified electronic archiving in Belgium, Europe and the world. This ensures greater legal certainty and a reversal of the burden of proof for electronic documents and guarantees the long-term validity of digital signatures and other forms of digital information. Tom De Cubber, Chief Compliance Officer of Docbyte, explained the importance of the certification: “An accredited independent party has confirmed that we really understand and practice all security and compliance requirements that guarantee a secure archiving solution, even for the most sensitive contracts. It’s great to be part of this cutting-edge technology journey that offers a European context for secure collaboration and information exchange.”
KnowledgeLake appoints new VP of Marketing and new VP of Sales IDP vendor KnowledgeLake has announced the appointment of Bart Peluso III as new Vice President of Marketing, and Russell Malz as new Vice President of Sales. Ron Cameron, Founder and CEO of KnowledgeLake, commented: “We’re thrilled to welcome these two impressive leaders. Bart and Russell bring a wealth of industry knowledge to support our rapid expansion as we continue to deliver innovative solutions that meet the document management needs of modern organizations. KnowledgeLake is now well-positioned to elevate itself in the market as we continue reshaping the future of ECM.”
qBotica ranked No. 461 on Deloitte’s Technology Fast 500 IDP provider qBotica has announced that the company is ranked number 461 on the Deloitte Technology Fast 500 2023 with a growth of 261%. Deloitte’s Technology Fast 500 recognizes the most innovative and fastest growing companies in North America. Mahesh Vinayagam, CEO of qBotica, commented: “Our dedication to pushing the boundaries of RPA and the continuous expansion of our service offerings have played a pivotal role in our rapid growth. Our team’s relentless focus on delivering exceptional value to our clients, coupled with our commitment to innovation, has been instrumental in driving our success in the dynamic and ever-evolving tech landscape.”
Market research report:
Intelligent Document Processing market continues to grow Market research firm Technavio has published its latest report titled ’Global Intelligent Document Processing Market 2023-2027’. In it, Technavio estimates that the IDP market will grow by USD 3.34 billion from 2022 to 2027, at a compound annual growth rate (CAGR) of 29.69%, with North America accounting for an estimated 38% of the global market.
Upcoming webinar:
What’s the path to Gen AI in Life Sciences? Register for this webinar on November 21, 2023, hosted by IDP vendor Acodis, to learn about the latest developments and crucial steps in unlocking generative AI for life sciences, why it’s critical for generative AI to turn documents into structured data, how to automate the process of extracting data from documents, and what Human in the Loop means in the context of generative AI.
See you next week!
🟡Get industry news distilled, every week:
