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:
Datamatics introduces TruCap+ Marketplace IDP provider Datamatics has announced the launch of TruCap+ Marketplace to further simplify and accelerate Intelligent Document Processing for its TruCap+ customers. With TruCap+ Marketplace, Datamatics offers more than 50 ready-to-use document ontologies for various categories such as Know Your Customer (KYC), loan management, finance and accounting, tax processing, human resources, payroll processing, healthcare, banking and insurance. Customers can select the ontologies that are relevant to them, which can be easily integrated into TruCap+ and can either be used directly or serve as a basis for customization to their specific requirements. Shashi Bhargava, EVP and Head Intelligent Automation at Datamatics, explained further: “With multitude of structured, semi-structured and unstructured formats across industries, functions, processes and so on, TruCap+ Marketplace offers Datamatics customers’ ability to save time, cost and manpower ensuring a reduced total cost of ownership (TCO) and faster time-to-value. TruCap+ Marketplace further reinforces our commitment to simplifying and accelerating Intelligent Document Processing for our clients. By providing a diverse selection of pre-built ontologies, we are empowering enterprises to reduce set-up time significantly and achieve faster time-to-automation.”
ancora Software receives US patent for automated document assembly method IDP provider ancora Software has announced that it has been awarded its third US patent. The latest patented method streamlines the separation of multi-page, multi-document files into their individual documents such as purchase orders, bills of lading and invoices. To do this, the patented technology uses training data to automatically find the boundaries of individual documents within multi-documents. This eliminates reliance on traditional separator-based methods, reducing manual intervention and improving the accuracy of document assembly. Noel Flynn, CEO of ancora Software, emphasized the company’s dedication to innovation: “Receiving our third US patent underscores ancora’s unwavering commitment to pushing the boundaries of document processing technology. Our automated document assembly method reflects our ongoing efforts to empower businesses with efficient, cutting-edge solutions.”
UiPath reports strong third quarter fiscal 2024 financial results Enterprise automation software company UiPath has announced financial results for its third quarter fiscal 2024, which ended October 31, 2023. The IDP provider reported solid third quarter results with revenue of $326 million, increasing 24% year-over-year, and ARR of $1.378 billion, increasing 24% year-over-year. Rob Enslin, UiPath’s Co-CEO, stated: “I am pleased with our strong third quarter results with ARR growing 24 percent year-over-year to $1.378 billion, driven by the team’s execution and the transformational results we deliver. My conversations with customers and partners validate the strategic role enterprise automation plays in digital transformation and I am excited about the investments we continue to make in AI to further extend our market leadership.” For the fourth quarter fiscal 2024, UiPath expects revenue in the range of $381 million to $386 million and ARR in the range of $1.450 billion to $1.455 billion as of January 31, 2024.
Upcoming digital conference:
SSON Intelligent Document Processing Digital Summit 2023 Register for the Shared Services and Outsourcing Network (SSON) Intelligent Document Processing Digital Summit, taking place December 5-6, 2023. Over two days, you will learn about the role of AI in reading, processing and streamlining unstructured data and the role IDP can play in managing redundant, obsolete or trivial (ROT) data, among other topics. Among the speakers is Zach Low, Senior VP of Sales of IDP vendor Rossum.
Amazon Web Services Automations Fest 2023 Register for the Amazon Web Services (AWS) Automations Fest, taking place December 11-15, 2023. In various panel discussions, keynotes and fireside chats on Monday, Tuesday and Wednesday, you will learn more about how to unlock the future of automation in organizations. Among the speakers is Stefan Groschupf, founder and CEO of IDP vendor Automation Hero. He will participate in a panel discussion on “The Evolution of AI in Automations” and give a keynote on “Navigating Regulations & AI Governance for Automations” where you will learn why new regulations will have a significant impact on Intelligent Document Processing and automation efforts, and why organizations deploying machine learning systems must adhere to new stringent requirements for AI models.
See you next week!
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