In this section, we cover news, insights and trivia about Intelligent Document Processing (IDP), share interesting articles, upcoming webinars and more.
What we cover in this week’s recap:
News:
Kofax rebrands as Tungsten Automation and also introduces the latest release of TotalAgility Intelligent automation solutions provider Kofax has announced that it has changed its name to Tungsten Automation. The company, which has a history spanning almost four decades, explained that the rebrand reflects its evolution from a pioneer in document capture to a global provider of intelligent workflow automation solutions: “While our pledge to provide market-leading solutions and exceptional service remains unchanged, this rebrand affirms our evolution, our innovative capabilities, and the progressive direction we’re heading as a company.” The name Tungsten Automation stems from the acquisition of Tungsten Networks in June 2022. Kofax acquired the business transaction network to offer its customers more comprehensive invoice processing and accounts payable automation solutions thanks to Tungsten’s e-invoicing capabilities. According to Tungsten Automation, the new identity better augments its Intelligent Document Processing capabilities, adding value to its portfolio of solutions, particularly in the areas of traditional invoice processing, e-invoicing, and automating accounts payable processes, serverless print management and document productivity. Reynolds Bish, CEO of Tungsten Automation, further explained: “Choosing Tungsten Automation as our new name means embracing a promise of enduring reliability, innovations recognized by leading industry analysts, and a commitment to success in the dynamic world of intelligent automation. With a broad portfolio of solutions dedicated to solving inefficiencies across a wide parameter of use cases in the financial, healthcare, supply chain and government industries amongst others.” Ralph Gammon, Market Analyst at Infosource, commented: “Kofax always seems to have the best of intentions when it comes to advancing its business. And today’s announced name change to Tungsten Automation fits with that theme. After all, as Infosource has been saying for several years, positioning Capture & IDP as an enabler of end-to-end automation is one key to success in the market going forward. On the surface, this name change is reflective of that.” Along with the rebrand, Tungsten Automation has also unveiled the next generation of TotalAgility, its intelligent process automation platform. With the 8.0 release, the company introduces generative AI to TotalAgility, with a number of enhancements. These include generative AI co-pilot for development (helps developers turn ideas into workflows), generative AI co-pilot for insights (uses conversational AI to analyze unstructured data) and cloud-based document libraries (a repository of pre-trained models covering document types for various industries such as banking, insurance, government, healthcare and supply chain).
UiPath appoints its Co-CEO and a former VP at Google and VMware to the Board of Directors Enterprise software automation company UiPath has announced that it has appointed its Co-CEO Rob Enslin to the Board of Directors along with June Yang. Yang brings decades of experience in corporate management and fostering emerging technologies. She most recently served as Vice President of Cloud AI and Industry Solutions at Google Cloud and prior to that held senior positions at VMware. Daniel Dines, Co-CEO and Chairman of the Board at UiPath, commented: “We are pleased to welcome Rob and June to our Board of Directors. I believe that Rob’s strong track record of driving long-term value creation at UiPath and June’s expertise in AI, cloud, and related technologies will be invaluable to the UiPath Board of Directors as we continue to grow our market leadership. Our mission is to accelerate our customers’ ability to achieve business outcomes through our AI-powered business automation platform.” Yang and Enslin will join the Board of Directors of UiPath effective February 1, 2024.
Skwiz introduces the automatic PDF splitting feature IDP provider Skwiz has announced that its automatic PDF splitting feature is now available to its users. With this feature, PDFs containing multiple documents can now be automatically split into individual documents, simplifying the document workflow. Kevin Françoisse, CEO and Co-Founder at Skwiz, said: “A very useful feature for any company receiving documents by mail that need to be scanned. I’m thinking of accounting firms, insurance companies, banks, etc.”
Podcast:
A business consultant’s approach to test management in mailroom automation Watch this 28-minute podcast from IDP vendor Parashift to learn how a business consultant approaches the test management in mailroom automation in order to digitize a health insurer’s physical mail.
Upcoming webinar:
January 25, 2024: Innovative integration for smarter process automation Register for this webinar hosted by IDP provider TCG Process in collaboration with two of its AI technology partners (following the recently announced partnerships with Lazarus AI and Inspektlabs) to get a demonstration on how their services combined with TCG Process DocProStar’s robust process orchestration capabilities can expand on traditional intelligent document processing outcomes for end-to-end automation.
January 25, 2024: AI and Machine Learning for AP automation workflow Register for this webinar hosted by IDP provider ABBYY to learn how AP departments can use AI and Machine Learning to extract invoice header and line-item details from the most complex invoices, including those with hundreds of pages and text in multiple languages, without having to build templates.
February 15, 2024: AI reshapes the fundamentals of the insurance industry Register for this webinar hosted by IDP provider Nividous to learn how AI is changing the fundamentals of the insurance industry, providing innovative solutions to tackle rising costs, evolving customer expectations, legacy data management, and the pursuit for greater efficiency.
See you next week!
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