In this section we cover news, insights and trivia about Intelligent Document Processing (IDP), share interesting articles, upcoming webinars, events and more.
What we cover in this week’s recap:
🗞️News:
ABBYY reports a 60% increase in new ARR for its IDP platform Intelligent process automation solutions provider ABBYY has reported a 60% increase in new annual recurring revenue (ARR) in 2023 for ABBYY Vantage, its AI platform for Intelligent Document Processing. According to the IDP provider, the high demand (its IDP portfolio processed 1.45 trillion document pages in 2023 alone) was driven by organizations that wanted to leverage large language models (LLMs) for business applications and needed ABBYY’s purpose-built AI to transform their enterprise data to feed models with relevant information. Ulf Persson, ABBYY’s CEO, explained: “The intelligent automation market is at an inflection point where IT and business leaders are eager to adopt generative AI because of the ease of use and quick responses it offers with simple tasks, such as rephrasing content. We are augmenting our products and solutions with this transformational technology, building on decades of experience developing document-focused AI. This combination of our purpose-built AI and applying the benefits from LLMs and generative AI enables us to be a trusted resource for innovation teams needing counsel on how to use both heuristic and transformer-based AI to put their information to work and generate the results they expect.” In addition, ABBYY has been recognized for its AI solutions by several analyst firms, including as a Leader by IDC in its MarketScape: Worldwide Intelligent Document Processing (IDP) 2023-2024.
Lydonia Technologies secures investment from Caltius Equity Partners Hyperautomation software and solutions provider Lydonia Technologies has announced that it has received a strategic investment from investment firm Caltius Equity Partners that will enable the company to accelerate innovation and transform the future of work with AI-driven hyperautomation. Jim Upchurch, CEO at Caltius, explained: “Our investment in Lydonia Technologies reflects our confidence in their ability to harness the transformative power of AI to drive meaningful business outcomes for their customers.” Kevin Scannell, Founder and CEO of Lydonia Technologies, further commented: “We are excited to partner with Caltius as we embark on the next phase of our journey. With their support, we will continue to push the boundaries of what’s possible with AI-driven automation and drive meaningful impact for businesses worldwide.”
DocVu.AI gets recognized with the HousingWire Tech100 Mortgage Award IDP vendor DocVu.AI has announced that it has been honored with the 2024 Tech100 Mortgage Award by information services company HousingWire. The Tech100 Mortgage Award recognizes companies and solutions that are revolutionizing the mortgage process. Adeel Ahmad, Senior Vice President of DocVu.AI, commented: “I’m thrilled to see DocVu.AI recognized with the HousingWire Tech100 Mortgage Award. This accolade validates our relentless pursuit of excellence in developing AI-powered innovations that empower mortgage professionals. We’re honored to be at the forefront of revolutionizing document processing in the industry and remain committed to delivering transformative solutions that drive efficiency and success for our clients.”
Rossum enters into strategic partnership with Twenty20 Systems IDP vendor Rossum has announced a strategic partnership with business automation solutions provider Twenty20 Systems. This partnership enables clients of Twenty20 Systems to streamline their operations by gaining access to Rossum’s Intelligent Document Processing capabilities. Shyam Jayakumar, Founder and CEO at Twenty20 Systems, said: “We are thrilled to join forces with Rossum in our mission to empower businesses with transformative automation solutions. Rossum’s state-of-the-art technology complements our commitment to delivering cutting-edge solutions that drive tangible results for our clients.”
Alkymi forms a strategic partnership with Lionpoint Group IDP vendor Alkymi has announced a strategic partnership with Lionpoint Group, a consulting firm to the alternative investments industry. By combining Alkymi’s AI and machine learning workflows with Lionpoint Group’s Data Validation Managed Services (DVMS), joint clients can significantly improve their operational efficiency and gain a competitive advantage through data-driven decision making. Harald Collet, CEO of Alkymi, commented: “The success of this partnership was evident from the start. Our companies have a shared vision to see our clients transform their operating models through the most advanced technology in the market. Together we can provide an outstanding experience that will change the status quo for operations in finance.” According to Alkymi, the partnership is quickly gaining momentum, with several firms selecting both Alkymi’s platform and Lionpoint’s DVMS to automate workflows for key alternatives documents.
TCG Process partners with Open Connections to enhance operational efficiency for UK businesses Intelligent process automation company TCG Process has announced that its UK team has partnered with information management and business process automation specialist Open Connections. Together, the two companies aim to improve operational efficiency for UK businesses by deploying DocProStar, TCG Process’ flagship product that includes IDP. Barry Richards, Managing Director at TCG Process UK, commented: “We’re delighted to welcome one of the UK’s most experienced consulting firms for document-centric processes to our global network of partners. Based on their favourable evaluation of DocProStar, we’re looking forward to collaborating on the transformative projects we’ll embark on together.” Steve King, Open Connections’ Director, added: “Everything we do is driven by the needs of our customers and with inevitable changes in the business transformation landscape, we needed to bridge a gap within our existing portfolio with some important capabilities. We were pleased to discover that TCG Process was able to deliver these with DocProStar. Our initial feedback is highly positive, and we’ve been impressed with their level of expertise and their can-do approach.”
Deep Cognition introduces its “trainingless” IDP solution Generative AI company Deep Cognition has announced the launch of its “trainingless” IDP solution. With the latest version of PaperEntry AI and its proprietary “trainingless” approach, Deep Cognition eliminates the need to individually set up, label, and train Al models on new document formats and adapts to new document types without the need for human intervention. Kurt Knapton, CEO of Deep Cognition, commented: “We’re committed to helping companies conquer their data entry challenges using generative Al. We’re proud that our PaperEntry Al tool is leading the charge by delivering a significant breakthrough in the intelligent document processing space.”
natif.ai is named a Leader in OCR and IDP on OMR Reviews IDP vendor natif.ai has announced that the company has been recognized as a Leader in Optical Character Recognition (OCR) and Intelligent Document Processing (IDP) (Q1/2024) on OMR Reviews, a software review platform. natif.ai wrote: “The accolade from OMR Reviews is a testament to the company’s commitment to excellence and innovation. With its AI and ML technologies, intuitive user interfaces, customizable and scalable solutions, and stringent security measures, natif.ai is reimagining document management.”
Docufai launches Docufai Express, which combines robotic scanning with Gen AI IDP vendor Docufai has announced the launch of Docufai Express. Docufai Express combines robotic document scanning with Generative AI to make information in paper documents more accessible. To this end, customized robotics digitize documents and once digitized, users can use generative AI to ask questions to get the information they need.
📰Article:
Petra Beck’s predictions for the Intelligent Document Processing market in 2024 (linked ist part 1) Read this very insightful seven-part (as of now) series by Petra Beck, Senior Analyst at analyst firm Infosource, to learn her predictions for the IDP market in 2024. These include how sophisticated IDP and advanced AI technology will accelerate market demand, the importance of legislation related to AI, sustainability in information-intensive processes, how Generative AI is boosting the alignment of IDP and customer experience management, why traditional capture software vendors focused on data extraction are becoming obsolete, the rise of use case-specific LLMs, and why there are new opportunities for service providers with expertise in Generative AI.
🎧Podcast:
How IDP drives invoice processing automation Watch this 35-minute podcast hosted by IDP vendor Parashift to gain insight into the invoice automation process, how the process has evolved from manual to fully automated systems with IDP, and how automation no longer is just for large enterprises, but also more and more accessible to SMEs.
🎥Upcoming Webinar:
29 February, 2024: Getting your data ready for Generative AI Register for this webinar from IDP vendor Acodis to get insights into the typical challenges organizations face when working on generative AI projects, the need to structure data for generative AI, and how to make the data ready.
6 March, 2024: Process documents at lightning speed with bulletproof data privacy Register for this webinar hosted by ScaleHub, a managed crowdsourcing service for automated document processing, to get insights into how organizations can gain access to greater speed, scalability and accuracy in data processing while always adhering to data privacy regulations.
📆Upcoming Events (mostly in-person):
19 February, 2024: HFS Roundtable in Mumbai, India This event will focus on whether India can lead the technology arbitrage revolution in IT and BPM services.
28 – 29 February, 2024: Post-Industrial Summit 2024 in Menlo Park, US This event will focus on how AI is transforming organizations and how to build an AI transformation roadmap.
📌Find more upcoming events in the IDP space here.
See you next week!
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