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:
ProcessMaker acquires Process Intelligence company Workfellow IDP provider ProcessMaker has announced that it has acquired Process Intelligence company Workfellow. With this acquisition, ProcessMaker aims to expand its suite of solutions, integrating task and process mining technologies that enable businesses to discover inefficiencies and unlock new opportunities for improvement. Alex George, CEO of ProcessMaker, commented: “Today marks a significant milestone for our clients, our teams, and our partners. By combining our expertise in business process automation with Workfellow’s leadership in Process Intelligence, we are setting a new benchmark for innovation and excellence in helping businesses optimize their operations and achieve their goals.” Kustaa Kivela and Henri Wiik, the founders of Workfellow, will join ProcessMaker’s leadership team as part of the acquisition. Financial terms of the deal were not disclosed. Just over two months ago, Workfellow had to file for bankruptcy, which the analyst firm Deep Analysis described as a sad loss.
Everest Group publishes its IDP Products PEAK Matrix® 2024 assessment, for the first time with a banking-specific IDP assessment and an insurance-specific IDP assessment Research firm Everest Group has released its latest Intelligent Document Processing (IDP) Products PEAK Matrix® 2024 Assessment. Everest Group evaluated 26 IDP vendors and positioned them as Leaders (ABBYY, AYR, Indico Data, Microsoft, Tungsten Automation, UiPath, WorkFusion), Major Contenders (Appian, Automation Anywhere, Datamatics, EdgeVerve, EXL, Google, HCLTech, Hypatos, Hyperscience, IBM, Infrrd, JIFFY.ai, KnowledgeLake, Laiye, Nividous, Rossum), Aspirants (Alkymi, Hypatos, SS&C Blue Prism), and Star Performers (AYR, Microsoft, Rossum) based on their respective capabilities and offerings. This year, for the first time, Everest Group also included a banking-specific IDP assessment and an insurance-specific IDP assessment and positioned 10 leading IDP providers in the corresponding Matrix, with UiPath and WorkFusion at the top for banking-specific IDP and Indico Data and UiPath at the top for insurance-specific IDP.
Rossum announces its certified integration with spend management platform Coupa IDP vendor Rossum has announced its certified integration with AI-driven Business Spend Management platform Coupa. As an official Coupa software partner and with a certified integration, Rossum will streamline Coupa invoice processing workflows, improving collaboration between accounts payable teams, suppliers, and their procurement colleagues. David Jamieson, Global Alliances Director at Rossum, explained: “Connecting Rossum’s AI-first intelligent document processing solution into the Coupa platform gives our customers a streamlined integration experience and faster document processing, cost savings, increased accuracy and better data control for trustworthy end-to-end automation. We are proud to be part of the Coupa App Marketplace and a trusted technology partner. We look forward to our relationship with Coupa to further help customers transform their invoice processing workflows at scale.”
Parashift and Bolten IT Solutions join forces to enhance document processing in the healthcare sector IDP vendor Parashift has announced a partnership with healthcare document management provider Bolten IT Solutions. By combining their expertise, the two companies aim to reduce the time spent on healthcare document processing and improve the ability of healthcare providers to integrate seamlessly with existing standards and systems to promote more efficient workflows. Patrick Bolten, CEO and Founder of Bolten IT Solutions, commented: “Our decision to work alongside Parashift was born out of admiration for their product and their relentless pursuit of innovation in AI. The enthusiasm and passion of CEO and Founder Alain Veuve and his team resonate with us, and we believe that now is the time to really simplify healthcare workflows and make data usable and therefore valuable.”
ABBYY’s IDP platform reduces Nagarro’s invoice processing time by 60% Intelligent process automation solutions ABBYY has announced that Vantage, its IDP platform, is driving operational excellence at Nagarro by transforming the global software development and consulting company’s invoice management and processing system. According to ABBYY, Nagarro was able to reduce invoice processing time by 60% thanks to ABBYY Vantage. Neil Murphy, Chief Sales Officer at ABBYY, said: “We’re honored to be a part of Nagarro’s digital journey. With ABBYY Vantage, Nagarro has redefined operational excellence in invoice management. Our commitment is unwavering—to deliver solutions that go beyond expectations, driving tangible business growth for our valued customers. This successful implementation underscores ABBYY’s commitment to driving efficiency and innovation in business-critical processes.”
ScaleHub appoints new Global Director of Customer Success ScaleHub, the managed crowdsourcing service for automated document processing, has announced that it has appointed Henry Baird as its new Global Director of Customer Success. Baird brings more than a decade of experience building and leading customer success organizations to ScaleHub. Mike Riegel, ScaleHub’s CEO, commented: “Henry’s addition to our team marks a significant milestone in our journey towards enhancing customer intimacy. His leadership and expertise will be instrumental in building a robust, global Customer Success program, setting new benchmarks for customer satisfaction at ScaleHub.” Henry Baird added: “I’m excited to join ScaleHub and drive our global customer success initiatives. I look forward to continuing our deep relationships with clients and ensuring their success and satisfaction with ScaleHub’s solutions for faster, more accurate and secure document processing at scale. Together, we will expand ScaleHub’s impact and growth on the global stage.”
ClearDox ready to lead the commodities industry toward more intelligent operations in 2024 IDP provider ClearDox has announced that the company has achieved remarkable success in 2023, including doubling its client base and taking on new projects with almost half of its existing clients. With this momentum, ClearDox aims to expand its suite of intelligent applications in 2024. This includes leveraging LLMs for more complicated business use cases, adding additional use case modules to the platform, working closely with commodities businesses and further improving data security to lead the commodities industry toward more efficient and intelligent operations. Rick Nelson, CEO of ClearDox, commented: “As we’re looking at 2024, we’re well positioned to help our clients deal with this broad array of topics while they’re trying to drive some of these backend business efficiencies.”
DOConvert joins forces with Texas Consilium to change the way Texas businesses handle document processing IDP vendor DOConvert has announced a partnership with nonprofit business advisory council Texas Consilium to contribute to Texas’ economy through enhanced document processing solutions. Avi Rafalson, Co-Founder and CEO at DOConvert, commented: “DOConvert’s collaboration with Texas Consilium is a step toward transforming the way Texas businesses handle document processing. I’m particularly excited about the upcoming breakfast event, which will provide valuable insights into supply chain automation.”
🎧Podcast:
How can companies and individuals learn to deal with AI? Listen to this 47-minute podcast with Dr. Ramin Assadollahi, Founder and CEO of IDP vendor ExB. With his unique background (computational linguist, clinical psychologist and successful entrepreneur and inventor), Dr. Ramin Assadollahi dives deep into the world of AI and shares his insights on how AI will transform our lives and daily routines.
🎥Upcoming Webinar:
April 16, 2024: AIIM+ Insights: The Data Problem That’s Halting AI Success Register for this webinar to learn how AI is disrupting the field of information management and the role information managers play in driving AI success.
📆Upcoming Event (mostly in-person):
April 24-25, 2024: Data Innovation Summit in Stockholm, Sweden This event is the place to be for all professionals and organisations working with utilisation of data and AI innovation for enhancing customer experience, improve operational processes, enable future sustainability, reinventing business models, or developing data-driven products and services.
April 25, 2024: Applied AI Nordics in Copenhagen, Denmark This event will focus on deciphering the intricacies of AI adoption in the workplace. From understanding the shift from opportunistic to strategic approaches to exploring practical applications, each session is tailored to provide attendees with insights and tools.
May 14-16, 2024: 24th Annual Shared Services & Outsourcing Week (SSOW) Europe in Lisbon, Portugal This event will focus on the challenges of shared services at different maturity levels, with more than 90 of the most experienced Shared Services and Global Business Services executives.
📌Find more upcoming events in the Intelligent Document Processing space here.
See you next week!
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