Intelligent Document Processing News: Weekly Recap

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:


ABBYY redesigns Marketplace to fuel LLMs and RAG systems with high-quality data Intelligent process automation solutions provider ABBYY has announced that it has redesigned its Marketplace. Through the extensive library of AI document skills, ABBYY aims to meet the growing demand from organizations for the high-quality data required to effectively leverage large language models (LLMs). Furthermore, the revamped Marketplace aims to support users of retrieval-augmented generation (RAG) systems with skills that act as a user guide for AI models, helping them to reference specific data in their knowledge base. With high-quality data fed to LLMs and RAG systems, ABBYY expands the capabilities of ABBYY Vantage, its IDP platform, for highly accurate and efficient extraction of data from documents. Bruce Orcutt, Chief Marketing Officer at ABBYY, explained: “The redesigned Marketplace helps accelerate the conversion of company knowledge to structured and highly accurate formats. This caters to enterprise innovation leaders, developers and partners who want as much flexibility, efficiency, and accuracy as possible to quickly deploy pre-built solutions for their specific business use cases out of the box.” Bruce Orcutt continued: “RAG in particular is experiencing a rapid increase in adoption by enterprises as a means to optimize the output of LLMs. We believe this allows businesses to take the next step towards maturity in LLM use cases. We’re excited to support these initiatives through ABBYY Marketplace and ABBYY Vantage so they can be leveraged in critical processes regardless of document type, format, language, or structure. Combined with the largest library of document models available in the market, ABBYY sets itself apart to enable customers to fuel their data needs.”

Indico Data releases benchmark site evaluating LLMs for document understanding tasks IDP vendor Indico Data has announced the release of its industry-first benchmark site comparing large language models (LLMs) for document understanding tasks. Indico Data has created the LLM benchmark site (which compares and ranks metrics like relative runtime, and fundamental IDP capabilities such as extraction accuracy ranking, classification accuracy ranking, and summarization accuracy ranking) for IT leaders, data scientists and strategic decision makers who want to rely on data-driven insights for technology implementation. The LLMs tested included LLama, Azure OpenAI, Google, AWS Bedrock, as well as Indico Data’s own trained discriminative standard language models RoBERTa and DeBERTa. Tom Wilde, CEO of Indico Data, commented: “Indico has been committed to fostering transparency and trust within the AI industry since our founding. Our latest initiative, the LLM benchmark site, fills a critical gap in the market by offering factual, unbiased information. This platform is essential for enterprises, providing them with the reliable data they need to select solutions that optimally align with their operational requirements.” Dan Lucarini, Senior Analyst at Deep Analysis, commented on the LLM benchmark and explained the rankings of the different models for data extraction accuracy and document classification accuracy. The benchmarking site can be found here.

Cogniquest appoints experienced P&C leader as industry advisor Document intelligence platform Cogniquest has announced the appointment of Sriraman Jayaraman as industry advisor to lead the company’s AI offerings in the insurance space. Having worked in the property and casualty (P&C) insurance industry for more than two decades (with a focus on re/insurance), Sriraman Jayaraman brings a wealth of experience to Cogniquest. Satish Grampurohit, CEO at Cogniquest, commented: “Sriraman’s wealth of experience and unparalleled understanding of the Re/insurance landscape make him an invaluable addition to our team as an industry advisor. We are excited to leverage his expertise as we continue to explore the transformative potential of our proprietary platform, which combines our native AI technology with the power of large language models, in addressing industry challenges and unlocking new opportunities.”


Forget Standardization—Pursue Actionable Data Read the latest opinion piece by Harald Collet, Co-Founder and CEO at IDP vendor Alkymi, in which he writes about why scalability, traceability and discoverability are so important when processing data from documents and how advanced, AI-powered solutions are helping organizations with these aspects.

📆Upcoming Events (mostly in-person):

June 3-5, 2024: 8th Artificial Intelligence & Intelligent Automation (IAAI) Summit in Frankfurt, Germany This event will focus on how organizations can make the transition to an autonomous enterprise through processes, technology, GenAI, data and people. Participants will learn how to use AI and intelligent automation in finance, software development, internal and external customer support, legal applications, supply chain, HR and many more.

June 4-7, 2024: Machine Learning Week in Phoenix, United States This event provides a platform for the data science community to share success stories and insights with their industry peers. Machine Learning Week in Phoenix brings together data scientists, analytics managers and AI visionaries from a variety of industries.

June 5-6, 2024: SuperAI: Where AI meets the World in Singapore This event brings together industry leaders, heads of state, entrepreneurs and renowned researchers to explore and unveil the next wave of transformative AI technologies.

📌Find more upcoming events in the Intelligent Document Processing space here.

See you next week!

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