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:
DocDigitizer partners with Simply Automate IDP vendor DocDigitizer has announced a strategic partnership with digital transformation consulting and development firm Simply Automate. Through this partnership, DocDigitizer aims to expand its partner network with leading intelligent automation services focused on the US market. João Fernandes, CEO at DocDigitizer, commented: “As RPA implementations reach their plateau, organizations are looking to take the next step toward the implementation of AI-driven solutions. The partnership with Simply Automate allows us to couple our all-inclusive IDP platform with world-leading experts in automation delivery services. Together we offer end-to-end RPA and IDP projects, from discovery to scale next level, delivering efficiency while eliminating costs, all in a fraction of the time and with minimum effort.”
Infosource releases 2023 Global Capture & IDP Vendor Report Analyst firm Infosource has released its latest capture & IDP vendor market report. In it, Infosource ranked 20 capture and IDP software vendors based on strategy & capabilities and execution. Ralph Gammon, Senior Analyst for Infosource, commented: “The Capture & IDP market has exploded with entrants over the past five years; the impetus being the widespread introduction of AI and machine learning into applications in this market. This has made our job in ranking the vendors more complex than ever. Applied intelligence is one factor we consider; we also look at capabilities in areas like cloud services and multi-channel input, as well as the vendor’s vision for end-to-end automation. On the Execution axis, market share, strength of partner channel, ease of implementation and competitive advantages are all considered.” Infosource positioned the following vendors (in alphabetical order): ABBYY, Appian, Automation Anywhere, BIS, Hyland, Hyperscience, IBM, I.R.I.S., ISIS Papyrus, KnowledgeLake, Kofax, Microsoft, OpenText, Parascript, PLANET AI, Rossum, TCG Process, UiPath, UST, xSuite.
Parashift gets featured in Orbis Research’s market report IDP vendor Parashift announced that it has been featured in analyst firm Orbis Research’s market report titled ‘Global Automated Invoice Processing Software Market Growth (Status and Outlook) 2022-2028.’ In it, Orbis Research provides an overview of the market’s current status and future growth prospects and highlights the growing need for businesses to streamline their operations and improve performance through automation. The market research firm recognized Parashift for its innovative technology platform that enables organizations to quickly and accurately extract data from documents, improve efficiency and reduce errors.
Indico Data introduces new labeling interface IDP vendor Indico Data announced that it has released an enhanced labeling interface for its platform that is easy to navigate even for users without a technical background. The latest version provides users of Indico’s platform with an improved labeling interface that speeds up the automation process by making the data labeling process effortless and intuitive. Updates include model predictions, easy-to-use shortcuts, and model creation.
Infinia ML named one of top ten tech startups in Durham IDP vendor Infinia ML announced that it has been named one of the Top 10 Tech Startups in Durham, North Carolina by The Tech Tribune. This already marks the fifth consecutive time that Infinia ML has been recognized as one of the top tech startups by the tech newspaper.
Nexus FrontierTech’s IDP solution now available on Temenos Exchange The provider of AI solutions including IDP, Nexus FrontierTech, announced that their financial services extraction solution is now available on the Temenos exchange ecosystem. The ecosystem offers pre-integrated and approved fintech solutions, enabling banks to accelerate the creation of new financial services, while reducing the costs of development. Nexus FrontierTech’s integration with Temenos automates high value workflows to further accelerate technological adoption for the financial industry. Danny Goh, CEO of Nexus FrontierTech, commented: “Nexus FrontierTech’s availability on Temenos Exchange addresses the urgent need for simpler and swifter AI deployment so companies can benefit from operational automation quickly.”
Hyperscience on the up, whereas ABBYY is on the down? Read Deep Analysis’ Dan Lucarini’s IDP roundup to learn why he sees many signs pointing to strong future growth at IDP vendor Hyperscience. On the flip side, Dan Lucarini explains the reasons why competitor ABBYY may be laying off a significant percentage of its workforce, including its CRO.
See you next week!
Get industry news distilled, every week: