Intelligent Document Processing News: Weekly Recap

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:

News:

What do Large Language Models such as ChatGPT mean for Intelligent Document Processing? This week, our news section consists of the views and opinions of various IDP vendors on this topic, both generally and specifically for improving underwriting. At the same time, IDP vendors plan to leverage and combine Large Language Models (LLMs) with Intelligent Document Processing, introduce new features, have already made services generally available, and have already integrated GPT APIs.

Veryfi releases Lens Mobile Capture Framework IDP vendor Veryfi announced the release of its Lens Mobile Capture Framework for Web. With that, developers have an easier way to transform document images and extract data through a combination of OCR and AI for creating progressive web applications (PWA). For businesses looking to increase mobile user engagement and conversion rates, PWA apps are an improvement over mobile websites. Veryfi’s AI-based Lens Mobile Capture Framework delivers an enhanced user experience and improves accuracy thanks to new features such as automatic edge and document detection, auto-cropping, intelligent document pre-processing, and automatic document blur detection.

BP3 wins Camunda Innovation Partner of the Year Award 2023 Tech services company BP3 announced that it has won the Camunda Innovation Partner of the Year Award 2023 for their Intelligent Process Automation practice. Scott Francis, CEO of BP3, commented: “Our team’s expertise in intelligent automation, coupled with our innovative approach to migration and integration, ensures that our clients receive the highest quality process automation solutions that drive their business forward, and this has been recognized by Camunda with this fantastic award.”

Kinetix and MetricStream partner to provide compliance teams with AI-powered solutions Kinetix, a financial technology company with its IDP solution, announced a partnership with MetricStream, a provider of Integrated Risk Management and GRC solutions. With new and evolving regulations, it is challenging for organizations to identify specific rules and requirements within regulations that are relevant to their business. Together, Kinetix and MetricStream aim to integrate AI technologies to accurately identify obligation text from within regulations, extract that text for analysis, and enable human-in-the-loop review of individual obligations for applicability, relevance, and requirements.

Parashift is introducing a number of new features over the next few months IDP vendor Parashift announced the launch of a number of new features that will be gradually integrated into its IDP platform over the next six to 12 months. Features include EU-GDPR compliant Large Language Models (LLMs) that will benefit customers through generative AI, integration of 3rd party AI vendors and APIs such as OpenAI, new automation capabilities, and the Marketplace, which will provide a one-stop shop for all IDP requirements. Alain Veuve, founder and CEO at Parashift, commented: “I think it’s very important for a technology provider to be literally unstoppable when it comes to rapid innovation. Many of our customers also choose Parashift because they can be confident that we will keep them at the forefront of innovation in AI document processing. This includes constant evolution with our customers as well as a radical alignment of priorities when it comes to delivering new features.”

Hyperscience is on track to surpass 1B processed docs IDP vendor Hyperscience announced that it is on track to surpass the mark of one billion documents processed for the U.S. Government in 2023. This includes departments such as The Social Security Administration, The U.S. Department of Veterans Affairs, The Internal Revenue Service, The U.S. Air Force, and more. With its human-centered approach to automation, Hyperscience is increasing the speed of document and data processing across government agencies and significantly improving citizen response times.

Interview:

What excites a VP of ML at an IDP vendor about the AI industry? Read this extensive interview with CF Su, VP of Machine Learning at Hyperscience, to learn the five things he’s most excited about in the AI industry. Among other topics discussed, CF Su also addresses what he’s most concerned about in the AI industry at the moment.

Report Highlight:

AYR uses 2-2-4 approach to deliver speed-to-value Analyst firm HFS highlights IDP provider AYR’s 2-2-4 approach. In AYR’s case, that means two days to identify a use case, two weeks to provide a proof of value, and four weeks to put the Intelligent Document Processing solution into production. HFS’s Ralph Aboujaoude Diaz explains how AYR’s combination of its proprietary AI techniques makes this possible.

See you next week!


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