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:
Various takes from industry experts on the Hyland layoffs According to the announcement from Bill Priemer, president and CEO of Hyland, the global content services provider is laying off approximately 1,000 employees, or about 20% of its workforce (among them Sam Babic, who has been with Hyland for more than a quarter century). Bill Priemer cited the restructuring of the company as one reason for the layoffs. In addition, he mentioned that the transformation into a cloud company “has required substantial investment in both people and systems. While we had planned for this investment, we did not anticipate the degree to which inflation, rising interest rates and wage increases would impact our expenses. Furthermore, the challenging economic climate we currently face is prompting many organizations to pull back on their technology expenditures.” For both market analyst Ralph Gammon and Alan Pelz-Sharpe, a combination of the challenging economic climate coupled with Hyland’s relatively slow, albeit difficult, transition to the cloud and clinging to legacy on-premises systems may have played a significant role in the layoffs.
ibml launches new Intelligent Document Scanner IDP provider ibml has announced the launch of its FUSiON HD intelligent document scanner, which helps businesses achieve digital transformation by digitizing paper-based business data such as invoices, checks, purchase orders, freight bills, loan agreements and claim forms. Pete Rudak, Chief Technology Officer for ibml, said: “Our new 600 DPI System enables our customers to achieve high productivity while simultaneously having the intelligence to classify and extract data needed to drive immediate business decisions, and also meeting the most rigid Image Quality standards for archival storage. This enables complete digital transformations across any document types, and gives our customers peace of mind knowing that the FUSiON will meet the most rigid archival Image Quality requirements, both now and into the future.”
TCG Process is expanding its global footprint with new UK subsidiary Intelligent process automation company TCG Process announced that it will expand its global presence by extending into the United Kingdom. The new UK subsidiary will be led by Barry Richards as Managing Director, who brings a wealth of experience from more than three decades in the capture and process automation industry. Arnold von Büren, CEO of TCG Process, said: “With our expansion into the UK market, we look forward to serving more customers and building new relationships by leveraging Barry’s extensive experience in intelligent document processing and business process automation. We’re excited to have Barry on board and part of our executive management team.”
Expert.ai partners with Reveal Group to create NLP Bots AI company with its natural language understanding (NLU) platform, expert.ai, announced a partnership with Reveal Group. expert.ai’s hybrid platform complements Reveal Group’s expertise in intelligent automation services. Together, they are creating NLP Bots, combining Natural Language Processing and Understanding (NLP/NLU) with Robotic Process Automation (RPA), to help organizations increase the value of intelligent automation.
Kofax named a market leader by Zinnov for IDP and IA Intelligent automation solutions provider Kofax announced that management consulting firm Zinnov has named the company a market leader. In Zinnov’s latest report, Zinnov Zones for Intelligent Automation (IA) Platforms – H1 2023, Kofax gets positioned as a market leader for both Intelligent Document Processing and Intelligent Automation.
How is the automation market evolving? Watch this 15-minute Hot Vendor Fireside videocast from analyst firm HFS with Ansari Ismail, co-founder and CTO of IDP vendor Botminds, to learn how Botminds is combining automation, AI, analytics and search to deliver Intelligent Document Processing. In addition, Ansari Ismail gives his assessment of the latest developments in the IDP and automation market and the role that Botminds.ai plays.
Why LLM has a lot of incapabilities when it comes to document processing Listen to this 25-minute podcast with Lewis Liu, co-founder and CEO of IDP vendor Eigen Technologies. Among other things, he explains why the hype around Large Language Models (LLMs) should be taken with a grain of salt, especially in the FSI space, and why LLM is just one small component of a larger infrastructure when it comes to document processing.
See you next week!
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